Retirement

All employees, including student employees, are eligible to join the New York State Employees’ Retirement System (ERS), which is a defined benefit (pension) retirement system.

Contact ERS at 518-474-7736 or 1-866-805-0990 for information on service credit, pension estimates, transfers, vesting, refunds, retirement options and loans.

Additional Information for Student Employees

Membership is optional and requires a 3% salary contribution, which is deducted from your paycheck. Membership may be transferred to other public retirement systems in New York State.

Service credit is prorated for part-time employees, which include all student assistants and Work-Study employees. The equivalent of 10 years of full-time service is needed to become eligible for pension benefits

If you are currently an ERS member or are interested in becoming one, please contact Employee Benefits at 518-437-4705 or [email protected].

All employees with academic titles are eligible to join the New York State Teachers’ Retirement System (TRS), which is a defined benefit (pension) retirement system.

Academic titles include all faculty, librarian and coach titles, as well as the titles of chancellor, president, vice president, provost, dean, associate dean and assistant dean.

Contact TRS at 1-800-348-7298 for information on service credit, pension estimates, transfers, vesting, refunds, retirement options and loans.

Only certain unclassified (professional) employees are eligible to join SUNY Optional Retirement Program (ORP), which is a defined contribution retirement system.

Eligible employees include:

• Employees with term appointments who are represented by the United University Professions (UUP)
• Employees who are at least half-time and designed Management / Confidential (M/C)

Retirement benefits will depend on the value upon distribution of individually owned annuity contracts purchased on behalf of electing employees through employer and required employee contributions from one or more of the currently Authorized Investment Providers for SUNY ORP.  

During the initial vesting period, the employee and employer contributions are kept in an escrow account by the Office of the State Comptroller.  These funds will be moved to the chosen ORP investment prior once the vesting period has been satisfied.  

Visit the SUNY ORP webpage for more information, including a list of Authorized Investment Providers and their contact information.

Note: If you came to UAlbany from another SUNY campus (including community colleges), and you are enrolled in ORP, you must update your information in the Retirement@Work system. 

Full-time employees with appointments of three months or longer are required to join a retirement system within 30 days of their appointment/hire date.

Note: Failure to elect a retirement plan may result in a forced enrollment in the Employee Retirement System (ERS).

Employees who are part-time, or who have provisional or temporary appointments, may join a retirement system at any time.  

Please review your options carefully before selecting a retirement system.  

Once you join a system, you generally won’t be allowed to change your selection — unless you have a change in employment title that makes you eligible for a different retirement system and you opt into that plan within 30 days of your eligible appointment.

Otherwise, your membership in a retirement system may not be changed or withdrawn during your current or any subsequent employment with any SUNY campus (including community colleges).

To join a retirement system, employees should register and enroll through Retirement@Work.

Your retirement system membership won’t be established, and no service credits or contributions will be reported, until you select and apply for a plan and all required paperwork is processed.

If you select ERS or TRS, you must complete the general registration information on Retirement@Work. You can also access the membership applications here:

• ERS Membership Registration Form
• TRS Application for Membership
• Police & Fire Membership Registration Form

If you don’t have access to a printer, please contact Benefits & Engagement at 518-437-4721 or [email protected] to request a paper application.

You must print the completed form and submit it to the UAlbany Benefits team via mail or in person (University Administration Building, Suite 300). Note: Do not email or fax files that contain sensitive information, such as Social Security numbers.  

If you select ORP on Retirement@Work, no further action is needed.

For assistance with the Retirement@Work system, please call 1-866-271-0960.

Visit the Corebridge Financial website and use the registration code 6220ALB11AB to review upcoming on-campus counseling dates and to register for a session. Register today, as space is limited.

Download a flyer for Corebridge’s sessions.

Sessions will be held from 8:30 a.m. to 3:30 p.m. on Wednesday, December 4, 2024, in the Management Services Center, Room 102, (MSC 102), which is located at 2 University Place.

Register today, as space is limited. Register for a Fidelity counseling session online or by calling 800-642-7131.

Download a flyer for Fidelity’s counseling sessions.

Sessions will be held at The Orb, inside Campus Center, which is located at 1400 Washington Avenue, on the following dates:

• 9 a.m. to 4 p.m. Wednesday, October 30, 2024
• 9 a.m. to 4 p.m. Wednesday, November 20, 2024
• 9 a.m. to 4 p.m. Wednesday, December 4, 2024
• 9 a.m. to 4 p.m. Thursday, December 12, 2024

Sessions will be held in the University Administration Building, Room 300, (UAB 300), which is located at 1215 Western Avenue, on the following dates:

• 9 a.m. to 4 p.m. Thursday, November 21, 2024
• 9 a.m. to 4 p.m. Thursday, December 12, 2024

Register today, as space is limited. Register for a TIAA counseling session online or by calling 800-732-8353 from 8 a.m. to 8 p.m. ET Monday through Friday.

Download a flyer for TIAA’s counseling sessions.

Join TIAA for an informative, fun-filled event celebrating 60 years of working with SUNY employees toward a secure retirement.  

The event will be held from 11 a.m. to 2 p.m. Wednesday, October 30, 2024, in the Campus Center Boardroom. Visit the TIAA booth to chat with a financial consultant and grab a cupcake and a commemorative tote bag.

As part of the celebration, TIAA will be offering two workshops on their 403(b) Plan and STARS:

• In-person Workshop: 11 a.m. to 2 p.m. Wednesday, October 30, 2024 in the Campus Center Ballroom. Register for TIAA's in-person workshop.
• Virtual Workshop: Noon to 1 p.m. Monday, November 4, 2024. Register for TIAA's virtual workshop.

Register today, as space is limited. Download a flyer for TIAA’s workshops.

About STARS

SUNY, CAPTRUST and TIAA have recently added a new investment to their retirement plan menu: the SUNY Targeted Allocation Retirement Series (STARS).

STARS functions like a target date fund but includes TIAA Traditional, providing guaranteed growth now and an option for guaranteed income when you retire.

The 403(b) Plan and STARS investment is open to all employees of SUNY, even if you’re currently in the ERS, TRS, PFRS or 457(b) Plan.

You can save more for retirement and take advantage of STARS by opening a 403(b) account with TIAA. 

Sessions will be held from 9 a.m. to 5 p.m. on November 12, 2024, at The Orb, inside Campus Center, which is located at 1400 Washington Avenue.

Register today, as space is limited. Reserve a Voya appointment online or by contacting Investment Adviser Representative Robert Laferriere, CFP®, at [email protected] or 518-738-0060.

Download a flyer for Voya’s Campus Center sessions.

• Contact your retirement system to determine your benefits and choose a retirement date. Your retirement date is the day after your last day of work or paid leave (whichever is later). For example, if you retire on October 1, your last day of work or paid leave must be September 30.
  • ERS Members: File an Application for Service Retirement 15 to 90 days before your retirement date.
  • TRS Members: File an Application for Retirement 30 to 90 days before your retirement date.
  • ORP Members: Notify your vendor up to the day before your retirement date. 
• Contact Benefits & Engagement at 518-437-4721 or [email protected] at least three to four months before you plan to retire, so we may provide you with detailed instructions on next steps. 
• Notify your supervisor in writing of your retirement date 30 days in advance.  
• If you change your retirement date, provide your retirement system, supervisor and Benefits with written notice. 
• Make sure your leave reporting is updated through your last day of work or paid leave.  
  • Contact Time Records at 518-437-4715 or [email protected] with any questions about leave accruals and usage before retirement.
  • Any leave you plan to use, with supervisory approval, must be taken before your retirement date. You may receive payment for up to 30 annual (vacation) days that are unused at your retirement.  
• Contact your union to ask if/how you can continue your membership in the union and any benefit policies they offer (such as life, disability, home, auto and other types of insurance). 
• If you have long term care (LTC) insurance, please contact your carrier.
• Contact Employee Assistant Program (EAP) and provide a personal email address if you wish to keep receiving EAP emails after your retirement date. 
• Review the Off-boarding page for additional important instructions. 

SUNY Financial Planning Tools & Calculators

UAlbany Retirement & Benefit Presentation

SUNY Retirees Service Corps

The Power of SUNY Retirees

To be eligible for NYSHIP retiree health insurance, you must meet all the following criteria:

• Be at last 55 years old
• Have at least 10 years of NYSHIP benefits-eligible service
• Be enrolled in a NYSHIP plan or have dependent coverage through a NYSHIP enrollee

Note: Eligibility for and enrollment in the NYSHIP Opt-out Program satisfies this requirement but cannot continue in retirement.

If you have questions about NYSHIP retiree health insurance, please contact Benefits & Engagement at 518-437-4721 or [email protected] at least four to six months before you plan to retire.

If you wish to defer (delay) the start of NYSHIP retiree coverage because you will have other employer coverage in effect, contact Benefits at 518-437-4705 or [email protected], before retiring, for requirements and instructions. 

Once you are retired, you’ll receive important updates from your insurance carrier and the New York State Department of Civil Service’s Employee Benefits Division (EBD).  

EBD determines eligibility and serves as your NYSHIP Health Benefits Administrator in retirement. Contact EBD at 518-457-5754 with any questions.

You must notify EBD in writing to make certain updates in your retiree health insurance record, including changes to your address, phone number, name or plan.

Other changes must also be made in writing to EBD, including requests to:

• Change your NYSHIP plan (allowed once per year or with a qualifying event)
• Change from Individual to Family coverage (or vice versa)
• Add or remove dependents

Note: Dependents eligible for and enrolled in your NYSHIP plan at the time of your death may qualify to continue coverage as dependent survivors. Dependents must contact EBD within 90 days of your death to enroll in survivor coverage. 

When you retire from active employment or approved leave, your unused sick leave is converted into a monthly credit that reduces your health insurance premium as long as you’re enrolled in NYSHIP.  

Although your credit remains the same throughout your lifetime, your balance due may change as premiums rise. Therefore, a credit that covers the premium in full at retirement does not guarantee free insurance for life.  

• When your monthly credit exceeds the monthly premium, you owe nothing.
• When your monthly premium exceeds your monthly credit, you owe the balance.

The credit is based on your hourly rate and unused sick leave at the time of retirement, divided by your actuarial life expectancy in months. To calculate your unused sick leave:

1. Go to NYSHIP Online.
2. Under “Active Employees,” select “I am a New York State Active Employee (NY)."
3. Click “Continue.”
4. Under “You Must Select your Group,” select your bargaining unit from the dropdown menu.
5. Under “You Must Select your Plan to continue,” select your enrollment status.
6. Click “Finish.”
7. Click on “Planning to Retire?” on the left side of the page.
8. Scroll down and click “Sick Leave Calculator.”
9. Fill in the blanks and click “Calculate.”

How the credit is applied is determined by your annuitant choice, for which you have two options:

• Single Annuitant: 100% of your credit is applied toward NYSHIP premiums during your lifetime but the credit ends at your death. If you predecease your covered dependent(s), they may qualify for survivor coverage but no portion of your credit will be available to pay their survivor premiums. 
• Dual Annuitant: 70% of your credit is applied toward NYSHIP premiums during your lifetime.  If you predecease your covered dependent(s), this 70% credit will reduce survivor premiums while they remain eligible for and enrolled in NYSHIP.  If they lose eligibility or predecease you, your credit will remain at 70%.

You must elect one of these options by submitting a PS-405 Form to Benefits before you retire. (The PS-405 Form will be included in the retirement packet Benefits supplies when you contact our office in the months before you intend to retire.)

Your election is irrevocable as of your retirement date, so please consider your options carefully.  

If Benefits does not receive your PS-405 Form before your retirement date, you will automatically and permanently default to the Single Annuitant option.  

It takes several months for sick leave credit to be processed. In the meantime, you may be billed directly for retiree insurance premiums without the credit reflected.  

• ERS & TRS Members: Once the credit is applied, your balance due will be deducted from your ERS or TRS pension checks, but it may take several months for deductions to start. In the interim, Civil Service will bill you.  
• ORP Members & Retirees without Retirement System Membership: You will receive NYSHIP retiree bills directly from Civil Service.

You must pay your NYSHIP retiree premiums to avoid cancellation of coverage. If you have any billing questions, contact the New York State Department of Civil Service’s Employee Benefits Division (EBD) at 518-457-5754 immediately.

Medicare is federal insurance that works with NYSHIP for people aged 65 and older who are no longer in benefited employment, and certain people under age 65. Medicare has four parts:  

• Part A for inpatient care including hospitals, skilled nursing facilities, and hospice
• Part B for outpatient care including doctor’s visits, certain equipment, and other services/supplies
• Part C for Medicare Advantage Plans through certain NYSHIP HMOs
• Part D for prescription drugs

While in benefited state employment, you are generally not required to enroll in Medicare, even at age 65. The same is true for NYSHIP-enrolled dependents, except domestic partners (who must have Medicare when 65), and certain employees/dependents who are Medicare-eligible due to end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS).    

When you are no longer in benefited state employment, due to retirement or job reductions, you and your dependents must each enroll in Parts A and B when first eligible for Medicare primary coverage. (This means Medicare pays claims first and NYSHIP provides secondary coverage.)

For detailed guidance on Medicare-primary dates, instructions on Medicare enrollment and other information, please review the Medicare & NYSHIP Booklet.

Generally, you should contact the U.S. Social Security Administration (SSA) three months before your Medicare-primary date to start the enrollment process.  

If you were 65 or older when your benefited employment ended, tell SSA that you and/or your dependents didn’t enroll because you had New York State coverage.  

To confirm the specific Medicare-primary date for you/your dependent(s), please contact Benefits & Engagement at 518-437-4721 or [email protected] at least three to four months before you plan to retire.  

Immediately read and respond to Medicare information sent by the New York State Department of Civil Service’s Employee Benefits Division (EBD) or your plan.

Enrolling in any non-NYSHIP Medicare plan may cancel all NYSHIP coverage for you and your dependents. Be sure you understand the affect other coverage may have and contact EBD at 518-457-5754 with any questions.