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Press Release: Maryland State Retirement Agency Seeks Investment and Recordkeeping Services for Optional Retirement Program

Baltimore, MD (June 10, 2010)

The Maryland State Retirement Agency has issued a request for proposals (RFP) seeking investment and recordkeeping services for the Optional Retirement Program (ORP)—a defined contribution plan available only to eligible employees of Maryland’s public higher education institutions as an alternative to the State’s defined benefit pension plan.

Higher education employees can currently choose to open an ORP account with one of two vendors, TIAA-CREF or Fidelity. By the terms of its agreement with the System, Fidelity’s ORP contract expires on December 31, 2010. Fidelity has been invited to participate in this procurement.

Each vendor accounts for individual allocation of contributions, earnings and withdrawals, provides management and recordkeeping services, produces quarterly individual participant statements, maintains individual participant records, and provides on-site marketing and enrollment services.

Click here to view or print the RFP

As of December 31, 2009, there were more than 36,000 active and inactive participants in the ORP with about 16,000 contributing. Total ORP assets were $1.87 billion. There are 36 institutions around the State of Maryland with eligible employees that participate in the ORP.

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The Maryland State Retirement and Pension System is charged with the fiduciary responsibility for properly administering the retirement and pension allowances of 116,000 retirees and beneficiaries as well as the future benefits for over 251,500 active participating members. These groups include state government employees, teachers, law enforcement personnel, legislators, judges and local government employees and fire fighters whose employers have elected to participate in the system.