Optional Retirement Plan (ORP)
Optional Retirement Plan (ORP) is Mandatory
The 1990 state legislature established the Optional Retirement Plan (ORP) for Faculty and Non-Faculty professional staff – this is a mandatory retirement program. The ORP is a defined contribution plan and is administered by Teachers’ Insurance Annuity Association (TIAA) and Variable Annuity Life Insurance Corporation (VALIC).
- Employee contribution: 6.97%
- University contribution: 9.27%
Employees are immediately vested in both their contributions as well as the University’s contributions to their account upon enrollment.
Both administrators offer diverse investment options for eligible employees. Membership is portable with any other higher education institution offering retirement plans through TIAA or Corebridge Financial (formerly known as VALIC/AIG Retirement Services). Eligibility requirements and benefits are governed by the ORP plan document found on the State Board of Education website.
Disability Protection with the ORP
The University purchases a retirement deposit protection policy from The Standard Insurance which, in the event of an approved disability absence of six or more months, continues retirement contributions to your account while you are on disability. Your on-line pay advice will reflect the University’s contribution for this coverage as “ORP Dis.”
Contact Information:
TIAA
(800) 842-2733
tiaa.org/boisestate
Schedule an appointment with TIAA.
For additional information, contact Jeremy Thompson at jeremy.thompson@tiaa.org or (303) 607-2265.
The enrollment code for the ORP plan is 101820
Corebridge Financial
(800) 448-2542
corebridgefinancial.com/rs/idahoedu
For a personal appointment with Corebridge Financial, contact Jennifer Braun-Blanco at Jennifer.Braun-Blanco@corebridgefinancial.com or (208) 859-2728