The flexible retirement savings plan
Take charge of your retirement savings with the New York State Voluntary Defined Contribution Program.
The Benefits of the Voluntary Defined Contribution (VDC) Program
The New York State VDC program is a flexible, rapid-vesting alternative to defined benefit (DB) pension plans.
Flexibility
The VDC program allows you to customize your retirement plan. You pick investments and providers, you name beneficiaries, and you decide what to do with your retirement savings.
A VDC program can also go with you if you start working for another NYS agency, and you can withdraw money when you stop working for your current agency. The VDC program is designed to allow you to retire at any age.
Rapid vesting
Every year, your employer will contribute an amount equal to 8% of your compensation toward your VDC program. After just one year, all contributions are fully vested. Compare that to five years for defined benefit plans.
Compare plans
Your retirement options are summarized in our brief, interactive video. We recommend that you view it prior to making a retirement plan election.
Find out how a defined benefit plan and VDC program differ.
Eligibility
All New York State agencies are required to offer the VDC program to eligible employees. You may be eligible for the VDC program if you have an estimated annual salary rate of pay of $75,000 or greater.
You are not eligible if a union represents you. You may not be eligible if you previously participated in a New York State Public Defined Benefit plan.
Employees have 30 days from their date of hire to enroll in the program.
You are eligible if your immediate preceding employment was with a Non-State New York public employer (e.g. municipality, commonality, etc.) and if you're hired into an eligible class.
You are not eligible if you are a New York State employee whose immediate preceding employment was with another department, division or agency of New York State and you participated in a New York State Defined Benefit Plan (e.g., ERS, TRS, BERHS, PFRS, etc).
You can opt-in if you were participating in your agency's Defined Benefit Plan and were promoted into an eligible class after 7/1/2013.
Manage Your Money…Your Way!
Financial professionals are available to assist you in making informed investment decisions. The plan offers three tailored approaches to meet your financial goals:
- Target Date Fund (TDF) — for a balanced allocation based on anticipated retirement date
- Investors who prefer to leave investment decisions to professional fund managers. Or, for new investors who are still not sure which approach is best.
- Do It Yourself (DIY) — manage your investment selection on your own
- Investors willing to assume responsibility for selecting investments among a large range of choices, and have the time and discipline to closely monitor their portfolio.
- Managed Accounts — assign your account to an advisor to execute investment choices on your behalf, for an additional fee (services differ slightly among providers)
- Investors who want to customize their portfolio by hiring a financial expert to do the work for them on their behalf.
For detailed information on each approach, please refer to
Professional financial representatives are available to assist participants with all three approaches.
All investment providers offer professional financial guidance to assist participants.
You can access a financial consultant virtually, by phone or in person (when available) for advice and education on your investment strategy.
1 For Fidelity Investments only: 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.
How to Enroll in the New York State VDC Program
To learn more about the enrollment process,
If you recently moved from one NYS or NYC agency to another, you must register your account(s) under your new NYS or NYC agency.
Before enrolling, please have the following information available:
- Your Social Security Number
- The name of your previous retirement plan and registration/member number(s)
- If you were enrolled in the VDC Program with a previous employer, please have your NYS VDC Program contract number(s) available.
- The name, address, telephone number and e-mail address of your designated beneficiary
Enroll Online in 3 Easy Steps
To complete your enrollment online you will:
- First set up your account and make your retirement program elections.
- Then determine your contributions with a Salary Deferral Agreement.
- Finally select and enroll with your investment providers.
Or for detailed enrollment instructions, follow this link to the
Need help enrolling? Pick up the phone
Speak with an experienced consultant who can guide you through the enrollment process. Call
"I want peace of mind for my future."
Patrick, Coach
Contact Information
Questions about online enrollment
Phone:
Hours: Monday through Friday, 8 a.m. to 10 p.m.
You will be connected to an experienced consultant from Retirement@Work who can answer your online enrollment questions.
Questions about investing
You can speak to a financial consultant by calling any of the authorized investment providers.
- Corebridge Financial: Richard Grofsick, Advisor
1-518-783-6464 - Fidelity:
1-800-343-0860 - TIAA:
1-866-662-7945 - Voya: 1-800-438-1272 Opt. 3
Note: The Program sponsor of the New York State VDC Program is The State University of New York (SUNY). The retirement vehicle is the SUNY Optional Retirement Plan.