SUNY Optional Retirement Program Plan Overview

Below are the important features about the SUNY Optional Retirement Program (ORP). This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For complete information regarding the SUNY ORP, visit the SUNY Optional Retirement Program website.

Plan Overview

The SUNY ORP is a defined contribution New York State Public Retirement Plan. Retirement benefits will depend on the value upon distribution of individually owned annuity contracts purchased on behalf of electing employees through employer and required employee contributions.

Eligibility for the SUNY ORP is limited to employees in the Unclassified (e.g., UUP and MC-13) service who are full-time, part-time UUP employees with Term appointments, MC employees who are at least half-time, and employees designated as eligible under local community college contract.

The current required Employee Contribution Rate in a given year is based upon regular compensation, as follows:

Wages of $45,000 or less


Wages of $45,000.01 to $55,000


Wages of $55,000.01 to $75,000


Wages of $75,000.01 to $100,000


Wages of more than $100,000


The current Employer Contribution Rate is 8% of gross salary for the first seven years of active membership service, and 10% thereafter.

You have flexibility to allocate both your future contributions and existing account balances among any of the Plan’s available investment options. You may transfer between variable investment options at any time subject to Voya’s policy on market timing and excessive trading.


The annual Mortality and Expense Risk Charge on the variable investment options in your SUNY ORP account is 0.12%. The Plan does not include fees for deferred sales charges, investment advice or maintenance fees. However, fund management fees and other fund operating expenses will apply. Fees depend on the investment option chosen. Please refer to the Contract Prospectus Summary for individual fund fee information.

You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options carefully before investing. The prospectuses/prospectus summaries containing this and other information can be obtained by contacting your local  representative. Please read the information carefully before investing.

Variable annuities are intended as long-term investments designed for retirement purposes. Withdrawals from an annuity may be subject to an early withdrawal fee and, if taken prior to age 59½, an IRS 10% premature distribution penalty tax will apply, unless an IRS exception applies. Money taken from the annuity will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. An annuity does not provide any additional tax deferral benefit, as tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. However, an annuity does provide other features and benefits, such as lifetime income payments and death benefits.

For 403(b)(1) fixed or variable annuities, employee deferrals (including earnings) may generally be distributed only upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: Hardship withdrawals are limited to employee deferrals made after 12/31/88. Exceptions to the distribution rules: No Internal Revenue Code withdrawal restrictions apply to ‘88 cash value (employee deferrals (including earnings) as of 12/31/88) and employer contributions (including earnings). However, employer contributions made to an annuity contract issued after December 31, 2008 may not be paid or made available before a distributable event occurs. Such amounts may be distributed to a participant or if applicable, the beneficiary: upon the participant’s severance from employment or upon the occurrence of an event, such as after a fixed number of years, the attainment of a stated age, or disability.

Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company (“VRIAC”), Windsor, CT. VRIAC is solely responsible for its own financial condition and contractual obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services LLC (“VIPS”). VIPS does not engage in the sale or solicitation of securities. All companies are members of the Voya® family of companies. Securities distributed by Voya Financial Partners LLC (member SIPC)or third parties with which it has a selling agreement. Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. All products and services may not be available in all states.