NYS and NYC agencies are required to offer the Voluntary Defined Contribution (VDC) Program to eligible employees. Find out how to implement the VDC Program at your agency.
The VDC Program allows employees to customize their retirement plan. They can name their beneficiaries and decide what to do with their retirement savings.
Once vested, participant balances can move with them if they separate from service with a public employer in New York City. You can also withdraw money when you leave New York City service.
Employees are fully vested after just one year and one day. Defined Benefit (“DB”) plans generally don’t vest for 10 years.
Employees can choose their investments from any or all of the authorized investment providers Corebridge Financial (formerly AIG Retirement Services), Fidelity, TIAA and Voya. With DB plans, the plan sponsor chooses the investments and providers.
*If you invest in the SUNY Optional Retirement Program/New York State Voluntary Defined Contribution Program through Fidelity you will be investing in a variable group annuity contract issued by Massachusetts Mutual Life Insurance Company ("MassMutual"), 1295 State Street, Springfield, MA 01111-0001 and administered by Fidelity Investments. If benefit payments are annuitized under the group annuity contract issued by MassMutual, those benefit guarantees are subject to the claims paying ability of MassMutual.
The VDC is a new alternative to New York City’s DB plans. It is being made available to New York City employees in 2020.
An employee has 30 days from the date of hire to enroll.
TIAA, the Third Party Administrator, supports agencies by offering help and guidance to educate employees.
Full-time and part-time employees of the City of New York and certain Public Employers who have an annual salary rate of pay of at least $75,000 per year and hired on or after July 1, 2013 may be eligible for the VDC Program.
Employees are not eligible if a union represents them. You may not be eligible if you previously participated in a New York City public DB plan.
An employee has 30 days from the date of hire to elect the VDC Program.
This website has in-depth information about the VDC program and
makes it easy for your employees to enroll online.
This video provides a brief, interactive comparison between the
Defined Benefit and Defined Contributions options available to
your new employees.
View the video
Enrollment guide for employees
VDC program description (PDF)
Employees can pick up the phone and call
1-866-271-0960 to talk through their options.
Your hub for employee materials and resources.
Administrators (through TIAA):
Hours: Monday to Friday, 8 a.m. to 6 p.m. (ET)
Employees (through Retirement@Work):
Hours: Monday to Friday, 8 a.m. to 10 p.m. (ET)
Web address: nyc.gov/vdc
Contact us: 1-212-306-7788