The Benefits of the Voluntary Defined Contribution (VDC) Program

The New York State VDC program is a flexible, rapid-vesting alternative to defined benefit (DB) pension plans.

Flexibility

The VDC program allows you to customize your retirement plan. You pick investments and providers, you name beneficiaries, and you decide what to do with your retirement savings.

A VDC program can also go with you if you start working for another NYS agency, and you can withdraw money when you stop working for your current agency. The VDC program is designed to allow you to retire at any age.

Rapid vesting

Every year, your employer will contribute an amount equal to 8% of your compensation toward your VDC program. After just one year, all contributions are fully vested. Compare that to five years for defined benefit plans.

Compare plans

Your retirement options are summarized in our brief, interactive video. We recommend that you view it prior to making a retirement plan election.
View the Comparison Video

Find out how a defined benefit plan and VDC program differ.
View the Comparison Chart

Eligibility

All New York State agencies are required to offer the VDC program to eligible employees. You may be eligible for the VDC program if you have an estimated annual salary rate of pay of $75,000 or greater.

You are not eligible if a union represents you. You may not be eligible if you previously participated in a New York State Public Defined Benefit plan. View additional eligibility information.

Employees have 30 days from their date of hire to enroll in the program.

Manage Your Money…Your Way!

Financial professionals are available to assist you in making informed investment decisions. The plan offers three tailored approaches to meet your financial goals:

Target Date Fund (TDF) — for a balanced allocation based on anticipated retirement date
- Investors who prefer to leave investment decisions to professional fund managers. Or, for new investors who are still not sure which approach is best.
Do It Yourself (DIY) — manage your investment selection on your own
- Investors willing to assume responsibility for selecting investments among a large range of choices, and have the time and discipline to closely monitor their portfolio.
Managed Accounts — assign your account to an advisor to execute investment choices on your behalf, for an additional fee (services differ slightly among providers)
- o Investors who want to customize their portfolio by hiring a financial expert to do the work for them on their behalf.

For detailed information on each approach, please refer to Printable PDF version.

Professional financial representatives are available to assist participants with all three approaches

All investment providers offer professional financial guidance to assist participants
You can access a financial consultant virtually, by phone or in person (when available) for advice and education on your investment strategy.

(formerly AIG Retirement Services)

518-783-6464
http://corebridgefinancial.com/rs/nysvdc

¹
800-343-0860
netbenefits.com/vdc

866-662-7945
tiaa.org/nystate

800-438-1272
nyvdc.beready2retire.com/

¹ For Fidelity Investments only: 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. 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.

How to Enroll in the New York State VDC Program

To learn more about the enrollment process, download the VDC program enrollment guide (PDF).

If you recently moved from one NYS or NYC agency to another, you must register your account(s) under your new NYS or NYC agency.
Follow these instructions.

Before enrolling, please have the following information available:

Your Social Security Number
The name of your previous retirement plan and registration/member number(s)
If you were enrolled in the VDC Program with a previous employer, please have your NYS VDC Program contract number(s) available.
The name, address, telephone number and e-mail address of your designated beneficiary

Enroll Online in 3 Easy Steps

To complete your enrollment online you will:

First set up your account and make your retirement program elections.
Then determine your contributions with a Salary Deferral Agreement.
Finally select and enroll with your investment providers.

Or for detailed enrollment instructions, follow this link to the
Quick Reference Enrollment Guide.

Pick up the phone

Call 1-866-271-0960 to speak with an experienced consultant who can guide you through the enrollment process.

Contact Information

Questions about online enrollment

Phone: 1-866-271-0960
Hours: Monday through Friday, 8 a.m. to 10 p.m.

You will be connected to an experienced consultant from Retirement@Work who can answer your online enrollment questions.

Questions about investing

You can speak to a financial consultant by calling any of the authorized investment providers.

Corebridge Financial (formerly AIG Retirement Services): Richard Grofsick, Advisor 1-518-783-6464
Fidelity: 1-800-343-0860
TIAA: 1-866-662-7945
Voya: 1-800-438-1272 Opt. 3

Note: The Program sponsor of the New York State VDC Program is The State University of New York (SUNY). The retirement vehicle is the SUNY Optional Retirement Plan.

What do you get when you retire?	A fixed, lifetime monthly income in retirement.	Your balance is available when you retire, or you can choose a fixed, monthly income through annuity investments.
When are you fully vested?	After 10 years of service. Work part-time?	After more than one year of service. Find out when vesting is immediate.
Can you choose your own investments?	No.	Yes.
How much do you contribute?	Same for both plan types. See details.	Same for both plan types. See details.
How much does your agency contribute?	Not a specific individual amount: Your agency contributes toward general pension funds rather than individual accounts.	8% of your salary (subject to IRS annual contribution limits).
When can you retire and take money from the plan?	Full benefits at age 63 when you have at least 10 years of service. See additional details.	No minimum retirement age. Tax penalties may apply if you withdraw money before turning 59 ½.
Can it move with you if you work for a different agency?	No.	Yes.
Are loans available?	Yes (up to 75% of the amount you contributed with a maximum of $50,000).	Yes (up to 50% of your balance with a maximum of $50,000).
Can you name beneficiaries?	Yes. You can choose to name beneficiaries and have a death benefit in exchange for a lower monthly annuity income. (Maximum amount: 3x your salary.)	Yes. (Amount depends on your account balance.)

Take charge of your retirement savings with the New York State Voluntary Defined Contribution Program.