Changes for SUNY ORP Participants with Existing MetLife or Brighthouse Accounts

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.

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.

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.

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.