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PERS vendors report ORP participation figures; TIAA cites CIT switch that cuts target‑date fees
Summary
TIAA and vendors updated the Public Employees Retirement System of Mississippi board on ORP participation, reporting roughly $56 million in annual contributions for TIAA contracts, about 5,208 TIAA accounts, and a recent move of target‑date funds to a collective investment trust that TIAA said reduces asset‑based fees by about 20% (about $275,000 annually). Staff pledged to reconcile differing enrollment counts with universities and vendors.
Tim O'Donnell, TIAA managing director for the Southeast, and members of TIAA's Mississippi team briefed the PERS defined contribution committee on ORP (optional retirement plan) trends and vendor services, including plan assets, participant engagement and recent cost changes.
TIAA told the committee that as of June 30, 2024 its ORP contracts reported just over $1 billion in assets, roughly $56,000,000 in total contributions for the year (about $21,000,000 employee and $35,000,000 employer), and approximately 5,208 participant accounts on the TIAA platform. "Because you're defaulting enrollment into target date funds, it…
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