Update to SUNY Plan Investment Providers

Update to SUNY Plan Investment Providers

On January 24, 2017, the State University of New York (SUNY) Board of Trustees voted to terminate MetLife as an approved carrier for both the SUNY Optional Retirement Program (ORP) and SUNY's 403(b) Program. May 1, 2017 is the expected date by which MetLife will be fully disengaged from SUNY plans, therefore:

SUNY ORP and 403(b) participants should review and consider current individual investments, fees, and ramifications of transferring funds to another provider, prior to making any changes.

Participants should also discuss options with their MetLife advisor(s)‌, as MetLife offers two types of contracts in SUNY plans. Participants should understand which of these contract(s) they own, and the associated fees and expenses, as well as any fees applicable for transferring from one contract type to another, or to another provider.

Some of the fund options available through MetLife may be currently available and/or may become available with other providers (Fidelity, TIAA, VALIC, Voya), therefore participants should examine the benefits vs. drawbacks to maintaining funds in MetLife investments vs. transferring funds to another provider.

 

For further information and/or assistance, please contact the Benefits Office at your State-Operated College or Community College campus.

Benefits