New York State Teachers’ Retirement
System (TRS)
10 Corporate Woods Drive
Albany, NY 12211-2395
1-518-447-2666
www.nystrs.org
Advantages of the New York State Employees’ or Teachers Retirement System:
New York State Employees’ Retirement System (ERS)
110 State Street
Albany, NY 12244
1-866-805-0990
www.osc.state.ny.us/retire/index.htm
New York State Teachers’ Retirement System (TRS)
10 Corporate Woods Drive
Albany, NY 12211-2395
1-518-447-2666
www.nystrs.org
A: In a defined contribution plan like the SUNY Optional Retirement Program (ORP), you control your investment choices. The value of your benefit is not predetermined by a formula. Your retirement benefit will depend on the success of your investments, the amount of the contributions made to the plan while you are working, your age at retirement, and the benefit option you select.
The ORP was established by law and the State University Board of Trustees approved the Teachers Insurance & Annuity Association — College Retirement Equities Fund (TIAA-CREF) as the insurer in 1964. In 1994, three additional insurers, ING, MetLife, and Valic, were approved by the Trustees. If you select the ORP as your retirement plan, you will initially purchase contracts with TIAA-CREF; once you become a vested member of TIAA-CREF, you may choose to distribute your retirement contributions among the other three insurers.
Contributions made by you and the University are placed in your account (contract) according to the investment choices you have personally made. You accumulate a "fund" which is then used to provide a monthly income during retirement. Fund choices include "fixed" investments where your principle is guaranteed by TIAA.You may also invest your contributions using "variable" investment accounts which include stocks, bonds, money market funds or a combination thereof.
The value of these investments may vary with market performance. There are no guarantees of principal or interest in variable investment contracts. You are encouraged to diversify your investments among the various fixed and variable accounts when setting up your retirement portfolio.
Advantages:
TIAA-CREF
730 Third Avenue
New York, NY
1-800-842-2733
www.tiaa-cref.org
ING Life Insurance & Annuity Company (ILIAC) 1-800-444-9599
Metropolitan Life & Affiliated Companies (METLIFE) 1-866-294-0807
The Variable Annuity Life Insurance Company (VALIC) 1-800-44-VALIC
A: When you are vested, you have ownership of the assets held in your retirement account. Vesting does not mean that you have an immediate right to withdraw these assets, but simply that you would retain these assets upon termination of employment.
The vesting period for the two public pension programs (ERS & TRS) is five years of full time service.
Participation (or vesting) in the SUNY ORP is immediate for employees who own qualifying TIAA-CREF, ING, MetLife, or VALIC contracts at the time of their employment. Qualifying contracts must include employer contributions. For those who do not own preexisting contracts with one of these annuity carriers, University contributions will be made upon completion of a 366 day vesting period. At the end of 366 days of service, the University will make a single lump sum contribution with interest for this initial period and then make regular bi-weekly contributions thereafter. If you leave State service prior to becoming a vested member, no University contributions will be made. However, your contributions plus interest will be refunded.
A: All three programs provide for contributions by you as well as the University. Your contributions will be made on a before-tax basis (federal taxes only) through payroll deduction. NOTE: These figures are for those employed since July 17, 1992 to date. If you became an employee prior to this date, please see the table in *Retirement Plans for UUP Employees Explained.
TRS & ERS:
Employee Contribution Rate = 3% of salary for the first 10 years of membership; no contribution after 10 years;
Employer contribution = currently 8% and based on actuarial recommendations, i.e., New York State contributes an amount necessary to satisfy present and future pension payments.
Optional Retirement Programs (TIAA-CREF, ING, Metropolitan, VALIC)
Employee Contribution Rate = 3% for duration of employment
Employer Contribution Rate = 8% of state salary (up to maximum of $205,000 in 2004) for the first seven years of participation in the ORP; 10% of state salary (up to maximum of $205,000 in 2004) thereafter.
A: If you are part-time, you are not required to join a retirement system, but you may do so if you wish. Part-time faculty and professional staff members may join ERS or TRS at any time; part-time employees who have a TERM appointment may join ERS, TRS, or the ORP. Application forms and processes are the same as described for full-time staff above.
A: For full-time faculty and professional staff, the election of a retirement plan must be made within 30 days of your appointment. This is an important decision because the choice is irrevocable. Please indicate your election on the Retirement Election Form (ORP 1/3).
Please remember that State law is very specific about the deadline for enrolling in the ORP. After 30 days, the ORP is no longer an option and ERS/TRS will be your default selection.
Before making your decision, please consult the booklet, Retirement Programs for New Faculty & Staff, and review the individual retirement system booklets found in your orientation package. When considering participation in the ORP, we recommend that you carefully review fund prospectuses, performance information and sales literature of each annuity company. Each of these programs offers certain advantages. You should consider each program in relation to your particular needs and objectives and consult with a qualified financial or tax professional for assistance. Representatives of each of these plans and Human Resources or Employee Benefits staff are available to assist you.
A:Yes. NYS offers an Ordinary Death Benefit for those employees who are members of a New york State retirement system. In addition, there is a Survivor's Benefit Program (see below) regardless of whether or not you are vested in a retirement plan. Certain eligibility requirements must be met and most employees are entitled to some form of benefit.
Employees should contact the NY State Local Retirement System at 1-866-805-0990 for more specific information with regard to how these benefits apply to them.
A: The Survivor’s Benefit Program is a financial protection plan that provides a minimum death benefit to the survivors of New York State employees, regardless of any membership in the New York State and Local Retirement System (NYSLRS), the New York State Teachers’ Retirement System (NYSTRS) or the State University Optional Retirement Program (TIAA/CREF). For more detailed information, go to the "Survivor's Benefit Program for State Employees" website.
NYS Employee Retirement System (ERS)
Are you already retired or planning for retirement? Due to popular demand, the State’s Retirement Centers are now scheduling appointments at three more consultation sites - Hauppauge, Horseheads, and White Plains. If you are a participant in the ERS Defined Benefit Plan, you can set up a personal appointment with a counselor at these and some of the other 16 consultation sites around the state. Other offices convenient to Purchase College employees are located in Middletown, NYC, and Albany; at the Pomona and Poughkeepsie sites, members are seen on a first-come, first-served basis. UUP highly recommends you take advantage of this valuable service before filing your retirement application or to discuss changes in your current benefit status.
Be prepared to bring your retirement estimate and/or your most current Member Annual Statement to your appointment--and don't forget your list of questions! You must also bring personal identification. Retirement Information Representatives are available in Albany on every business day and on scheduled days at the other consultation sites. Just click on the name of the city nearest you on the map to the right for schedule information and directions to that office. ===>
For an individual consultation at any of the other offices, please contact the ERS Call Center to make an appointment. Except for our New York City and Horseheads sites, you do not need an appointment to drop off forms, pick up information or have something notarized.
For special accommodations to attend a consultation, please contact the ERS Call Center at least two weeks in advance.
Comptroller Hevesi’s office has also set up special webpages for current retirees and those planning retirement. You can begin to explore the ERS site here.
NYS Teacher's Retirement System (TRS)
Employees enrolled in the Teacher's Retirement System (TRS) plan will find detailed contact information on the TRS website for active members and current retirees. TRS also offers one-on-one consultations -- open to all members -- which enable you to ask questions about your specific situation and receive printed estimates of your retirement benefits. You can meet with a representative either in person or through interactive video. Locations convenient to PUrchase College employees include Elmsford, Central Valley, and Garden City.
Optional Retirement Plans (ORP's):
Purchase College employees participating in the Optional Retirement plans can go to their plan's website or contact their plan directly by telephone to set up a consultation:
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