Plan Overview

Below are the important features about your plan. This website is intended to be a summary of the plan provisions.  In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local representative.


For complete information regarding the New York Retirement Programs, including the SUNY Optional Retirement Program Plan Summary Document (SUNY ORP), visit the SUNY Benefit Site.

New York State Voluntary Defined Contribution plan

For complete information regarding the New York State Voluntary Defined Contribution Plan (NYS VDC), visit the website at

Voya Financial Professionals

When you choose Voya as an investment provider, you receive more than innovative products and services for your retirement program. You have our promise that you won’t get lost in the crowd. We have established a team of knowledgeable representatives to work with SUNY faculty and staff and NYS employees. Our representatives are committed to helping you make your retirement planning as simple as possible and will help you tailor a plan to fit your needs.

You may not have the time, desire or expertise to actively plan and manage certain long term financial aspects of your life. You may want help getting started, with occasional direction from a financial professional, or prefer more structured ongoing advice* with the difficult decisions regarding your financial future. Voya can provide the level of service you prefer. Our commitment is to quality service to all SUNY, Statutory Colleges at Cornell University, Community College employees and State Agencies throughout New York State. (*Securities and investment advisory services offered through Voya Financial Advisors, Inc.) (member SIPC).

What can you expect from the services on Voya Financial Professional,

  • Reliable consistent services available on every campus from dedicated professionals who have experience working with SUNY, Cornell, Community College and NYS employees.
  • Review of your investment options and sophisticated investment tools to assist you in developing a diversified strategy that will be monitored and periodically reviewed to continue to be in line with your goals.
  • A straightforward process — consult with you on your retirement goals, gather information for review, design your portfolio, implement the strategies and meet for ongoing investment monitoring and review of your life plan.
  • A resource to assist you with the financial choices in preparing for a wide array of life events such as, purchase of a home, a marriage or divorce, the birth or adoption of a child, funding for education, coping with the death or illness of a close family member.
  • Assistance and education to help you stay the course toward retirement in turbulent times

Plan Overview

Under the SUNY Optional Retirement Program and the NY Voluntary Defined Contribution Plans,

  • The State of NY will make contributions based on your date of hire to your account, as well as contribute any mandatory contributions, if applicable, directly from your payroll.
  • You have flexibility to allocate both your future contributions and existing account balances among any of our investment options and you may transfer between variable options at any time subject to Voya’s policy on market timing and excessive trading.

Distributions from the Optional Retirement Program are subject to Federal income taxes when distributed to you. An IRS 10% premature distribution penalty tax if taken prior to age 59 ½, unless an IRS exception applies. Generally, NY pension income is tax exempt for NY purposes, please consult with a tax advisor for additional information.

Neither Voya Financial™ or its affiliated companies or representatives offer legal or tax advice. Seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance or investment decision.

If you are interested in contributing additional money toward retirement on a tax-deferred basis, State Campuses and Community Colleges are also eligible to participate in one of the New York State Voluntary Savings Plans. Please contact your local Voya representative if you are interested in information on the SUNY 403(b) Tax Deferred Annuity Program. For additional information on the State Tax Deferred 403(b) through Voya Financial, please refer to <>
Plan-to-Plan Transfers and Rollovers
You can transfer or rollover assets in the SUNY ORP plan that you may have with another approved investment provider under the Plan.

Assets from any other retirement plan cannot be transferred or rolled over to the SUNY ORP or the NYS Voluntary Defined Contribution Plans. If you wish to consolidate former employer accounts with Voya as your provider, please contact your local Voya representative or contact us at if you are interested in information on the SUNY 403(b) Tax Deferred Annuity Program.

Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation


Loans are available under the Plan according to the IRS loan eligibility rules. SUNY allows for 1 loan to be issued annually, per 12 rolling months. Loans are not permitted for accounts which have a previously deemed outstanding loan balance in which payments have not been satisfied. The maximum loan of $ 50,000 applies to all voluntary retirement Plans as an aggregated total. Loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.

Fixed Plus Account

  • Interest Rates
    The Fixed Plus Account guarantees that amounts allocated to this option will earn the minimum interest rate specified in the contract. We may credit a higher interest rate from time to time, but the rate we credit will never fall below the guaranteed minimum 3% specified in the contract. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company (VRIAC), a member of the Voya™ family of companies.
    Guarantees do not apply to the investment return or principal value of the separate account.
  • Transfers among investments within your Voya account
    Transfers are limited to 20% of the amount held in the Fixed Plus Account on the day a request is received in good order at our Service Center. The 20% limit is reduced by any Fixed Plus Account withdrawals, transfers, loans or income phase payments made in the past 12 months.


Withdrawals are allowed only upon the following triggering events:

  • Separation from service
  • Retirement
  • Death
  • Financial Hardship (403(b) ORP assets, limitations apply)

There are no withdrawal charges.

  • Separation from Service or Retirement:
    Upon separation from service or retirement, you have multiple payment options available. These options are described in the Withdrawal Options section of this website. [Link to HNAV 2 Plan Highlights> Withdrawal Options]
  • Death Claims:
    Upon your death, benefits would be payable to the beneficiary(ies) that you designated under the Plan. The Plan will provide a variety of options for the payment of death benefits. Your beneficiary must notify Voya Retirement Insurance and Annuity Company of your death and make a payment election in accordance with the Plan. If you do not name a beneficiary (or if your beneficiary predeceases you or does not survive you by 30 days), death benefits will be paid to your estate.

Guaranteed Death Benefit:
If you die prior to the start of annuity payments, the amount of money available to your beneficiary(ies) is guaranteed to be the greater of a)the account value, excluding any loan account; or b) the sum of contributions to the account, adjusted proportionately for any surrenders/loans. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company.

Required Minimum Distributions

You are required by the IRS to begin distributions no later than April 1st following the calendar year in which you attain age 70 ½ or retire, whichever occurs later, or a 50% penalty may be imposed.


All of the payments you receive from the Optional Retirement Program are subject to Federal income taxes when distributed to you. As a New York State Public Retirement Plan, SUNY ORP and the NYS VDC distributions from are generally exempt from New York State Income Taxes. Please consult your tax professional for further information and guidance on how to report distributions on your personal income tax return. Federal income tax withholding will apply to your payments, as described below, based on whether you may be eligible to rollover the distribution.

  • If you receive a distribution that is eligible to be rolled over, a mandatory 20% will be withheld for Federal tax.
  • If you receive a distribution that is not eligible to be rolled over, 10% for Federal tax will be withheld; however, you may elect to have no taxes withheld.

Amounts distributed from the Plan are subject to the IRS 10% premature distribution penalty tax if distributed prior to your attaining age 59 ½, unless an IRS exception applies.

IRS exceptions to the 10% premature distribution penalty tax include payments made:

  • To your beneficiary as a result of your death;
  • Upon your severance from employment or retirement on or after you attain age 55;
  • In substantially equal amounts over your life/life expectancy; or
  • As a result of your total and permanent disability.

Multiple Annuity options are available for distribution purposes- Please see your Voya representative to inquire if an annuity option may be beneficial in your circumstances. 


An annual deduction of .85% on variable investment options applies as a contract charge. This is reduced to .35% on Voya Money Market* investments. The contract charge does not apply to assets invested in the fixed account. The Plan does not include fees for the following: deferred sales charges, investment advice** or maintenance fees. However, fund management fees and other fund operating expenses will apply. Fees depend on the investment option chosen. Please refer to the Contract Prospectus Summary for individual fund fee information.


*An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, there is no assurance it will be able to do so. While the fund's objective includes the preservation of capital, it is possible to lose money by investing in the fund.

** Securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC)

Optional Retirement Plan

For information on the New York State Defined Contribution Plan, please visit the  benefits site

You should consider the investment objectives, risks, and charges and expenses of the variable product and its underlying fund options carefully before investing. The prospectuses/prospectus summaries containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.

Variable annuities are intended as long-term investments designed for retirement purposes. Withdrawals from an annuity may be subject to an early withdrawal fee and, if taken prior to age 59½, an IRS 10% premature distribution penalty tax will apply, unless an IRS exception applies. Money taken from the annuity will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. An annuity does not provide any additional tax deferral benefit, as tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. However, an annuity does provide other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.

Insurance products issued by Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. Insurance obligations are the responsibility of each individual company. All companies are members of the VoyaTM family of companies. Securities may also be through other broker-dealers with which Voya has selling agreements. Product and services may not be available in all states. CN-0315-13077-0417