A flexible alternative to defined benefit plans.
Introducing the New York State Voluntary Defined Contribution Program
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 Benefits of the Voluntary Defined Contribution Program
It's flexible.
The VDC program allows employees to decide what to do with their retirement savings by choosing their own investments. They can also name their beneficiaries.
Portability.
Once your account is funded, you are fully vested and can transfer balances between investment providers. If you separate from service with a public employer in New York City, and meet the requirements for a distribution, you may be able to withdraw money when you leave New York City service.
It vests rapidly.
Employees have full rights to the amount in their account after one year and one day of service. NYSLRS/NYSTRS and NYCERS have a 5-year vesting period.
It lets employees take charge.
Employees can choose their investments from any or all of the authorized investment providers Corebridge Financial, Fidelity*, TIAA and Voya. With Defined Benefit (“DB”) plans, the state (NYSLERS) invests the money with the help of investment advisors.
The VDC program is an alternative to New York City’s DB plans. It was made available to New York City employees in 2020.
An employee has 30 days from the date of hire to enroll. Newly eligible employees require 30 days written notification. Failure to enroll may negatively impact plan membership or result in non-enrollment in a retirement system.
TIAA, the multi-vendor coordinator for the SUNY retirement plans, provides training and guidance to agency administrators to educate employees.
Plan Change Videos (effective 2/1/24)
Additional Resources
*If you invest in the SUNY Optional Retirement Program/New York State VDC 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.
Employee Eligibility
Full-time and part-time employees of the City of New York and certain Public Employers who have an
Employees are not eligible if a union represents them. An employee may not be eligible if they previously participated in a New York State Public Defined Benefit plan.
An employee has 30 days from the date of hire to elect the VDC Program or 30 days from written notification for newly eligible employees.
How to Educate Your Employees
Once you master the program and make it available, it’s time to help your employees enroll.
1. Share the VDC program materials
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.
2. Review these resources
Enrollment Guide For Employees
Agency change instructions
Job Aids
3. Offer personal assistance
Employees can pick up the phone and call
Contact Information
NYS VDC Program Center
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)
VDC Program Administrators
Michael Consorte
SUNY Director of University-wide Benefits
Denise Gaffor
Retirement Program Manager, NYS VDC Plan
VDC Program Administrators for City of New York
Web address:
Contact us: