![]() ![]() ![]() You should carefully review and research the options available to you before making a decision as to which retirement system to join. It cannot provide you with the complete details on retirement matters. Please note that this information has been prepared as a general summary of the VDC Program. If benefit payments are annuitized under the group annuity contract issued by MassMutual, those benefit guarantees are subject to the claims paying ability of MassMutual. *If you invest in the SUNY Optional Retirement Program/New York State Voluntary Defined Contribution Program through Fidelity you will be investing in a variable group annuity contract issued by Massachusetts Mutual Life Insurance Company ("MassMutual"), 1295 State Street, Springfield, MA 01111-0001 and administered by Fidelity Investments. With DB plans, the plan sponsor chooses the investments and providers. It lets employees take charge.Įmployees can choose their investments from any or all of the authorized investment providers Corebridge Financial (formerly AIG Retirement Services), Fidelity, TIAA and Voya. Defined Benefit (“DB”) plans generally don’t vest for 10 years. You can also withdraw money when you leave New York City service.Įmployees are fully vested after just one year and one day. Once vested, participant balances can move with them if they separate from service with a public employer in New York City. They can name their beneficiaries and decide what to do with their retirement savings. The VDC Program allows employees to customize their retirement plan. ![]()
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