Defined Contribution Plan Option
Employees newly hired on or after July 1, 2013 have the option to choose either the traditional defined benefit plan or a defined contribution plan for their retirement benefits, if:
- They are not represented by a union and
- Their salary at the time they are hired is at least $75,000.
Employees who wish to choose the defined contribution plan must file an election during their first 30 days of employment.
You must continue to inform your new employees of their right to join the Retirement System. In addition, you must report mandatory members to us, unless an employee has filed an election choosing the defined contribution plan.
The defined contribution plan option is the result of a 2012 amendment to Chapter 390 of the New York State Education Law. It is administered by the State University of New York (SUNY). Currently, the four authorized investment providers for the defined contribution plan are TIAA-CREF, ING, MetLife, and VALIC.
For further information on the defined contribution plan option, visit SUNY’s website or call the plan administrator at 518-320-1430.