The following message details a decision by the Idaho State Board of Education related to the management of the Optional Retirement Program (ORP). Effective Dec. 2024, the ORP will be solely managed by Fidelity. Boise State will continue to monitor these developments and will communicate with plan participants as more details become known.
The Idaho State Board of Education (SBOE) Retirement Plan Committee has recently completed a multi-year, comprehensive review of the Idaho Optional Retirement Plan (ORP). As a result of their plan review, it has been recommended and approved at the Dec. 13 State Board of Education meeting that Fidelity will become the sole provider of the administrative services for the ORP effective Dec. 2024, replacing both TIAA and Corebridge.
The primary motivation of this change is to enhance the participant experience due to Fidelity’s leadership, expertise and ability to more effectively assist faculty and staff in their retirement planning needs. In addition to an improved client service model, this change in the ORP provider will also result in reduced plan fees for all plan participants along with greater transparency in fees.
This change will have no impact on the overall plan design and contribution rates for faculty and staff in the ORP. The change will impact all participants currently enrolled with TIAA or Corebridge as all eligible ORP plan assets will be moved to Fidelity by Dec. 2024. This will not impact supplemental retirement accounts.
More information is forthcoming and will be provided by the Office of the State Board of Education, along with important dates, next steps and other important details that will be communicated prior to the effective transition date of Dec. 2024. A set of FAQs has been posted to the SBOE website, which will be updated throughout this transition.
While all of the details are not yet known, the Human Resources and Workforce Strategy team is available to answer any plan questions to the best of our ability. The benefits team can be reached at firstname.lastname@example.org.