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Update to Retirement Plan Investment Providers

Published February 17, 2017

On January 24, 2017, the State University of New York (SUNY) Board of Trustees voted to terminate MetLife as an approved carrier for both the SUNY Optional Retirement Program (ORP) and SUNY’s 403(b) Program. MetLife will no longer be an approved SUNY retirement vendor beginning May 1, 2017.

Not Sure if You Are Enrolled With MetLife?

Please contact MetLife directly at 1-844-298-8899 or 1-800-543-2520 to find out. The University at Buffalo cannot verify this information for you. 

If you are enrolled in the ORP and/or SUNY 403(b) program(s) and have contracts with MetLife, you will need to take action:

  • New and active SUNY ORP and 403(b) contributions may continue to be invested with MetLife prior to May 1, 2017.
  • Effective May 1, 2017, new SUNY ORP and 403(b) contributions may not be invested with MetLife.
    • You may keep contributions that were already invested with MetLife prior to May 1, 2017.
    • No new contributions will be made to your account(s).

Actions For Optional Retirement Program (ORP) Participants

 You must take steps to redirect contributions that are routed for investment with MetLife.

  • The current approved SUNY vendors are Fidelity, TIAA-CREF, Valic and Voya. A contact list is provided below.
  • You will need to contact the new vendor of your choice to make arrangements to establish a new account and redirect your contributions prior to April 14, 2017
  • If you do not redirect your contributions, they will automatically be redirected to a default investment provider chosen by SUNY at a later date.
Vendor Contact Information
Fidelity 800-343-0860
www.fidelity.com
TIAA-CREF 800-842-2252
www.tiaa-cref.org/suny
VALIC 800-428-2542
www.valic.com/suny
VOYA 800-663-8698
www.voya.com

Actions for SUNY 403(b) Participants

  • You must take steps to redirect contributions that are routed for investment with MetLife.
  • The current approved SUNY vendors are Fidelity, TIAA-CREF, Voya and Valic. A contact list is provided below.
  • You will need to contact the new vendor to establish a new 403(b) account with them prior to April 14, 2017
  • You will need to submit two separate Salary Reduction Agreement forms to Human Resources. The first form should indicate the cancellation of your MetLife contribution. The second form should indicate your new investment provider and new contribution. You may also only submit one agreement to cancel your MetLife contribution if you do not want to establish an account with a new vendor.
  • Submit your Salary Reduction Agreement form to HR by April 14, 2017 in order for the change to be processed for the first pay period in May.
    • Forms received after this date cannot be guaranteed to be processed for this pay period.
  • If you do not redirect your contributions, they will automatically be redirected to a default investment provider chosen by SUNY at a later date.
Vendor Contact Information
Fidelity 800-343-0860
www.fidelity.com
TIAA-CREF 800-842-2252
www.tiaa-cref.org/suny
VALIC 800-428-2542
www.valic.com/suny
VOYA 800-663-8698
www.voya.com

Consider This Before Taking Action

  • Participants should review and consider current individual investments, fees, and ramifications of transferring funds to another provider, prior to making any changes. 
  • Participants should also discuss options with their MetLife advisor(s), as MetLife offers two types of contracts with SUNY. 
  • Participants should understand which contract(s) they have with MetLife, and the associated fees and expenses, as well as any fees applicable for transferring from one contract type to another, or to another provider.

Some of the fund options available through MetLife may be currently available and/or may become available with other providers (Fidelity, TIAA, Valic and Voya). Participants should examine the benefits versus drawbacks to maintaining funds in MetLife investments versus transferring funds to another provider.

UB Human Resources cannot provide consultations regarding investment options. Please contact the plan vendors directly for advisement. 

Contact For Questions

Amy Myszka

Director

Benefits and Work Life Balance

Phone: 716-645-5357

Email: amyszka@buffalo.edu

Lissa Jasinowski

Retirement Administrator

State Benefit Services

Phone: (716) 645-4488

Email: lmt22@buffalo.edu