SUNY ORP

Overview

What is the ORP?

The Optional Retirement Program (ORP) is a defined contribution plan, sponsored by the State of New York, that is offered to SUNY faculty and staff as an alternative for retirement investing. This plan allows you to choose from a wide range of diverse investment options.

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The Retirement Savings Program from ING

ING, as a provider for the ORP, offers the Retirement Savings Program -- a group variable annuity, issued by ING Life Insurance and Annuity Company (ILIAC), that is customized to help meet the needs of SUNY ORP participants. With this annuity, you have the opportunity for:

The Retirement Savings Program makes it simple for you to work personal convictions into an investment strategy. The process puts you in touch with dedicated local representative who can answer your questions about retirement planning and the investment options available to you.

Is the Retirement Savings Program the right choice for you? Yes, if:

Are there fees associated with the annuity?

During the accumulation phase: An administrative fee of 0.25% will apply to your account; for the ING VP Money Market Portfolio, a 0.10% mortality & expense risk charge will apply; for all other ING Fund investment options, a mortality & expense risk charge of 0.75% will apply; for all non-ING investment options, a mortality & expense risk charge of 0.85% will apply. During the income phase: A mortality & expense risk charge of 1.25% will apply.

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ELIGIBILITY

Who is eligible to join the plan?

All full-time eligible employees must choose to participate in either the ORP or one of the State's defined benefit plans (TRS or ERS), and must make that decision within 30 days of the date of employment. Once made, that decision is irrevocable.

Enrollment in any of the plans is optional for eligible part-time employees. If eligible part-time employees choose to enroll in ORP, they have 30 days from the date of their term appointment to do so. Once they elect ORP, they must remain with the plan as long as they are employed by SUNY.

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CONTRIBUTIONS

Employer contributions to the SUNY ORP are based on the employee's date of hire. Please see your employee benefits office for complete details.

These contributions will be allocated to the fund options you choose, and you decide the percentage of contributions that will go toward each option. Because SUNY has mandated that these ORP contributions must come through TIAA-CREF, your account will be credited by ING within 24 hours of receipt of the contributions in good order.

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LOANS

Loans are available according to the Internal Revenue Services provisions. Please contact Customer Service for additional information at (800) 677-4636. Loans may impact your withdrawal value and limit participation in future growth potential.

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DISTRIBUTIONS

ING has developed several payout options available to you at retirement. With these options, the emphasis is on flexibility. For a list of your payout options at separation from service or retirement, click on Payout Options on the left navigation bar of this screen.

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You should consider the investment objectives, risks, charges and expenses of the variable products and the underlying fund options carefully before investing. The contract and fund prospectuses contain this and other information. You may obtain a prospectus by contacting your ING representative or the Company at the address listed below. Please read the information carefully before investing.

Variable annuities are long-term investments for retirement. Withdrawals prior to age 59½ may be subject to a 10% IRS premature distribution penalty tax. Amounts distributed 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. Tax deferral is provided by your employer’s plan, not by the annuity, so investing in an annuity does not provide you any additional tax-deferral benefit. Annuities may be subject to additional fees and expenses to which other tax-qualified plan funding vehicles may not be subject. However, annuities provide features and benefits such as lifetime income payments and death benefits which may be valuable to you.

Neither ING or its affiliated companies or representatives provide tax or legal advice. Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.