Retirement Programs & Planning

Whether you're a new employee choosing a retirement plan, an active employee managing your account, or preparing for retirement, you'll find the information and resources you need below.

Select your stage in the retirement journey:

A New Employee An Active Employee Planning to Retire

Choosing a retirement plan is one of the most important benefits decisions you'll make as a new employee. Most employees have 30 days from their hire date to make their election. Before enrolling, review the retirement programs available to your employee group and compare the benefits of each option. It is important to note that membership in a retirement system may not otherwise be changed or withdrawn during your current or any subsequent employment with any SUNY or community college campus.

Learn About Your Options:

Your retirement plan options are based on your employment classification and title. Depending on your position, you may be eligible for one or more of the following retirement systems:

Employees' Retirement System (ERS) - A New York State defined benefit pension plan available to eligible employees. Retirement benefits are based on factors such as years of service, salary, and retirement age.
Teachers' Retirement System (TRS) - A defined benefit pension plan available to eligible instructional employees.
SUNY Optional Retirement Program (ORP) - A defined contribution retirement plan available to many professional and academic employees. Participants select an investment provider and build retirement savings through employee and employer contributions.
Police and Fire Retirement System (PFRS) - A retirement system available to eligible campus police personnel.

Important Information

New employees must select a retirement plan within 30 days of their hire date through Retirement@Work.
Retirement plan selection is an important decision because employees are generally not permitted to change retirement systems later.
Employees should carefully review eligibility requirements, plan features, and retirement benefit options before making an election.

Not sure which retirement plans you're eligible for? Review the Retirement Plan Options & Eligibility guide or contact Human Resources for assistance before making your election.

How to Enroll in a Retirement Plan

All new Farmingdale State College employees are required to select a retirement plan within 30 days of their hire date using the Retirement@Work system. Your retirement election is generally a one-time decision, so it is important to review your options carefully before enrolling.

Step 1: Review Your Retirement Plan Options
Before making your election, review the retirement plans for which you are eligible and compare the features of each option. Helpful resources include:

Step 2: Register with Retirement@Work
Create your Retirement@Work account and complete your retirement election online. All new SUNY employees use this system to select their retirement plan and provide retirement system history information.

Resources:
Retirement@Work
Quick Reference Guide

Step 3: Elect Your Retirement Plan
Select the retirement system that best meets your needs and for which you are eligible. Once elected, membership in a retirement system generally cannot be changed during your current or future SUNY employment.

Step 4: Complete Your Plan Enrollment

If you selected ERS, TRS, or PFRS:

Complete and submit the required membership application for your retirement system.

If you selected the SUNY Optional Retirement Program (ORP):

Complete the online enrollment process with your selected investment provider.
Submit confirmation of enrollment to Human Resources Benefits Administration.

Step 5: Save Your Confirmation
Keep copies of all enrollment confirmations and retirement documents for your records. Once your enrollment has been processed, you can work directly with your retirement provider or retirement system to manage your account.

Need assistance with enrollment? Contact benefits@farmingdale.edu before your 30-day enrollment deadline. HR can help explain the enrollment process, although retirement plan selections are ultimately the employee's decision.

Already enrolled in a retirement plan? Use the resources below to access your retirement account, update personal information, review contributions, and manage your retirement benefits. Employees enrolled in the SUNY Optional Retirement Program (ORP) or a New York State retirement system should regularly review their account information and beneficiary designations to ensure records remain current.

Employees enrolled in the SUNY Optional Retirement Program (ORP) select an investment provider to manage their retirement contributions. Each provider offers retirement planning services, educational resources, and account management tools. SUNY ORP Investment Providers:

Fidelity Receive 1:1 retirement planning assistance, investment guidance, and account support by scheduling with our team.

TIAA Schedule one-on-one appointments and retirement counseling.

Chase Nelson, CRPC
516-454-4006
chase.nelson@tiaa.org

Corebridge Financial Access financial education resources and retirement planning services.

Veronica Magnotta, CRPS
303-204-2053
veronica.magnotta@corebridgefinancial.com
Financial education webinars

Voya Meet with a local representative for retirement planning assistance.

Steve Coles, CEBS®, CLU®, CFS®
631-755-0826
Stephan.Coles@Voyafa.com

Life changes such as marriage, divorce, the birth of a child, or changes in financial goals may affect your retirement planning. Contact your retirement system or investment provider to update beneficiary designations and review account information.

Planning to retire within the next few years? Begin reviewing health insurance, retirement income, sick leave credit, and Medicare eligibility well before your anticipated retirement date.

Before Your Retirement Date

In addition to filing with your retirement system:

Submit a written letter of retirement by email to the Campus President, Human Resources and direct supervisor.
Schedule a retirement benefits meeting.
Review your NYSHIP retiree health insurance eligibility.
Complete a Sick Leave Credit Election, if applicable.
Review Medicare enrollment requirements.
Confirm beneficiary information with all retirement and insurance providers.

The retirement process varies depending on the retirement plan in which you are enrolled. Employees are encouraged to begin planning at least 6 to 12 months before their anticipated retirement date and to contact their retirement system directly to review eligibility, service credit, retirement estimates, and application deadlines.

Employees' Retirement System (ERS)
Employees enrolled in ERS should:

Review retirement eligibility and benefit estimates through OSC Retirement Online.
Verify service credit and beneficiary information.
Attend a retirement planning webinar or consultation.
Submit a retirement application directly to NYSLRS.

Resources

NYSLRS Retirement Online
- Applying for Retirement (OSC)
Pre-Retirement Planning Information

Teachers' Retirement System (TRS)
Employees enrolled in TRS should:

Review their Annual Benefit Profile and service credit.
Obtain a retirement estimate.
Attend a NYSTRS retirement planning program.
File a retirement application with NYSTRS.

Resources

SUNY Optional Retirement Program (ORP)
Employees participating in the SUNY ORP should:

Contact their investment provider to discuss retirement income options.
Review beneficiary designations.
Schedule a retirement counseling session with their provider.
Coordinate retirement benefit commencement directly with their provider.

Investment Providers

Police and Fire Retirement System (PFRS)
Employees enrolled in PFRS should:

Review eligibility requirements and service credit.
Request retirement estimates.
Consult with NYSLRS regarding retirement options.
Submit retirement paperwork directly through NYSLRS.

One of the most important parts of retirement planning is understanding how your health insurance benefits continue into retirement.

The following forms and guides may be needed as you prepare for retirement.

Eligible employees may have the opportunity to transition into retirement through the Phased Retirement Program. Review program requirements and discuss eligibility with Human Resources.

Voluntary Savings Plan

Voluntary Savings Plans can help you save additional money for retirement through convenient payroll deductions. These plans are separate from your primary retirement plan (ORP, ERS, TRS, or PFRS) and allow you to supplement your retirement income while taking advantage of potential tax benefits.

The SUNY 403(b) Voluntary Savings Plan allows employees to contribute additional money toward retirement through payroll deductions. Contributions can be made on a pre-tax (Traditional) basis or as after-tax Roth contributions. Employees may choose from several approved investment providers.

Resources

The New York State Deferred Compensation Plan is another voluntary retirement savings option available to employees. The 457 Plan offers tax-advantaged retirement savings through payroll deductions and can be used alongside a pension, ORP, or 403(b) plan.

Resources

NYS Deferred Compensation (457)

Employees participating in the SUNY 403(b) Voluntary Savings Plan may choose from several approved investment providers. Each provider offers investment options, educational resources, and retirement planning assistance.

Fidelity
Gbatoh Browne
401-398-5587
Gbatoh.Browne@fmr.com

TIAA
David Flynn
866-842-2053
DaveFlynn@tiaa.org

Corebridge Financial
Veronica Magnotta, CRPS
303-204-2053
veronica.magnotta@corebridgefinancial.com

Voya
Steve Coles, CEBS®, CLU®, CFS®
631-755-0826
Stephan.Coles@Voyafa.com

Traditional 403(b): Contributions are made before taxes, reducing your taxable income today. Taxes are generally paid when funds are withdrawn in retirement.

Roth 403(b): Contributions are made after taxes, but qualified withdrawals in retirement are generally tax-free.

Resource: