Faculty Handbook 2020-2021

SUNY College of Optometry

Faculty Handbook 2020-21

Action Office will provide informational booklets on each retirement plan and will meet with new employees to discuss the election. 3. 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 The income tax is deferred until benefits are withdrawn, usually at retirement.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 choose four different Investment Providers offering annuity* investment products (TIAA-CREF, VOYA, MetLife, and AIG) and one Investment Provider offering 403(b)(7) mutual fund** investment products (Fidelity). In addition, employees may participate in the New York State Deferred Compensation Program through the Copeland Companies 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. 4. Death Benefits Generally, death benefits are determined by the Retirement System selected. However, New York State Law provides a Survivor's Benefit regardless of which system is chosen. Further information is available in the Human Resources/Affirmative Action Office. 5. Credit Union A membership is available to all faculty and professional staff members in the Municipal Credit Union. Municipal Credit Union can be contacted through the SUNY Office of Human Resources. 6. Group Disability Insurance Program All active full-time professional staff members and certain part-time members will be covered on the first day of the month following one complete year of service with the State College of Optometry within the past five years. This program assures that in the event of total long-term disability employees will receive a regular monthly income following six consecutive months of total disability. For more information refer to the booklet, Group Disability Insurance Program for Professional Staff, available in the Human Resources/Affirmative Action Office.

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