SUNY Orange

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Benefits: Retirement

The public retirement systems (TRS and ERS) are both "defined benefit" retirement programs. The benefits you receive at retirement will be determined based on a benefit formula, using a specific formula factor, your final average salary, age and years of service. The Optional Retirement Program (TIAA-CREF & Alternate Funding Vehicles) is a "defined contribution" program. The amount of benefits you receive at retirement will be based on the amount of funds contributed to your account, the investment earnings on those funds, your age when you begin drawing income and the benefit option you choose.

TRS (Defined Benefit)

This is a State retirement system which, if you join under present law, permits retirement at age 62 or older with five or more years of creditable service. Retirement is allowed at age 55 or older with five years of service credit; however, there is an age reduction in the benefit formula if service credit is less than thirty years.

ERS (Defined Benefit)

This is a State retirement system which, if you join under present law, permits retirement at age 62 or older with five or more years of creditable service. Retirement is allowed at age 55 or older with five years of service credit; however, there is an age reduction in the benefit formula if service credit is less than thirty years. Credit is given only for time actually worked. Ten-month faculty receive ten months of credited service. However, Chapters 310 and 311 of the Laws of 1993 permit community college employees who are employed on a full-time basis for the academic year to receive credit for the entire year.

Optional Retirement Programs
(TIAA-CREF & Alternate Funding Vehicles)

This is a retirement program under which individual contracts, providing retirement and death benefits for or on behalf of electing employees, are purchased from TIAA-CREF and or one or more of the alternate funding vehicles. Benefits are designed for retirement at any age.

If you wish to participate in TIAA-CREF, you may allocate the combined employee and college contribution to choose from among the TIAA traditional annuity, the TIAA Real Estate Account and/or the CREF variable annuity with eight distinct accounts; stock, money market, bond market, inflation-linked bonds, social choice, equity index, growth, and global equities. Contributions may be allocated to the above accounts in any percentage of your choice.

For further information or information on supplemental retirement accounts please contact Human Resources.

Human Resources Information:

Phone: (845) 341-4660
Fax: (845) 341-4670
Located in Orange Hall,
115 South Street Middletown, NY 10940
occchr@sunyorange.edu