SUNY Optional Retirement Plan

PLAN INFORMATION
The State University of New York offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. 
Learn what plans allow eligible employees to do.
Employees hired on or after April 1st, 2012 will be in Tier VI and subject to the contribution schedule referenced below. Note that Tier VI employees continue to pay their employee contribution after 10 years of membership.
 
The Optional Retirement Plan requires members hired since July 27, 1976 to contribute 3% of base salary through regular payroll deductions. Legislation passed in 2007 requires the state or sponsoring organization to pick up the 3% employee contribution after 10 years of ORP membership by increasing the employer contribution correspondingly.
 
For those hired on or after July 17, 1992 the university also will contribute the equivalent of 8-10% of salary on your behalf, depending on your length of service. (Earlier hirees receive university contributions based on their salary levels; see table below for details.)
 
For new members: During the initial 366-day service period described in Eligibility, both your contributions and those of the university will accumulate in interest-bearing accounts. At the end of this period, the university will transfer a single lump-sum contribution, with interest, to TIAA covering the period, followed by regular biweekly contributions. In addition, your own contributions will be transferred to TIAA. Note: If you do not complete 366 days of service, your initial contributions will be refunded to you with interest, but you will not receive the University's contributions.
 
Contribution levels for new and existing Optional Retirement Plan members are based on your employee tier, according to this schedule:
 
 

Tier
 
Hire Date SUNY
Contribution Rate
Your Contribution
Tier I Before July 1, 1973 12% of salary up to $16,500
15% of salary over $16,500
n/a
Tier II July 1, 1973 - July 26, 1976 12% of salary up to $16,500
15% of salary over $16,500
n/a
Tier III July 27, 1976 - Aug. 31, 1983 9% of salary up to $16,500
12% of salary over $16,500
3% of salary
Tier IV Sept. 1, 1983 - July 16, 1992 9% of salary up to $16,500
12% of salary over $16,500
3% of salary
Tier V July 17, 1992 to March 31st 2012 8% of salary/up to 7 years of service
10% of salary/over 7 years of service
3% of salary
Tier VI  April 1st 2012 and later (note for Tier VI there are two distinct sets of contribution rates as indicated below)
  April 1st 2012 - March 31st 2013 8% of salary up to 7 years of service
10% of salary over 7 years of service
3% Pre-tax
  Effective April 1st, 2013 and later 8% of salary/up to 7 years of service
10% of salary/over 7 years of service
3% Pre-tax
Based on Salary Ranges (Pre-tax)
 
Wages up to $45,000 ......3%
 
Wages $45,000.01 and up to $55,000 ......3.5%
 
Wages $55,000.01 and up to $75,000 ......4.5%
 
Wages $75,000.01 and up to $100,000 ......5.75%
 
Wages $100,000.01 and greater ......6%
Note that these percentages of contributions are based on the total salary and not based on percentages within cumulative salary ranges.
For example: Someone earning $50,000 will contribute 3.5% based on $50,000
Note: For Tiers I, II, III, IV and V employee contributions will be picked up by the University after ten years of ORP membership. Tier VI employees will continue to contribute their required employee percentage. This is not picked up by the University.
 
To obtain vesting information regarding this plan, contact your HR Benefits office at 866-662-7945.
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