Legacy Accounts and Providers
If you contributed to the Ohio State retirement plans prior to January 1, 2021, you may have a legacy account(s). An account is considered a legacy account if it is held with a terminated provider or in a legacy investment with an approved provider.
Even though you can no longer contribute to a legacy provider, you should periodically review the performance and costs of the investments available in your legacy account(s) to ensure that you are meeting your retirement savings goals.
Legacy Providers
Equitable
c/o MainStreet Financial Services
180 West Olentangy St., Suite B
Powell, OH 43065
(800) 551-2423
Plan Number: 652460
Lincoln National Life Insurance
Lincoln Retirement Plan Services
PO Box 3441
Dublin, OH 43016
(614) 601-3825
Plan Number: CR31473
Nationwide “Best of America”
c/o Philip Hammond
TrendCalc Capital Management
20 South Third St., Suite 210
Columbus, OH 43215
(866) 761-9378
The Hartford
c/o The Huntington Investment Co.
Trent Pryor, and the Pryor Investment Team
41 South High St. (HC0220)
Columbus, OH 43215
(614) 480-0720
Ameriprise Financial
530 Spring St, Suite 150
Columbus, OH 43215
(614) 621-2639
Aspire Financial Services
9450 SW Gemini Dr., PMB 65198
Beaverton, Oregon 97008
(866) 634-5873
Plan Number: 2356
Equitable Life Insurance
c/o MainStreet Financial Services
180 West Olentangy St., Suite B
Powell, OH 43065
(800) 551-2423
Plan Number: 716360
Lincoln National Life Insurance
Lincoln Retirement Plan Services
PO Box 3441
Dublin, OH 43016
(800) 454-6265
Plan Number: CR15186
Metropolitan Life Insurance
5600 Blazer Parkway, Suite 100
Dublin, OH 43017
(614) 790-9802
Nationwide
c/o Michael L. Beers of Graystone
Morgan Stanley Wealth Management
4449 Easton Way, Suite 300
Columbus, OH 43219
(614) 269-3401
T. Rowe Price
Special Attn: Forms Enclosed
P.O. Box 17215
Baltimore, MD 21297
(800) 922-9945
Plan Number: 200634
The Legend Group
2929 Kenny Road, Suite 215
Columbus, Ohio 43221
(800) 417-9099
Corebridge Financial (457(b) plan only)
8050 N. High St, Suite 130
Columbus, OH 43235
(614) 436-4501
(800) 448-2542
Plan Number: 17002003
Lincoln National Life Insurance
Lincoln Retirement Plan Services
PO Box 3441
Dublin, OH 43016
(800) 454-6265
Plan Number: CR33290
Voya Financial Advisors (457(b) plan only)
7965 N. High St, Suite 150
Columbus, OH 43235
(614) 431-5000
(800) 862-4287
Plan Number: VF3939
TIAA
(800) 842-2252
485 Metro Place S, Suite 450
Dublin, OH 43017
TIAA was removed as an RCP/415(m) provider for new hires on March 1, 2023.
Your Options
Active and former employees have several choices for managing legacy account balance(s). You may want to contact a financial advisor of your choosing to help evaluate the best approach for you.
1
Maintain your account balance with your legacy provider and/or legacy investment lineup.
2
Transfer your account balance to an approved provider and/or the tiered investment lineup.
You may move or consolidate your account balance(s) by transferring them to an approved provider and/or into the tiered investment lineup. To determine if this action is right for you, there are several key considerations including – ongoing oversight, investments, and fees.
It’s important to understand how fees (i.e., total expense ratio) impact your retirement savings and account growth. Talk to your provider to discuss fees that you paying for your account and if any charges for moving your account.
To initiate a transfer, call your selected approved provider and ask for a transfer request. The provider will help coordinate the request to transfer funds.
3
Convert your pretax 403(b)/457(b) balance to a Roth 403(b)/457(b).
4
Take a distribution or rollover your account balance to another employer’s plan or eligible retirement account.
This option is available for former employees and active employees in the 403(b) plan age age 59 1/2 or older. If you decide to move your account balance outside of the Ohio State plans, there are a few helpful pointers to consider. Before starting the process, contact your provider to discuss your account and if there are any associated fees with moving or distributing your account.
To initiate a rollover (moving money outside of the plan), call your legacy provider(s) and request the applicable paperwork to move your account balance.
To initiate a distribution, call your legacy provider(s) and request a distribution from your account(s), or go online and complete the necessary paperwork.
See Distributions, Transfers and Rollovers for more information.
Comparing Legacy and Ongoing Accounts
Enhancements have been made to the retirement plans to give you a better overall participant experience. Consider the differences – ongoing oversight, investment options and account fees.
In general:
- The funds in the legacy accounts may have a higher total expense ratio, which requires a higher positive return to overcome the higher fees.
- Funds in the current investment lineup exclude many of the fees contained within a legacy account.
- Most participants would benefit from a flat dollar record-keeping fee verses the legacy approach where the total expense ratio for each investment is applied as a percentage on the account balance.
- Participants may transfer all or any portion of their legacy balance to the current investment lineup at any time, unless limited by your investment(s).
- The university negotiates to keep ongoing account costs low.
Ohio State’s Retirement Oversight Committee (ROC), comprised of leaders from the university and Wexner Medical Center, regularly monitors the investments offered in Tiers 1 and 2 of the investment lineup and regularly makes recommendations to the chief human resources officer on administrative and investment decisions. The ROC does not have similar oversight of investments with legacy providers (see additional details on investments).
The university has ongoing service level agreements with approved providers to ensure compliance and support for participating employees. While legacy providers are held to compliance standards, they are not held to any specific service level guarantees.
Prior to January 1, 2021, the legacy investment menu consisted of any investment the provider offered for each plan. These investments may have higher costs associated with them.
The investment lineup (after January 1, 2021) offers lower administrative fees for most employees and access to lower cost, institutional share class investment options in Tiers 1 and 2. Learn more about the investments available in all tiers.
The university has taken steps to help reduce the fees on the retirement accounts and investments that you pay on contributions after January 1, 2021.
- Percentage-based fees, such as the total expense ratio, are applied as a percentage of your account balance. The higher the total expense ratio, the higher your fees.
- Flat Dollar fees are fixed dollar amounts. Flat fees remain static and do not increase as your account balance grows.
Understand the differences you are paying between your legacy and current account:
| Legacy (prior to 1/1/21) |
Tiers 1 & 2 (1/1/21 and after) |
Tier 3 (1/1/21 and after) |
|---|---|---|
Total Expense Ratio may include, but is not limited to:
|
Total Expense Ratio includes:
The size and scale of the university’s plan assets is used to access lower total expense ratios (share class) investment options. |
Total Expense Ratio includes:
Similar to legacy accounts, your access to lower cost total expense ratios depends on the value of your account balance. |
| Record-keeping Fee2 is paid as a percentage of your account balance and is included in the total expense ratio above. | Record-keeping Fee2 is paid quarterly to your provider as a flat dollar amount. | |
Transaction Fees charged by your provider for participant directed activities which may include, but is not limited to:
|
Negotiated Transaction Fees charged by your provider for participant directed activities which may include, but is not limited to:
Additional fees for a self-directed brokerage account (applies only to Tier 3) may apply as determined by the provider and investment manager. |
|
| 1Compensates the investment manager 2Uses revenue sharing to compensate the provider |
||
Evaluate Your Expense Ratios
Legacy Accounts
See the total expense ratios for legacy investments for each provider.
For legacy providers not listed below, please contact the provider directly.
Ongoing Accounts
See the total expense ratios for ongoing accounts by Tier.
Total Expense Ratio measures how much of a fund’s assets are used for operating expenses and consist of Investment Management Fees and Shareholder Servicing Fees. Investment Management Fees are charges levied by an investment manager for managing a fund. Shareholder Servicing Fees are charges levied by an investment manager to offset recordkeeping and administration services. Shareholder Servicing Fees for all Tier 1 funds are 0% because recordkeeping and administration fees are now assessed directly to participant accounts as a separate fixed quarterly fee that varies by plan and provider.
| Fund Name | Vehicle Type | Ticker Symbol | Total Expense Ratio |
|---|---|---|---|
| Vanguard Target Retirement Income Fund – Investor | Mutual Fund | VTINX | 0.08% |
| Vanguard Target Retirement 2020 Fund – Investor | Mutual Fund | VTWNX | 0.08% |
| Vanguard Target Retirement 2025 Fund – Investor | Mutual Fund | VTTVX | 0.08% |
| Vanguard Target Retirement 2030 Fund – Investor | Mutual Fund | VTHRX | 0.08% |
| Vanguard Target Retirement 2035 Fund – Investor | Mutual Fund | VTTHX | 0.08% |
| Vanguard Target Retirement 2040 Fund – Investor | Mutual Fund | VFORX | 0.08% |
| Vanguard Target Retirement 2045 Fund – Investor | Mutual Fund | VTIVX | 0.08% |
| Vanguard Target Retirement 2050 Fund – Investor | Mutual Fund | VFIFX | 0.08% |
| Vanguard Target Retirement 2055 Fund – Investor | Mutual Fund | VFFVX | 0.08% |
| Vanguard Target Retirement 2060 Fund – Investor | Mutual Fund | VTTSX | 0.08% |
| Vanguard Target Retirement 2065 Fund – Investor | Mutual Fund | VLXVX | 0.08% |
| Vanguard Target Retirement 2070 Fund – Investor | Mutual Fund | VSVNX | 0.08% |
Total Expense Ratio measures how much of a fund’s assets are used for operating expenses and consist of Investment Management Fees and Shareholder Servicing Fees. Investment Management Fees are charges levied by an investment manager for managing a fund. Shareholder Servicing Fees are charges levied by an investment manager to offset recordkeeping and administration services. Shareholder Servicing Fees for all Tier 2 funds are 0% because recordkeeping and administration fees are now assessed directly to participant accounts as a separate fixed quarterly fee that varies by plan and provider.
There is no expense ratio associated with the Plan’s Fixed Annuity options. Any Investment Management and Shareholder Servicing Fees are deducted automatically from the gross crediting rate to arrive at the net crediting rate. Net crediting rates are declared in advance and fixed for either a six- or twelve-month period.
| Fund Name | Vehicle Type | Ticker Symbol | Total Expense Ratio |
|---|---|---|---|
| Vanguard Cash Reserves Federal Money Market Fund Admiral | Mutual Fund | VMRXX | 0.100% |
| Vanguard Total Bond Market Index Fund – Institutional | Mutual Fund | VBTIX | 0.035% |
| Vanguard Institutional Index – Institutional Plus | Mutual Fund | VIIIX | 0.020% |
| Vanguard Extended Market Index Fund – Institutional | Mutual Fund | VIEIX | 0.050% |
| Vanguard Total International Stock Index Fund – Institutional | Mutual Fund | VTSNX | 0.090% |
| Corebridge – Fixed Interest Option | Fixed Annuity | N/A | 0.000% |
| Fidelity – New York Life Guaranteed Interest Account | Fixed Annuity | N/A | 0.000% |
| TIAA – TIAA Traditional | Fixed Annuity | N/A | 0.000% |
| Voya – Voya Fixed Plus III | Fixed Annuity | N/A | 0.000% |
Contact the provider directly.