Benefits: Retirement: Optional Retirement Plan
The State Board of Education has selected VALIC and TIAA-CREF as the Optional Retirement Plan, (ORP) vendors available to Idaho State University faculty and non-classified staff. This is a mandatory retirement program for benefited faculty and non-classified staff who have not previously vested with PERSI.
The Idaho ORP is a defined contribution plan where both the employer and employee make contributions to the individual employee account. The employee's contribution is 6.97% of all earnings, withheld pre-tax; the University's contribution to the ORP is 9.255% of employee earnings. Employees are immediately vested when enrolled in the ORP. The ORP plan document is administered by the Idaho State Board of Education.
Further information regarding ORP vendors can be found from the following
Al Richmond, Valic Representative
Greg Finch, TIAA-CREF Individual Consultant