Welcome to your ORP retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
The State University of New York ORP is a defined contribution New York State Public Retirement Plan. Individual retirement benefits will depend on the value upon distribution of annuity contracts purchased on behalf of electing employees through employer and required employee contributions.
New York ORP does not accept rollovers from other retirement plans, traditional IRAs or Roth IRAs.
Vesting is a participant’s right of ownership to the money in his or her plan account.
Federal tax law requires that retirement income begin by April 1 of the calendar year following the later of: (1) the calendar year in which you reach age 70½, or (2) the calendar year in which you terminate employment.
Loan provisions in the plan make it possible to access your account, subject to certain limitations, without permanently reducing your account balance. Defaulted loan amounts (not repaid on time) will be taxed as ordinary income and may be subject to a 10% federal tax penalty if you are under age 59½.
Employees may borrow up to 50% of the accumulated value of their contracts, subject to IRS regulations. Current IRS regulations set a maximum aggregate loan balance of $50,000.
You decide how to invest your plan account. The following funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
View the entire list of funds and performance available in your Optional Retirement Plan. (Please note, it may take a few minutes to load the performance.)
To obtain a Portfolio Director prospectus and underlying fund prospectuses, visit www.valic.com or call 1-800-428-2542 and follow the prompts. The prospectuses contain the investment objectives, risks, charges, expenses and other information about the respective investment company that you should consider carefully before investing. Please read the prospectuses carefully before investing or sending money. Policy Form Series UIT-194, UITG-194 and UITG-194P.