Starting early has its advantages
The State University of New York ORP is a defined contribution New York State Public Retirement Plan. Individual retirement benefits will depend on the value upon distribution of annuity contracts purchased on behalf of electing employees through employer and required employee contributions.
New York ORP does not accept rollovers from other retirement plans, traditional IRAs or Roth IRAs.
Vesting is a participant’s right of ownership to the money in his or her plan account.
- Vesting in employer contributions occurs after 366 days of active service. This period may be waived for employees coming to State University of New York with active employer sponsored retirement annuity contracts from one of the State University of New York currently authorized investment providers. All contributions will become the property of, and all investments will be directed by, the participant upon vesting.
- Employees are always vested in their contributions.