2021 Retirement Enhancements - Human Resources at Ohio State

2021 Retirement Enhancements

2021 Changes to The Ohio State University Retirement Plans

The Ohio State University is pleased to share the enhancements coming to the university-sponsored retirement plans beginning in January 2021.

The information on this site applies to the Alternative Retirement Plan (ARP), 403(b) Plan, 457(b), and the Executive Plans (Retirement Continuation Plan and 415(m) Plans). It does not apply to the Ohio Public Employees Retirement System, State Teachers Retirement System or Ohio Deferred Compensation Plans.

This site describes the changes and enhancements that are coming to the plans, as well as key dates, actions you may need to take, and information on how to connect with the appropriate resources.

Effective January 4, 2021, the following will go into effect:

  • The number of approved providers will be streamlined to make it easier for you to research and select an ongoing provider.
  • The investment lineup will be simplified to help you manage your account based upon your desired level of involvement.
  • Administrative record-keeping fees will be assessed as a flat annual fee, divided into quarterly payments, that will vary by provider and by plan.

The university is committed to providing you with the information and assistance you need to understand and take full advantage of these changes. Use the tools and information available through this site to learn more and be connected to appropriate resources.

Learn about the transition below.

Additional Information

Ohio State is making changes for several reasons:

  1. Feedback: Faculty and staff want a simpler approach to making provider and investment selections.
  2. Ohio law: Changes to state law allow Ohio State and other Ohio public universities to select preferred providers.
  3. Our size and scale: The consolidation of providers and investment options gives the university better leverage to lower costs.
  4. Preparing for the future: We want to make it easier for faculty and staff to save for retirement.

There are a number of enhancements, including…

  • Streamlining the number of approved providers to make it easier for you to research and select a provider. The approved ongoing providers are:
    • ARP: AIG Retirement Services (AIG), Fidelity Investments (Fidelity), TIAA and Voya
    • 403(b) Plan: AIG, Fidelity, TIAA and Voya
    • 457(b) Plan: Fidelity, Ohio Public Employees Deferred Compensation (ODC) and TIAA
    • RCP and 415(m) Plan: Fidelity and TIAA
  • Simplifying the investment lineup to help you manage your account at your desired level of involvement. The three options are:
    • Tier 1 Do It for Me: Diversified funds are managed by professionals based on your anticipated retirement date.
    • Tier 2 Build Your Own: You build a diversified portfolio from a pre-selected group of funds.
    • Tier 3 Experienced Investor: You make all investment decisions with access to thousands of mutual funds from hundreds of investment companies.
  • Reducing overall participant fees and expenses by gaining access to lower investment fees and creating a separate and transparent administrative fee.
  • Simplifying the process to request a distribution from your account(s), when applicable.

NOTE: Ohio State’s contributions and your contributions will remain the same. Vesting requirements and current 403(b) loan repayments will remain the same.

Note to those no longer employed by The Ohio State University

Even though you are no longer actively contributing, you may still be eligible to move your account balance and invest in the new tiered investment lineup through the ongoing providers starting January 4, 2021. Please review this site to learn more about the ongoing providers and the new tiered investment lineup. To transfer your account balance to the new tiered investment lineup, please contact an ongoing provider.

If you have an account balance in a university-sponsored retirement plan, you do not have to take any action at this time.

Unless you take action, your existing account(s) will remain in the legacy investment lineup and be subject to the requirements and fees of the applicable provider.

Former employees and retirees may determine:

  • Keep existing account balances with a existing provider subject to the requirements and fees of the applicable provider.
  • Move existing account balances to an ongoing provider in the new tiered investment lineup.

Any money that you move out of a legacy account cannot be moved back into it.

Retirement Enhancement Details