Retirement

It's Not Too Early To Start Planning

Learn about:
• The retirement process
• Your retirement benefits

> Register For a Retirement Planning Session
> Read About Planning My State Retirement

Retirement Plan Options

The University at Buffalo is proud to offer excellent retirement plan options as a part of your benefits package. Human Resources is here to answer any questions you may have regarding the plans but cannot provide financial advisement nor recommend plan options. Your decision should be made carefully as once your election is received, it is irrevocable.

NYS Employees' Retirement System (ERS) Tier VI

Eligibility

All state funded employees are eligible to enroll in ERS.

About the Plan

ERS is a defined benefit plan that provides a fixed, lifetime monthly income at retirement. Your benefit amount is calcuated based on age, years of service and final average salary.

Vesting is the service period required to become eligible for a benefit at retirement. ERS requires a 10-year full time service credit vesting period.

You will contribute to the pension for the duration of employment based on your salary.

Annual Salary Employee Contribution
$45,000.00 or less 3.00%
$45,000.01 - $55,000.00
3.50%
$55,000.01 - $75,000.00
4.50%
$75,000.01 - $100,000.00 5.75%
$100,000.01 or more 6.00%

NYS Teachers' Retirement System (TRS) Tier VI

Eligibility

TRS is only available to state funded employees appointed to a faculty title working in a full or part time capacity.

About the Plan

TRS is a defined benefit plan that provides a fixed, lifetime monthly income at retirement. Your benefit amount is calcuated based on age, years of service and final average salary.

Vesting is the service period required to become eligible for a benefit at retirement. TRS requires a 10-year full time service credit vesting period.

You will contribute to the pension for the duration of employment based on your salary.

Annual Salary Employee Contribution
$45,000.00 or less 3.00%
$45,000.01 - $55,000.00
3.50%
$55,000.01 - $75,000.00
4.50%
$75,000.01 - $100,000.00 5.75%
$100,000.01 or more 6.00%

Optional Retirement Program (ORP) Tier VI

Eligibility

The ORP is only available to state funded employees appointed to a faculty or professional title in a full time, geographic full time (GFT) or part time term position. Part time temporary employees are not eligible.

About the Plan

The ORP is a defined contribution plan that is based on the amounts contributed by the employer and employee and the success of the investments.

Vesting is the service period required to become eligible for a benefit at retirement. The ORP requires a 366-day service credit vesting period.

You will contribute to the pension for the duration of employment based on your salary. The state contributes 8% for the first seven years of enrollment, 10% for all years thereafter.

Annual Salary Employee Contribution
$45,000.00 or less 3.00%
$45,000.01 - $55,000.00
3.50%
$55,000.01 - $75,000.00
4.50%
$75,000.01 - $100,000.00 5.75%
$100,000.01 or more 6.00%

How to Enroll

Choose one plan to enroll in. Review your options carefully. Once enrolled, you cannot change your election unless you become newly eligible for another plan. If you do, Human Resources will notify you.

Full time employees must enroll in a plan no later than 30 days from their appointment begin date. Enrolling past this deadline may affect retirement benefits. Part time employees can enroll at any time.

Enrollment Steps

Retirement plan enrollments must be completed through the SUNY Retirement@Work website.

  1. Go to SUNY Retirement@Work and set up your account.
  2. Make your plan election. Your enrollment request will be sent to Human Resources for approval.
  3. You will receive a follow up email with additional forms to be completed if you have chosen to enroll in ERS or TRS. These forms can be found listed below with video tutorials.

NYS Employees' Retirement System (ERS) Tier VI

  1. Complete the ERS Membership Registration RS 5420 Form.
  2. Submit to Human Resources in 120 Crofts Hall, North Campus.

NYS Teachers' Retirement System (TRS) Tier VI

  1. Complete the TRS Application for Membership NET-2 Form and have it notarized.
  2. Submit to Human Resources in 120 Crofts Hall, North Campus.
Need Help?

For assistance with Retirement@Work, contact the helpline at 866-271-0960, Monday to Friday, 8 am to 10 pm (ET), and Saturday, 9 am to 6 pm (ET).

Contact an Expert

Lissa Jasinowski

Retirement Administrator

State Benefit Services

Phone: (716) 645-4488

Email: lmt22@buffalo.edu

Manage My Retirement Plan

Become familiar with your retirement account and manage it personally.

NYS Employees' Retirement System (ERS)

Managing My Retirement Online

Retirement Online is a secure area where you can access and manage your personal retirement information.

Applying For Prior Service Credit

NYS Teachers' Retirement System (TRS)

Managing My Membership Online

MyNYSTRS is a secure area where you can access and manage your personal retirement information.

Understanding My TRS Plan

Applying for Prior Service Credit

Applying for a Loan

Download a Brochure

Download an Application For

Optional Retirement Program (ORP)

Online Account Management

Access your account information with your investment provider to manage your accounts and keep your information up to date.

Understanding My Plan

Move My Account to a New Investment Provider

ORP enrollees can choose to have their contributions distributed among more than one SUNY-approved investment provider. To update and manage your investment provider mix, you must do so online through the SUNY Retirement@Work website.

Need Help With Retirement@Work?

For assistance with Retirement@Work, contact the helpline at 866-271-0960, Monday to Friday, 8 am to 10 pm (ET), and Saturday, 9 am to 6 pm (ET).

Apply for a Loan or Hardship Withdrawal

Change My Contributions

You cannot change your contributions per plan guidelines. For more information, review the SUNY ORP Summary Plan Description.

If you are interested in additional retirement savings, you can establish a separate voluntary retirement savings plan.

Voluntary Retirement Savings

In addition to your retirement plan, you have the opportunity to save extra money for retirement through voluntary retirement plan options. You can establish your voluntary plan at any time and can change your contributions to adjust your needs. There are no employer contributions for voluntary retirement plans.

Plan Options

The University offers the option to enroll in a voluntary 403(b) account and the 457(b) NYS Deferred Compensation Plan.

Contribution Limits for 2018 Tax Year

Plan

Maximum Deferral

Age 49 and Under

Maximum Deferral

Age 50 and over

403(b) Supplemental Retirement Annuity $18,500 $24,500
457(b) New York State Deferred Compensation
$18,500 $24,500
Total Limit for Plan Year
$37,000 $49,000
403(b) Contributions

If you are already contributing to a 403(b) or 401(k) with another employer, the annual limit is applied to all plans combined. 457(b) plans have a separate limit.

Enrollment and Account Management

You may choose to enroll in one or both plan options available. Making contributions to one plan does not affect the other plan.

403(b) Supplemental Retirement Annuity

How to Enroll

All enrollments must be completed online through the SUNY Retirement@Work website.

  1. Go to SUNY Retirement@Work to set up your account.
  2. Follow the steps to enroll and elect your bi-weekly deduction.
  3. Indicate which SUNY Approved Retirement Vendor(s) you would like your contributions to go to.

For assistance with Retirement@Work, contact the helpline at 866-271-0960, Monday to Friday, 8 am to 10 pm (ET), and Saturday, 9 am to 6 pm (ET).

How to Manage Your Account

Meet With a Financial Advisor

Contribution Considerations

When determining your deduction, keep in mind that they must be elected as a bi-weekly flat dollar amount. If the amount indicated is higher than what can be taken from your pay, no deduction will be taken at all. Employees must monitor their deductions and take action to adjust them as necessary. If you need help in determining your contribution, contact an investment advisor.

457(b) New York State Deferred Compensation Plan

How to Enroll

  1. Complete the required enrollment forms.
  2. Submit your forms directly to the NYS Deferred Compensation Plan.

How to Manage Your Account

Meet with a Financial Advisor

State Benefits

Human Resources

Phone: 716-645-7777

Email: ub-hr-benefits@buffalo.edu