Retirement Plans, Resources & Options

NYS Employees Retirement System (ERS) & NYS Police and Fire Retirement System (PFRS)

For general information visit:

• NYS Employees’ Retirement System (ERS) and
• NYS Police and Fire Retirement System (PFRS)
  

Member information:

Visit the NYS Retirement Online for Members. This system allows you to do all of the following online safely and easily:

• View your benefit information,
• Update your contact information,
• View or update your beneficiaries, and
• Apply for a loan!

NYS Teachers’ Retirement System (TRS)

For general information visit: NYS Teachers’ Retirement System (TRS)

Keeping track of your personal benefit information and planning for retirement has never been easier, thanks to MyNYSTRS. The self-service tools allow you to:

• Calculate pension and loan estimates.
• Apply for service retirement.
• Track the processing of your retirement application.
• Apply for a loan.
• See salary, service, contribution, benefit payment and beneficiary information.
• Submit a prior service claim and track its processing.
• Schedule appointments with NYSTRS.
• E-subscribe to publications.
• Print tax documents.
• Manage your contact info.

The SUNY Optional Retirement Program (ORP)

For general information visit: The SUNY Optional Retirement Program (ORP)

To make changes to your investments, visit the SUNY online enrollment and management system. Instructions can be found here: Making Account Changes

Contact information for the authorized investment providers under the SUNY ORP can be found below.

• TIAA — 1-866-662-7945 
• Fidelity — 1-800-343-0860
• Corebridge (Formerly AIG)  — 1-800-448-2542
• Voya — 1-800-584-6001

Any employee considering retirement should consult with Sarah Reyell, health benefits administrator, a minimum of 30 days prior to his/her retirement date.  Also, a pre-retirement workshop is held each spring for all employees who want to attend.  Keep an eye out for that announcement. Please see the helpful links below for additional information.

• Retirement Checklist
• Retiree Health Benefits
• Information for Retirees of the NYS Employees’ Retirement System and Police and Fire Retirement System
• Information for Retirees of the NYS Teachers’ Retirement System
• Emeriti/Retiree Privileges (Policy)
• SUNY Retirees Service Corps

Eligibility for a retirement system depends on a variety of factors, including your bargaining unit, your position classification, and whether you are full or part-time.

Retirement Plans for New Faculty & Staff‌ — Information about the Retirement Plan Options for New Employees.

Employees in both the Classified (e.g., CSEA, PEF, NYSCOPBA, and MC-06) and the Unclassified (e.g., UUP and MC-13) service are eligible to join:

• The New York State and Local Employees’ Retirement System (ERS)
  ERS is a defined benefit pension Retirement System. Retirement pension benefits will depend on the results of a calculation at the time of retirement that takes into account the Final Average Salary, number of years of credited membership service, and age at the time of retirement.

All employees in University Police titles (e.g., PBANYS, MC-13 police titles) are eligible to join:

• The New York State Police and Fire Retirement System (PFRS)
  PFRS is a defined benefit Retirement System. Retirement pension benefits will depend on the results of a calculation at the time of retirement that takes into account the Final Average Salary, number of years of credited membership service, and age at the time of retirement.

Employees in the Unclassified (e.g., UUP and MC-13) service may, depending on title, be eligible to join:

• The New York State Teachers’ Retirement System (TRS)
  TRS is a defined benefit pension Retirement System. Retirement pension benefits will depend on the results of a calculation at the time of retirement that takes into account the Final Average Salary, number of years of credited membership service, and age at the time of retirement. Membership is open to employees in a select group of titles, including: all faculty titles, librarian or coach titles, or in the titles of chancellor, president, vice-president, provost, dean, associate dean, or assistant dean.

Employees in the Unclassified (e.g., UUP and MC-13) service who are full-time; and part-time UUP employees with term appointments, MC employees who are at least half-time, and employees designated as eligible under local community college contract, are also eligible to elect:

• The SUNY Optional Retirement Program (ORP)
  The ORP is a defined contribution retirement system. Retirement benefits will depend on the value upon distribution of individually owned annuity contracts purchased on behalf of electing employees through employer and required employee contributions from one or more of the currently authorized investment providers for the SUNY ORP, including: Fidelity, TIAA, VALIC, and Voya. The SUNY ORP is designed to allow retirement at any age. Distributions from ORP contracts are permitted any time after separation from services, subject to an IRS 10% penalty for distributions prior to age 59 ½ , unless separating from service after reaching the normal retirement age of 55. Because the SUNY ORP is a NYS Public Retirement Plan, ORP distributions are generally exempt from NYS Income Taxes.

Once you have carefully reviewed your options and decided to join a retirement system, your first step is to submit your Retirement Program Election and provide your Retirement System History.  New enrollees must use the SUNY online enrollment and management system at www.retirementatwork.org/suny.

If you elected to enroll in ERS/PFRS or TRS as your retirement election, you must also complete the following forms, as appropriate to the retirement system selection: 

• ERS Tier VI Membership Application — Use only if selecting ERS
• PFRS Tier VI Membership Application — Use only if selecting PFRS
• TRS Tier VI Membership Application — Use only if selecting TRS

The State University of New York provides employees with the opportunity to save for their retirement through the SUNY Voluntary 403(b) Plan‌‌‌ and the NYS Deferred Compensation Plan.

Participating in a voluntary savings plan is a great way to build your retirement savings and allows for retirement savings on a pre-and post-tax basis.

All employees who receive a W2 from SUNY are eligible to participate in the SUNY Voluntary Savings Options.

Both plans allow employees to have money deducted from their paychecks on a pre-and post-tax basis to help supplement their post-retirement income from Social Security, employer sponsored pension plans, and personal savings.

Through the pre-tax option, your contributions, plus earnings, are not taxed until you withdraw the funds, allowing for even greater savings through tax-deferred growth. Usually this will be during your retirement, when your income may fall within a lower tax bracket.

Through the post-tax option, your contributions are taxed at the time you make them (via payroll deduction), and when you withdraw the funds (contributions or earnings), you are not taxed. Use of the post-tax option may help you maintain a balance against tax rates that increase over time.

There are two different types of voluntary savings plans available to SUNY employees, each type being authorized under a different section of IRS Code.

• SUNY Voluntary 403(b) Tax-Deferred Annuity Program — Section 403(b) investment retirement savings plan administered by and available to employees of SUNY state-operated or community college campuses. Some of the key features of this plan include:
• Wide variety of annuity fund investment options representing key asset classes.
• Options to contribute on either a pre-tax or post-tax basis (or both)
• Choice of authorized investment provider(s) to invest with.
• Payroll deduction and remittance of desired contributions to the investment provider(s) of your choice.
• Flexible and convenient distribution options.
• Lifetime income stream annuity* option availability.
• Loan and Hardship Withdrawal availability (restrictions apply).
• Free individual investment fund selection, asset allocation, and financial planning assistance are available at your campus or by appointment.
• In depth investment and wealth management services may also be available. Additional fees may apply, consult providers for details.
• Investment educational programs and related services in partnership with SUNY to help employees achieve their retirement savings goals.

*A variable annuity contract is a hybrid investment containing both securities and insurance features. The securities feature of variable annuities provides investors with the opportunity to participate in potential capital appreciation and income through investments in the securities markets. These securities features will, however, subject the investor to market risks. The insurance features of variable annuities permit employees to “annuitize” their contracts, electing to receive a lifetime income option so that they are guaranteed a stream of income payments that they cannot outlive, much as with a pension from ERS or TRS. In exchange for this lifetime income option, however, variable annuities have an extra set of fees, known as Mortality and Expense (M&E) charges that given them higher annual operating expenses than mutual funds. Many annuities are actually funded by underlying mutual funds, which are “wrapped” into an annuity product to give employees access to a broader range of funds while still preserving the lifetime income option protection that annuities afford.

Contributions made to a 403(b)(1) tax-deferred variable annuity may generally not be withdrawn prior to your death, disability, attainment of age 59½, severance from employment or financial hardship.  These restrictions do not include contract exchanges to other investment alternatives under SUNY's 403(b) plan.  More specific information is available from your investment provider(s).

• The New York State Deferred Compensation Plan — Section 457(b) mutual fund** investment retirement savings plan administered by the NYS Deferred Compensation Board and available to all NYS employees and employees of participating community colleges and localities. The Plan provides a wide array of investment options selected by the Board. Some of the key features of this plan include:
• Wide variety of tax-deferred mutual fund investment options representing key asset classes.
• Options to contribute on either a pre-tax or post-tax basis (or both).
• Payroll deduction and remittance of desired contributions.
• Flexible and convenient distribution options.
• Loan and Hardship Withdrawal availability (restrictions apply).
• Investment educational programs and related services to help employees achieve their retirement savings goals.

**A mutual fund is a financial intermediary that allows a group of investors with predetermined investment objectives to pool their money together. By pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they could achieve on their own. Mutual funds have fund managers who are responsible for investing the pooled money into specific securities (usually stocks or bonds). When employees invest in mutual funds they are buying shares of these funds, becoming a shareholder of funds in which they invest. Mutual funds are very cost efficient and a very easy way for employees to invest in since they do not have to figure out which stocks or bonds to buy. Mutual funds also allow an individual investor to achieve much greater diversification than they ever could through the purchase of individual stocks or bonds.

Both plans function similarly, but there are a few important key differences between the two different plan types. The following chart provides additional information about each plan so that you can see how the plans function, and how they differ.

• 2024 SUNY Voluntary Savings Programs 403(b) vs 457 — This chart provides a summary containing further details about some of the key features and differences between 403(b) and 457(b) plans to help you better decide which one is right for you.

For 2024, you may contribute up to $23,000 per year to either a 403(b) or a 457(b) account, or to each.

Because 403(b) and 457(b) plans are governed by different sections of IRS Code, employees may contribute to both plans concurrently, allowing a combined deferral maximum of up to $46,000 per year.

If you are age 50 or older any time during 2024, you can contribute an additional $7,500 to either type of plan, for a maximum of $30,500 per year (for a combined deferral maximum across both plans of up to $61,000 per year).

457(b) plans also allow those within three years of the plan’s normal retirement age (55), to contribute an additional amount of up to the lesser of twice the applicable limit or unused amounts from prior years.  Employees are eligible for the greater of the enhanced limit or the age 50 catch-up provision, but may not do both in the same year.

Contributions to all 403(b) and 457(b) plans are combined, respectively, so if you are also a participant in a 403(b) or 457(b) plan of another employer, your combined contributions cannot exceed the IRS limit for each plan type. If you do participate in more than one of each type of plan (e.g., a 403(b) at each of two employers), you are responsible for tracking and reporting the amount of all of your contributions to the plans so that the total amount of all your contributions to all plans in which you participate do not exceed the IRS limit.

A special limit may apply to your contributions if you have more than a 50% ownership interest in another business and you participate in its retirement plan. In determining the annual limit for all contributions described above, you must include all contributions made on your behalf under any defined contribution plans maintained by the other business that you control. You are required to inform your campus benefits office if this situation applies to you; failure to do so can result in adverse tax consequences to you.

For more information about retirement plan contribution limits, please see the complete list here: 2024 COLA.

You can enroll in a voluntary savings plan as detailed below. Once enrolled, you can review and change the amount of your contributions as often as once per pay period via the same processes as enrollment.  The exact date your investment allocations will take effect may vary depending upon the policies of the investment provider managing the investment options you chose for plan contributions.

NYS Deferred Compensation

• Enroll using the materials online at https://www.nysdcp.com/ or by calling 1-800-422-8463.

SUNY Voluntary 403(b) Savings Plan

• Enroll via the SUNY online enrollment and management system at www.retirementatwork.org/suny. 
• SUNY 403(b) Voluntary Savings Plan Guidelines
• Choosing an Effective Date in Retirement@Work

Voluntary Phased Separation Program

This program is designed to give eligible employees an opportunity for a phased approach to separation. It allows individuals to move into non-employment or retirement gradually through a voluntary reduction in work and commensurate reduction in pay. It also enables departments to plan for the replacement of long-term colleagues in advance of their actual separation. For additional information, see the complete program description and application.