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 your options.

Lissa Jasinowski

Retirement Administrator

State Benefit Services

Phone: (716) 645-4488

Email: lmt22@buffalo.edu

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.

NYS Employees' Retirement System (ERS) Tier VI

  1. Complete the Retirement Program Election Form.
  2. Complete the ERS Membership Registration RS 5420 Form and have it notarized.
  3. Submit both forms to Human Resources in 120 Crofts Hall, North Campus.

NYS Teachers' Retirement System (TRS) Tier VI

  1. Complete the Retirement Program Election Form.
  2. Complete the TRS Application for Membership NET-2 Form and have it notarized.
  3. Submit both forms to Human Resources in 120 Crofts Hall, North Campus.

Optional Retirement Program (ORP) Tier VI

  1. Complete the Retirement Program Election Form.
  2. Submit the form to Human Resources in 120 Crofts Hall, North Campus.
  3. Enroll online with TIAA-CREF to establish your account.

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.

Updating My Personal Information For ERS

Download ERS Member Form

Changing or Updating My ERS Membership

Reinstatement to Tier 3, 4 or 5

Contact ERS at 866-805-0990 or write to:

Tier Reinstatement Unit
110 State Street
Albany, NY 12244.

Applying For Prior Service Credit

Applying For a Loan

Download a Loan Application

Changing My Contributions

You cannot change your contributions per plan guidelines. For more information, refer to your plan benefits.

If you are interested in additional retirement savings, you can establish a separate voluntary retirement savings plan (link to voluntary retirement plans information) account.

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

Updating My Personal Information

Complete Forms To:

  • Change My Address or Name
  • Change My Beneficiary

Changing or Updating My Membership

Complete Forms For:

Applying for Prior Service Credit

Applying for a Loan

Download a Brochure

Download an Application For

Changing My Contributions

You cannot change your contributions per plan guidelines. For more information, review your plan benefits.

If you are interested in additional retirement savings, you can establish a separate voluntary retirement savings plan (link to voluntary retirement plans information) account.

Optional Retirement Program (ORP)

Online Retirement Management

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

Optional Retirement Plan (ORP) Investment Providers

Investment Provider Online Access Contact Information
Fidelity SUNY Fidelity
1-800-343-0860
MetLife SUNY MetLife
1-844-298-8899 (new enrollees)
1-800-560-5001 (account holders)
TIAA-CREF SUNY TIAA-CREF 1-800-842-2252
VALIC SUNY Valic   1-800-448-2542
Voya
(Formerly ING)
SUNY Voya 1-800-677-4636 (Participants)
1-800-438-1272 (Plan Information)

Understanding My Plan

Move My Account to a New Investment Provider

Contact the investment provider whom you wish to move your accounts to begin the process of transferring accounts.

Apply for a Loan or Hardship Withdrawal

Contact the investment provider begin the process of applying for a loan.

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.

State Benefits

Human Resources

Phone: 716-645-7777

Email: ub-hr-benefits@buffalo.edu

Contribution Limits Based on 2017 Tax Year

Plan

Maximum Deferral

Age 49 and Under

Maximum Deferral

Age 50 and over

403(b) Supplemental Retirement Annuity $18,000 $24,000
457(b) New York State Deferred Compensation
$18,000 $24,000
Total Limit for Plan Year
$36,000 $48,000

Voluntary Plan Options

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

Contribute a flat dollar amount pre-tax each paycheck. There is no penalty for withdrawals from your account if you have separated from state service at age 55 or older or if you are still working and are 59 1/2 or older.

This plan is set up under Section 403(b) of the Internal Revenue Code. If, through another employer, you contribute to a 403(b) or 401(k) plan, annual contribution limitations apply to all contributions combined. Contributions to a 457(b) plan do not affect contributions to this program.

457(b) New York State Deferred Compensation Plan

Contribute a percentage of each paycheck pre or after-tax. Once separated from state service, there is no penalty for withdrawals from your account, regardless of age.

Enrolling and Managing Your Voluntary Account

403(b) Supplemental Retirement Annuity

How to Enroll

  1. Set up your account with one of the below listed approved vendor representatives

How to Manage Your Account

  • To change or stop your deduction
  • Manage your investments directly with your plan vendor.
  • To withdraw funds or take a loan, contact your plan vendor.
Approved Vendor Vendor Representative

Fidelity

800-343-0860

Brent Peterson, CRPC

716-364-6795

Brent.Peterson@fmr.com

TIAA-CREF

866-842-2054

Schedule an Appointment

Anne Anderson, CHFC, CLU, CRPC

716-862-5921

aanderson@tiaa-cref.org

Richard Brewer

716-862-5907

rbrewer@tiaa-cref.org

Thomas Domin, CFP

716-862-5913

tdomin@tiaa-cref.org

VALIC

800-428-2542

Jeffrey Otterstein

716-908-1517

jeffrey.otterstein@valic.com

VOYA

800-438-1272

George Dougherty

716-626-3928

George.Dougherty@voyafa.com

Glenn Shaikun

716-633-2326

Finaned@financialeducationresources.com

Gary Witten, CFP

716-626-3926

Gary@TeamIFS.com

457(b) New York State Deferred Compensation Plan

  • Accounts are set up and managed directly through NYS Deferred Compensation.
  • Human Resources is unable to change your deductions.
  • To withdraw funds or take a loan, contact NYS Deferred Compensation.

If You Leave UB

Learn your options for your retirement plan should you leave employment.

NYS Employees' Retirement System (ERS)

Learn If You are Eligible to Collect A Retirement Benefit

Understand if you are vested and eligible to collect a retirement benefit.

Optional Retirement Program (ORP)

Learn If You Are Eligible For a Retirement Benefit (Vested)

To be vested in your retirement plan means that all employee and employer contributions made to your retirement contracts will become your property.

Vesting occurs after 366 days of active service. This period may be waived for employees coming to SUNY with active employer sponsored retirement annuity contracts from one of the SUNY currently Authorized Investment Providers.

If You Are Vested In Your Retirement Plan

If you have vested in the ORP and leave employment, contact your investment provider for your options.

Optional Retirement Plan (ORP) Investment Providers

Investment Provider Online Access Contact Information
Fidelity SUNY Fidelity
1-800-343-0860
MetLife SUNY MetLife
1-844-298-8899 (new enrollees)
1-800-560-5001 (account holders)
TIAA-CREF SUNY TIAA-CREF 1-800-842-2252
VALIC SUNY Valic   1-800-448-2542
Voya
(Formerly ING)
SUNY Voya 1-800-677-4636 (Participants)
1-800-438-1272 (Plan Information)

If You Are Not Vested In Your Retirement Plan

If you leave employment and do not become vested in the retirement plan, your employee contributions can be refunded with interest. The money you contributed during your employment is held by the Office of the State Comptroller (OSC).

To receive your refund from OSC:

  1. Complete an Application for Refund of Employee TIAA/CREF Contributions (AC 1781)
  2. Have the form notarized
  3. Return the form to Human Resources, 120 Crofts Hall