Plan Overview

Below are the important features about your SUNY Retirement Plans. 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 more information, please contact your Voya advisor.

SUNY Voluntary 403(b) Plan
For complete information regarding the Voluntary Savings Plan, including the SUNY 403(b) Plan, visit the SUNY Voluntary Savings Plan website.

SUNY Optional Retirement Program
For complete information regarding the Retirement System, including the SUNY Optional Retirement Program (ORP), visit the SUNY Retirement Plans website.

New York State Voluntary Defined Contribution Plan
For complete information regarding the New York State Voluntary Defined Contribution Plan (NYS VDC), visit the website at NYS VDC website.

Voya Financial® Advisors
When you choose Voya as an investment provider, you receive more than innovative products and services for your retirement program. You have our promise that you won’t get lost in the crowd. We have established a team of knowledgeable advisors to work with SUNY faculty and staff and NYS employees. Our advisors are committed to helping you make your retirement planning as simple as possible and will help you tailor a plan to fit your needs.

You may not have the time, desire or expertise to actively plan and manage certain long term financial aspects of your life. You may want help getting started, with occasional direction from a financial professional, or prefer more structured ongoing advice** with the difficult decisions regarding your financial future. Voya can provide the level of service you prefer. Our commitment is to quality service to all SUNY, Statutory Colleges at Cornell University, Community College employees and State Agencies throughout New York State.

What can you expect from the services of a Voya® Advisor:

  • Reliable, consistent services available on every campus from dedicated advisors who have experience working with SUNY, Cornell, Community College and NYS employees.
  • A review of your investment options to assist you in developing a diversified strategy that will be monitored and periodically reviewed to remain aligned with your goals.
  • A straightforward process to consult with you on your retirement goals, design your portfolio, and implement retirement saving strategies for the life of your plan.
  • A resource to assist you with the financial choices as a result of life events such as the purchase of a home, a marriage or divorce, the birth or adoption of a child, funding for education, and coping with the death or illness of a close family member.
  • Assistance and education to help you stay the course toward retirement in turbulent times.

Plan Overview

Under the SUNY Optional Retirement Program and the New York State Voluntary Defined Contribution Plans:

  • The State of NY will make contributions based on your date of hire to your account, as well as contribute any mandatory contributions, if applicable, directly from your payroll.
  • 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.

Distributions from the Optional Retirement Program are subject to federal income taxes when distributed to you. An IRS 10% premature distribution penalty tax may be applied if taken prior to age 59 ½, unless an IRS exception applies. Please consult with a tax advisor for additional information. Neither Voya Financial nor its affiliated companies or representatives offer legal or tax advice. Seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance or investment decision.

If you are interested in contributing additional money toward retirement on a tax-deferred basis, State Campuses and Community Colleges are also eligible to participate in the SUNY Voluntary 403(b) Plan. 

Under the SUNY Voluntary 403(b) Plan:                           

  • You elect the amount you would like to contribute directly from your payroll.
  • 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.

Please view the following information and refer any additional questions to your Voya advisor.

Roth Option
Roth Information
Roth vs Traditional

Plan-to-Plan Transfers and Rollovers
You can transfer or rollover assets in the SUNY ORP plan that you may have with another approved investment provider under the Plan. Assets from any other retirement plan cannot be transferred or rolled over to the SUNY ORP or the NYS Voluntary Defined Contribution Plans.

If you wish to consolidate former employer accounts with Voya as your provider, please contact your Voya advisor.

Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation.

Loans

Loans are available in the SUNY ORP according to the IRS loan eligibility rules. Loans are not available in the NYS VDC Plan. The SUNY ORP allows for one (1) loan to be issued annually, per 12 rolling months. Loans are not permitted for accounts which have a previously deemed outstanding loan balance in which payments have not been satisfied. The maximum loan of $50,000 applies to all voluntary retirement plans as an aggregated total. Loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.

SUNY ORP – Voya Fixed Plus Account IIA

  • Interest Rates The Voya Fixed Plus Account IIA guarantees that amounts allocated to this option will earn the minimum interest rate specified in the contract. We may credit a higher interest rate from time to time, but the rate we credit will never fall below the guaranteed minimum 1% specified in the contract. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company (VRIAC), a member of the Voya family of companies. Guarantees do not apply to the investment return or principal value of the separate account.
  • Transfers among investments within your Voya account Transfers are limited to 20% of the amount held in the Voya Fixed Plus Account IIA on the day a request is received in good order at our Service Center. The 20% limit is reduced by any Voya Fixed Plus Account IIA withdrawals, transfers, loans or income phase payments made in the past 12 months.

SUNY Voluntary 403(b) Plan - Voya Fixed Plus Account III

  • Interest Rates The Voya Fixed Plus Account III guarantees that amounts allocated to this option will earn the minimum interest rate specified in the contract. We may credit a higher interest rate from time to time, but the rate we credit will never fall below the guaranteed minimum 1% specified in the contract. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company (VRIAC), a member of the Voya family of companies. Guarantees do not apply to the investment return or principal value of the separate account.

Withdrawals

Withdrawals are allowed only upon the following triggering events:

  • Separation from service
  • Retirement
  • Death
  • Financial Hardship (SUNY Voluntary 403(b) Plan only; limitations apply)
  • Attained age 59 1/2 (SUNY Voluntary 403(b) Plan only)

Separation from Service or Retirement:
Upon separation from service or retirement, you have multiple payment options available.

Death Claims:
Upon your death, benefits would be payable to the beneficiary(ies) that you designated under the Plan. The Plan will provide a variety of options for the payment of death benefits. Your beneficiary must notify Voya Retirement Insurance and Annuity Company of your death and make a payment election in accordance with the Plan. If you do not name a beneficiary (or if your beneficiary predeceases you or does not survive you by 30 days), death benefits will be paid to your estate.

Guaranteed Death Benefit:
If you die prior to the start of annuity payments, the amount of money available to your beneficiary(ies) is guaranteed to be the greater of a)the account value, excluding any loan account; or b) the sum of contributions to the account, adjusted proportionately for any surrenders/loans. Guarantees are based (ORP Only) on the claims-paying ability of Voya Retirement Insurance and Annuity Company.

Required Minimum Distributions

You are required by the IRS to begin distributions no later than April 1st following the calendar year in which you attain age 72 or retire, whichever occurs later, or a 50% penalty may be imposed.

Taxation

All of the payments you receive are subject to federal income taxes when distributed to you. As a New York State Public Retirement Plan, SUNY ORP and NYS VDC distributions are generally exempt from New York state income taxes. Please consult your tax professional for further information and guidance on how to report distributions on your personal income tax return. Federal income tax withholding will apply to your payments, as described below, based on whether you may be eligible to rollover the distribution.

  • If you receive a distribution that is eligible to be rolled over, a mandatory 20% will be withheld for federal income tax.
  • If you receive a distribution that is not eligible to be rolled over, 10% will be withheld for federal income tax; however, you may elect to have no taxes withheld.

Amounts distributed from the Plan are subject to the IRS 10% premature distribution penalty tax if distributed prior to your attaining age 59 ½, unless an IRS exception applies.

IRS exceptions to the 10% premature distribution penalty tax include payments made:

  • To your beneficiary as a result of your death;
  • Upon your severance from employment or retirement on or after you attain age 55;
  • In substantially equal amounts over your life/life expectancy; or
  • As a result of your total and permanent disability.

Multiple Annuity options are available for distribution purposes - Please see your Voya advisor to inquire if an annuity option may be beneficial in your circumstances. 

SUNY ORP and NYS VDC Plan Fees

The annual Mortality and Expense Risk Charge on the variable investment options in your SUNY ORP or NYS VDC Plan account is 0.16%. 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.

SUNY Voluntary 403(b) Plan Fees

An annualized asset-based service fee of 0.16% is deducted from your 403(b) Plan account on a monthly basis. This is the total fee for administrative and recordkeeping services and is only assessed on the variable investment options in your account. This asset-based service fee is listed as a dollar amount on your quarterly statement issued by Voya. Voya deducts all recordkeeping and administrative service fees each month from the available investment options and lists them as separate line items on quarterly statements. In addition, excess revenue generated by certain investment options in the Plan will be credited back to your account monthly and noted on your statement so you will know exactly what you are being charged for Voya’s services. Voya collects the same fees regardless of investments you select. Please refer to the Contract Prospectus Summary for individual fund fee information.

*An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, there is no assurance it will be able to do so. While the fund's objective includes the preservation of capital, it is possible to lose money by investing in the fund.

**Please refer any investment or fee questions to your Voya advisor.

 

 

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, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC). All companies are members of the Voya® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Products and services may not be available in all states.