NYS
Defined Benefit Programs (ERS, TRS)
Defined benefit
programs offer fixed retirement benefits based on a formula of years of
service and final average salary. Employer and/or employee
contributions do not factor into your retirement benefit.
Employees Retirement System
(ERS) is available to all employees,
including student employees. ERS enrollment is mandatory
for all fulltime, permanent classified employees - membership date is
date of hire. All other employees who enroll will have a
membership date as of the date ERS processes your application. Review our
comparison chart for
a summary of current Tier 5 member benefits.
NYS Teachers Retirement System (TRS) is available to teaching
faculty (not Teaching Assistants), coaches and certain senior administrators.
Membership date is determined by receipt of application by TRS.
Review our
comparison chart for a summary of current Tier 5 member
benefits.
Defined contribution plans have pre-determined
contribution rates to a retirement savings account. The available
benefit at retirement is determined by the gains/losses of those
contributions based on your asset allocations over time.
The
SUNY ORP is available to
faculty and professional staff who are fulltime or part-time with TERM, not
temporary, appointments. SUNY ORP currently has four investment
providers. You may invest with any or all of them.
ING Financial Services
Donna Sweeney
518-738-0049
MetLife
Rocco Capobianco 716-634-2117
TIAA/CREF
Peter Crehan 518-786-5906
VALIC
Peter Brucato
800-892-5558 ext 88461
TIAA/CREF Campus Counseling Dates
SUNY
ORP participants with 10 years of membership will have their employee
contributions picked up by the University.
Employees can voluntarily save additional money for
retirement with two types of tax deferred savings plans - 403(b) and
457(b). You may contribute to either or both within IRS limits.
Compare the
benefits and limitations of both to decide which works best for you.
Once you open a contract you'll need a
Salary Reduction Agreement to tell us
how much to deduct from your paychecks. See
brochure
for summary.
- Contact your retirement
system/plan representative up to a year in advance to get an estimate of your pension
benefit as well as available payout options.
Helpful website links:
-
ERS Retirement Checklist
-
ERS Tips on Benefits and Income
-
TRS Retirement FAQs
- ERS and TRS members must
file an application for retirement directly with the retirement
system. ERS members must do so no earlier than 90 days but not
later than 30 days before your retirement date. SUNY ORP members
request annuitization and/or withdrawals from their investment carrier.
- Final average salary
for ERS and TRS members is based on actual earnings over the
look-back period, not your salary on the date of retirement.
- Your retirement date is
your 1st day as a retiree, not your last day worked.
-
You can pick any date you wish
-
Be
sure you meet service/eligibility requirements
-
Faculty can choose any date after the last day of finals or
commencement (whichever is later) for the semester they are
retiring. A balance of contract for your final semester will
be paid for any earnings not yet paid as of your retirement date.
-
Employees are eligible to
continue NYS Health Insurance Program (NYSHIP) coverage into
retirement if you are at least age 55 and have 10 years of NYSHIP enrollment or eligibility (may be multiple employers
combined). Premiums are the same as active employees computed
as monthly.
You can keep your current health plan or change plans.
Eligible dependents can also continue coverage. For current
eligibility rules, rates and other general information, go to
NYSHIPonline.
-
The value of your sick leave
balance at the time of retirement will be used to offset the cost of
health insurance in retirement. The higher your balance, the
higher your credit will be. A maximum of 200 sick days can be used.
Make sure your final timecard is in or your on-line leave reporting
is up to date.
-
If you will be 65 when you
retire, you must file for Medicare through the
Social
Security Administration at least 3 months prior to your retirement date.
If you turn 65 after you retire, you must file at least 3 months prior to
turning 65. Medicare will be your primary insurance and NYSHIP
will be secondary when no longer working.
- Once you've decided to
retire,
make an appointment with
Benefits, 437-4729, within 6-8 weeks of your retirement date to
complete necessary forms.
- You may work after
retirement. Your earnings will not affect your pension if:
-
you are over 65 yrs of age or;
-
you are self-employed or;
-
you work for a private employer, the federal gov't, or another state
or;
-
you work for a public employer (SUNY) and you earn less than $30,000
annually as determined by Section 212 of NYS Retirement Law.
-
Regardless of your retirement system, you may find this
booklet helpful since the basic rules apply to all employees
(not just ERS).
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