State University of New York Optional Retirement Program (SUNY ORP)

The State University of New York Optional Retirement Program (SUNY ORP) is a defined contribution plan designed to provide retirement contributions for eligible salaried Contract College employees. In general, all full-time faculty and exempt staff members of contract colleges are eligible for SUNY ORP. Part-time faculty and staff at contract colleges who have term appointments of 3 months or more are also eligible. New exempt employees must select which retirement plan (SUNY ORP or NYSLRS) in which to participate within 30 days of hire.

Eligible exempt employees may elect to participant in SUNY ORP rather than NYSLRS. This election to participate in SUNY ORP is irrevocable.

Benefits are provided under one of six available tiers based on date of enrollment. New hires who are not previous members of SUNY ORP will become Tier 6 members and have a 366-day vesting period in effect from the date of enrollment. Contributions are deducted from your salary and held in Albany by the State of New York. At the end of the 366 day period, contributions are sent to TIAA and transferred to an alternate provider if selected. Employees who have current vested employer-funded contracts with any of the SUNY ORP vendors will have the vesting period waived upon providing proof.

To determine which tier you may be in and the corresponding benefits, see the chart below:

Tier	Date of Membership	Employer Contribution	Employee Contribution
1	Prior to July 1, 1973	12% of first $16,500.00 of salary each calendar year, plus 15% of salary above $16,500.00	No contribution required
2	July 1, 1973 through July 26, 1976	12% of first $16,500.00 of salary each calendar year, plus 15% of salary above $16,500.00	No contribution required
3	July 27, 1976 through August 31, 1983	12% of first $16,500.00 of salary each calendar year, plus 15% of salary above $16,500.00*	3% required *
4	September 1, 1983 through July 16, 1992	12% of first $16,500.00 of salary each calendar year, plus 15% of salary above $16,500.00*	3% required *
5	July 17, 1992 through March 31, 2012	8% of salary for first seven years of service then 10% for years eight, nine and ten, then 13% for subsequent years*	3% required *
6	On or after April 1, 2012	8% of salary for first seven years of service then 10% of salary for subsequent years	Based on salary ranges **

Annual Salary	Employee Contribution
$45,000 or less	3.0% required
Between $45,000 and $55,000	3.5% required
Between $55,000 and $75,000	4.5% required
Between $75,000 and $100,000	5.75% required
Between $100,000 or more	6.0% required

Working at Cornell

Working at Cornell