EMPLOYEE HANDBOOK

will depend on the results of a calculation at the time of retirement that takes into account the Final Average Salary, number of years of credited membership service, and age at the time of retirement.  New York State Employees' Retirement System (ERS), a defined benefit pension Retirement System. Retirement pension benefits will depend on the results of a calculation at the time of retirement that takes into account the Final Average Salary, number of years of credited membership service, and age at the time of retirement.  The Optional Retirement Program (ORP), a defined contribution plan. Employer contributes 8% of gross calendar year earnings for the first seven years of employment and 10% of gross calendar year earnings thereafter. Vesting period: 366 days from enrollment date. In addition to TIAA_CREF, there are three Alternate Funding Vehicles approved under the Optional Retirement Program to which you may direct and or transfer your retirement accumulations during your employment. The alternate Funding Vehicles (AFC) are:  VOYA(formerly ING)  Fidelity  Valic Tax Deferred Annuity Programs (Optional) The Tax Deferred Annuity and Supplemental Retirement Annuity programs for employees of the State College of Optometry permits employees to reduce the current tax burden by setting aside a portion of salary toward the purchase of annuities. The income tax is deferred until benefits are withdrawn, usually at retirement. The amount that may be set aside by a staff member from the annual salary will vary according to his/her salary, years of service, and retirement program. Employees can chose four different Investment Providers offering annuity* investment products (TIAA-CREF, VOYA (formerly ING), and VALIC) and one Investment Provider offering 403(b)(7) mutual fund** investment products (Fidelity). Employees interested in the tax-deferred annuity programs or the NYS Deferred Compensation Program should contact the Human Resources/Affirmative Action Office for further information.

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