Retirement Plans: Full-Time Employees

Full-time, permanent employees (with appointments of 3 months or more) are required to join either the New York State Teachers' Retirement System (enrollment is limited to certain titles) or the SUNY Optional Retirement Program.

Mandatory Retirement Plan Enrollment

Enrollment in either the New York State Teachers’ Retirement System (if eligible) or the SUNY Optional Retirement Program is required within the first 30 days of your appointment/date of hire. Once you have enrolled in a mandatory Retirement Plan, your decision is irrevocable during your employment with FIT/SUNY. Please review the New York State Teachers’ Retirement System and SUNY Optional Retirement Program comparison (.pdf) for a side-by-side plan comparison of the two retirement plan options or watch the Retirement Comparison Video.

New York State Teachers' Retirement System (NYSTRS)

Available only to Instructional Staff and a select group of other eligible NYSTRS titles.

NYSTRS is a defined benefit plan (traditional pension plan). Retirement (pension) benefits will depend on the results of a calculation at the time of retirement that takes into account your Final Average Salary, number of years of credited service, and your age at the time of retirement. The vesting period (period of time before you are eligible for a retirement benefit) for full-time employees is five years. For membership, benefits, and other plan-related information, please visit NYSTRS or call (800) 348-7298.

Required contributions (Membership Tier 6)

If you enroll in NYSTRS, you are required to make contributions. The current required employee contribution rate is based on regular compensation, as follows:

Wages of $45,000 or less....................................................3%
Wages of $45,000.01 to $55,000.....................................3.5%
Wages of $55,000.01 to $75,000.................….................4.5%
Wages of $75,000.01 to $100,000...................................5.75%
Wages of more than $100,000...........................................6%

Enrollment

To enroll in NYSTRS, you must complete an Application for Membership (.pdf), which must be notarized, and the original application must be submitted to the Payroll Department located at 333 7th Ave, 16th Floor, New York, NY 10001. If elected, your participation begins on your date of full-time appointment/date of hire.

Previous New York State Public Retirement System Membership or Eligibility

If you were previously a member of NYSTRS or another New York State public retirement system (excluding the SUNY Optional Retirement Program), you may be eligible to be reinstated into your former membership tier. To apply for reinstatement, you must file an Election to Reinstate (RIS-1) form with NYSTRS. Please consult with NYSTRS to determine the advantages of reinstating to an earlier membership tier.

If you were previously eligible for membership in a New York State public retirement system but did not join, it may be possible for you to purchase and receive prior service credit. Please review NYSTRS’ “Your Service Credit Matters (.pdf)” information. To apply for prior service credit, you must complete the Prior Service Claim (PRS-2) Form (.pdf) and the Verification of NYS Teaching (PRS-3) Form (.pdf) and submit the forms to the Payroll Department. Receiving prior service credit does not change your date of membership (membership tier) unless it is the result of a membership reinstatement or membership transfer.

Once you are an enrolled member, you should register for a NYSTRS online account.

SUNY Optional Retirement Program (SUNY ORP)

Available to all Full-Time employees

The SUNY ORP (.pdf) is a defined contribution plan. Your benefit upon retirement depends on the amount contributed, the performance of your investments, and the balance in your account at that time. If elected, your participation begins on your date of full-time appointment/date of hire.

Required Contributions (Tier 6)

If you enroll in the SUNY ORP, contributions to this plan are made by you and by the College. The current required employee contribution* is based on regular compensation, as follows:

Wages of $75,000 or less......................................................3%
Wages of $75,000.01 to $100,000.....................................4%
Wages of $100,000.01 to $125,000...................................5.25%
Wages of over $125,000........................................................5.75%

After completion of three full calendar years of membership, your contribution rate may change on January 1 of the following year and thereafter, based on your total SUNY earnings from two years prior.

Employee contributions are taken from each semi-monthly paycheck and are not subject to Federal Income Tax, but are subject to New York State Income Tax and local income taxes, FICA, and Medicare taxes.

Once you meet the vesting period requirements described below, the College will begin making contributions that are applied to your retirement account at the time you are paid. The College’s contribution through your seventh year of service is 9% of your salary, and 11% of your salary for all years thereafter.

Vesting Period

There is a 366-day vesting period before you may receive College contributions. Once you complete the vesting period, you will have a non-forfeitable right to FIT’s contributions and the earnings on those contributions.

NOTE: The 366-day vesting period may be waived if you 1) have a vested employer-funded retirement contract with TIAA, Fidelity Investments, Corebridge Financial, or Voya Financial through any employer or 2) had at least 366 calendar days of service (part-time or full-time) with an NYC or NYS public employer. Supporting documentation (retirement account quarterly statement or NYC or NYS public employer employment verification) is required for waiver approval determination.

Authorized Investment Providers and Investment Options

You may direct your SUNY ORP contributions to a variety of SUNY-approved investment funds offered by one or more of the following authorized investment providers:

If you do not wish to select specific investment funds, contributions can be invested in a Lifecycle Fund (also known as a Target Date Fund) that most closely matches the year in which you expect to retire. This investment fund option provides a diversified portfolio by investing in a selection of investment funds which are professionally managed and automatically adjusted over time to become more conservative as the year you expect to retire approaches.

Representatives from each investment provider are available for in-person and virtual counseling sessions throughout the year. Please view the current schedule for more information.

How to Enroll

You must register and enroll through Retirement@Work within the first 30 days of your full-time appointment/date of hire. Please refer to the Enrollment Guide for the SUNY Optional Retirement Program (.pdf). For enrollment assistance, please contact a Retirement@Work consultant at (866) 271-0960.

Making Changes

You may change your SUNY ORP investment provider(s) at any time by logging into Retirement@Work. You may change your investment fund selections and beneficiary designation at any time by logging into your online account(s) with your selected investment provider(s).