SUNY Optional Retirement Plan (ORP)

According to the ORP Plan booklet, issued by the State University of New York (SUNY), the Optional Retirement Program (ORP) was established in 1964 as an alternative to the New York State Employees’ Retirement System (ERS) and the New York State Teachers’ Retirement System (TRS). Beginning in 1990, the ORP became qualified under Section 401(a) of the Internal Revenue Code. Since that time, SUNY’s contributions have been made under Section 401(a) and employee contributions have been “picked-up” under Section 414(h)(2) of the Code. The plan year for the ORP is the calendar year.

Membership is open to full-time unclassified staff members and part-time staff members who have term appointments or are designated management/confidential at State-operated campuses, or by local contract at community colleges.

According to the booklet, upon completion of 366 days of service (waived for employees who enter service with employer-funded retirement contracts from any of the ORP investment providers) the participant has full and immediate vesting in all retirement and death benefits provided by the retirement annuities purchased through the employee and the University's contributions. Contributions are not made into ORP contracts until completion of the vesting period; they are held by the Office of the State Comptroller. A participant who does not complete the vesting period is entitled to a refund of his or her own contributions plus interest upon request.

For details and up-to-date information concerning retirement plans offered by SUNY, visit the following official site of SUNY:

http://www.suny.edu/benefits/retirement.cfm

Tags: University, College, NYU, SUNY

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