Delayed: ARP and 403(b) plan changes
Changes delayed for the Alternative Retirement Plan (ARP) and 403(b) program
As we have shared in prior communications, UC along with many other Ohio public universities, announced changes to its Alternative Retirement Plan (ARP) and 403(b) plans that were to be effective July 1, 2020.
The ARP is an offered alternative to the state retirement system (OPERS/STRS), and the university’s 403(b) is available for supplemental retirement plan savings. Changes to the ARP and the 403(b) include reducing the number of approved vendors in order to reduce plan and investment expenses as well as streamlining investment options so that enrollees can better create diversified investment portfolios and track fees.
However, given current market conditions along with concerns associated with COVID-19, we will delay implementing these changes. Delaying the implementation will allow us to reschedule the previously planned face-to-face town hall sessions. A delay will also allow affected employees future opportunities to schedule face-to-face appointments with their chosen vendors to discuss new plan investment options, etc. Such face-to-face scenarios are not possible in today’s environment.
Once a future implementation date is chosen, faculty and staff will be notified.
Questions?
Email the UC Benefits team at benefits@uc.edu.
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