Retirement Plans
Required Participation in Plans
University of Idaho employees are required by the Idaho State Board of Education to participate in one of the following plans, based on their employment status. The complete policy on retirement plans can be found the Faculty-Staff Handbook, Section 3730.
- PERSI: Classified Employees must participate in the Public Employee Retirement System of Idaho (PERSI). This applies to classified staff and temporary hourly employees who work at least 20 hours per week for five or more consecutive months.
- ORP: Faculty and non-faculty exempt employees are required to participate in the Optional Retirement Plan (ORP). However, employees who are already vested in PERSI (either from a previous U of I position or a prior employer) can choose to continue contributing to PERSI.
- Supplemental Plan: In addition to your PERSI or ORP account, you have the option to contribute to an additional retirement plan. The university does not contribute to your supplemental retirement plan.
Contributions to all plans are made through payroll deduction on a pre-tax basis.
Purpose
Classified staff and temporary hourly employees working 20 hours/week for five or more months are eligible for PERSI benefits. Faculty and Non-Faculty Exempt employees who elected to remain in PERSI when the Optional Retirement Plan (ORP) was first rolled out and those that are already vested with PERSI may continue to contribute to PERSI rather than enrolling in the ORP. PERSI enrollment is automatic for all classified employees and is effective beginning their first pay period.
Contributions
- Employee contributions: 7.18% (Effective July 1, 2024)
- University contributions: 11.96% (Effective July 1, 2024)
Vesting
Employees are vested after 5 years (60 months)
Plan Characteristics
PERSI is a defined benefit plan that is governed by the PERSI plan document. Please refer to the PERSI website for further details. PERSI educational workshops are available online.
Contact Information
PERSI
Phone: 800-451-8228
Website
New to PERSI?
PERSI regularly offers a 20-minute virtual new member orientation. New employees and anyone who needs a refresher on their PERSI benefits are encouraged to attend. View schedule and register.
Purpose
The 1990 state legislature established the Optional Retirement Plan (ORP) for faculty and non-faculty exempt staff. This is a mandatory retirement program. The ORP is a defined contribution plan and is administered by Fidelity.
Contributions
- Employee contribution: 6.97 percent
- University contribution: 9.255 percent (Effective July 7, 2013)
Vesting
Employees are immediately vested upon enrollment.
Characteristics of Plans
Fidelity offers a wide array of investment options for eligible employees. Membership is portable with any other higher education institution offering a retirement plan through Fidelity. Eligibility requirements and benefits are governed by the ORP plan document that can be found on the Idaho State Board of Education Finance and Administration website.
Disability Protection with the ORP
University of Idaho purchases a retirement deposit protection policy from The Standard Insurance Company that, if approved, continues your retirement deposits in the event of a disability. Your online pay records will reflect the university's contribution for this coverage as ORD.
Contact Information
Fidelity
Phone: 800-343-3548
https://www.fidelity.com
To schedule an appointment with a Fidelity Advisor, visit https://www.fidelity.com/schedule. Select Schedule a time to meet and enter "Idaho State Board of Education" as your employer. Appointments will be available beginning in January 2025.
Supplemental tax sheltered retirement plans are available to benefit-eligible employees. Contributions are not matched by the university, but they are deducted before income taxes and deposited each pay period with the provider or providers chosen by the employee. Changes to contribution amounts can be made at any time by completing and submitting a new salary reduction form.
- Salary Reduction Authorization Form
- Vendor List (Once the employee has enrolled with one of the vendors, he or she needs to complete the Supplemental 'Salary Reduction Authorization Form' and return to Payroll or Benefit Services.)
401(k)
PERSI Choice plans are defined contribution plans available to PERSI participants that are board-appointed or temporary employees working 20 hour/week for 5+ months. The contribution limit for calendar year 2024 is $23,000, with an additional $7,500 for “catch up contributions” for employees age 50 or over. This limit is shared with 403(b) accounts. For more information and enrollment forms, please visit the PERSI website.
403(b)
The 403(b) plans are defined contribution plans available to all benefit eligible employees through a select group of vendors (see list above). Once the employee has established a vendor account, he or she needs to submit a completed Supplemental Retirement Salary Reduction Form to Payroll and Benefit Services. The contribution limit for calendar year 2024 is $23,000, with an additional $7,500 for “catch up contributions” for employees age 50 or over. This limit is shared with 401(k) accounts.
457(b)
The 457(b) is a non-qualified deferred compensation plan that is available to all benefit eligible employees through a select group of vendors (see list above). The contribution limit for calendar year 2024 is $23,000, with an additional $7,500 for “catch up contributions” for employees age 50 or over. This limit is separate from 401(k)/403(b) accounts.
Purpose
The Civil Service Retirement System and the Federal Employees Retirement System are defined benefit plans available only to those Cooperative Extension employees who transferred to Idaho from another agency where they were enrolled in a civil service or federal employees retirement plan. Eligibility requirements and benefits are governed by the federal government plan document and applicable federal regulations. Please refer to the government retirement website for further details.
ORP Provider Change
The Idaho State Board of Education Retirement Plan Committee recently completed a multi-year, comprehensive review of the Idaho Optional Retirement Plan (ORP). As a result, in Dec. 2023 the State Board of Education approved a change to the program provider. Fidelity will become the sole provider of administrative services for the ORP effective Dec. 2. 2024, replacing TIAA and Corebridge Financial (formerly VALIC-AIG).
There will be a blackout period from 1 p.m. PT on Friday Nov. 22 through the week of Dec. 22 while ORP accounts are transferred to Fidelity. During this time, employees will not be able to access or make changes to their account. Employees will receive a communication from Fidelity when their new account is available for review.
For more information, please refer to the transition website. If you are an ORP participant, you will also receive updates via email.