Retirement

The public retirement systems (TRS and ERS) are both "defined benefit" retirement programs. The benefits you receive at retirement will be determined based on a benefit formula, using a specific formula factor, your final average salary, age and years of service. The Optional Retirement Program (TIAA & Alternate Funding Vehicles) is a "defined contribution" program. The amount of benefits you receive at retirement will be based on the amount of funds contributed to your account, the investment earnings on those funds, your age when you begin drawing income and the benefit option you choose.

TRS (Defined Benefit)

This is a State retirement system which, if you join under present law, permits retirement at age 63 or older with ten or more years of creditable service. Retirement is allowed at age 55 or older with ten years of service credit; however, there is an age reduction in the benefit formula.

For more information please visit the TRS website

ERS (Defined Benefit)

This is a State retirement system which, if you join under present law, permits retirement at age 63 or older with ten or more years of creditable service. Retirement is allowed at age 55 or older with ten years of service credit; however, there is an age reduction in the benefit formula. Credit is given only for time actually worked. Ten-month faculty receive ten months of credited service. However, Chapters 310 and 311 of the Laws of 1993 permit community college employees who are employed on a full-time basis for the academic year to receive credit for the entire year.

For more information please visit the ERS website

Optional Retirement Programs
(TIAA & Alternate Funding Vehicles)

This is a retirement program under which individual contracts, providing retirement and death benefits for or on behalf of electing employees, are purchased from TIAA and or one or more of the alternate funding vehicles. Benefits are designed for retirement at any age.

If you wish to participate in TIAA, you may allocate the combined employee and college contribution to choose from among the TIAA traditional annuity, the TIAA Real Estate Account and/or variable annuity with eight distinct accounts; stock, money market, bond market, inflation-linked bonds, social choice, equity index, growth, and global equities. Contributions may be allocated to the above accounts in any percentage of your choice.

For more information please visit SUNY Optional Retirement Programs.

Updated Tier 6 Comparison chart

TIAA Dedicated SUNY Phone Center

We are pleased to announce the launch of a new TIAA dedicated SUNY phone center and Help Line. The SUNY Help Line center is staffed by TIAA representatives who have been trained to assist our employees and retirees with questions specifically related to the SUNY Optional Retirement Program (ORP) and the SUNY Voluntary Tax Deferred 403(b) Savings Program.

The TIAA SUNY Help Line number is: 1-800-842-2252. Employees will be asked to enter their Social Security Numbers or TIAA contract numbers in order to be directed to the new SUNY team.

The SUNY Help Line is now active and will be available Monday through Friday from 8 a.m. to 10 p.m. and Saturday from 9 a.m. to 6 p.m.

2024 Voluntary Savings Plan Universal Availability Notice

 

Supplemental Retirement

Below is a listing of SUNY Approved Supplemental Retirement Agencies. To enroll in one of the listed annuity companies, please visit their website. (Please note that you may choose your own agent.)

Company	Name	Telephone	Website
TIAA	Stephen Baumeister	212-916-4141	www.tiaa.org/suny†
VOYA	Kimberly Contelmo	845-483-7255	www.voya.com†
Corebridge Financial	Ask for Agent	800-448-2542	https://www.corebridgefinancial.com/rs/suny †
Fidelity Investments	Natalia DiGiovanni	917-575-2830	www.fidelity.com†
NYS Deferred Compensation (457b plan)	Thomas Migliano	800-422-8463 x44347	www.nysdcp.com†

Section 457(b) is a tax-deferred mutual fund** investment retirement savings plan administered by the NYS Deferred Compensation Board and available to all FT Orange County Community College employees. The Plan provides a wide array of investment options selected by the Board. Some of the key features of this plan include:

• Wide variety of tax-deferred mutual fund investment options
• Payroll deduction and remittance of desired contributions
• Flexible and convenient distribution options
• Loan and Hardship Withdrawal availability
• Investment educational programs and related services to help employees achieve their retirement savings goals.
• Post-tax Roth IRA option

Visit the SUNY benefits page for more information on SUNY Voluntary Savings Plan

403b v 457 Comparison. This chart provides a summary containing further details about some of the key features and differences of the two plans.

 

Maximum Contributions:

For 2024, you may contribute up to $23,500 per year to either a 403(b) or a 457(b) account, or to both. If you are 50 or older anytime in 2024 you can contribute an additional $7,500, for a maximum of $30,500.  Please see the Universal Availability notice for more detaiils and additional information.

For more information about retirement plan contribution limits, please see the complete list of 2024 Limits

 

† Following this link will take you out of the SUNY Orange Web site. The college cannot be responsible for the content of this external web site.