Changes for SUNY ORP Participants with Existing MetLife or Brighthouse Accounts

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SUNY Letter to Participants
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Published April 18, 2024

SUNY recently announced changes for SUNY Optional Retirement Program (ORP) accounts with MetLife and Brighthouse. 

Background

In 2017, MetLife was removed as an approved SUNY investment provider for the SUNY Optional Retirement Program (ORP). At that time, MetLife participants could no longer continue contributions to their MetLife account, however, existing funds could remain with MetLife. Some MetLife accounts subsequently transitioned to Brighthouse.

Changes Announced

SUNY recently announced the decision to move all existing ORP MetLife and Brighthouse accounts to TIAA, a current approved investment provider. The change will take place automatically.

No action is required for your SUNY ORP MetLife account transfer to TIAA.

SUNY made this decision following a review of services provided by MetLife and associated investment provider fees, among other factors. An announcement was mailed by SUNY to participants in March 2024 providing additional details.

Any 403(b) plan balances at MetLife will NOT not be included in the automatic transfer to TIAA. These balances can be moved at your direction.

What to Expect

Beginning in May 2024, any transferrable ORP account balances you may have with MetLife or Brighthouse will automatically transfer to TIAA.

Balances will be automatically invested in the plan’s default investment option. The default invesment option is the TIAA Access TIAA-CREF Lifecycle variable annuity that corresponds to your date of birth and anticipated retirement age of 65.

A new ORP account will be created for you if you do not currently have one at TIAA. You will receive instructions for accessing and managing your new account(s), as well as information on any changes to investment options from TIAA.

If you do not want your balances to automatically transfer to TIAA, please contact MetLife at 833-642-1008 to review your options.

You may also contact TIAA at 866-662-7945 to learn more about your options prior to the transfer taking place.

Review All Investment Options

Current SUNY ORP authorized investment providers include:

  • Corebridge Financial
  • Fidelity Investments
  • TIAA
  • Voya

Participants in the SUNY ORP may invest with any one or a combination of the currently authorized investment providers. You have the opportunity to review your investment options and receive financial advisement from an authorized investment provider for no additional cost.

Following the transfer to TIAA, you still have the option to invest with one or more of the authorized investment providers.

Resources

If you do not want your balances to automatically transfer to TIAA and would like to establish an account with another authorized investment provider, you must submit a transfer request to MetLife by 4:00 PM ET on April 19, 2024.

Contact MetLife at 833-642-1008 to review options.

Contact An Expert

State Benefits

Human Resources

Phone: 716-645-7777

Email: ub-hr-benefits@buffalo.edu