Retirement Plans

Enrollment in one of the following two retirement plans is mandatory for all full-time employees within the first thirty (30) days of employment:

• NEW YORK STATE TEACHERS - RETIREMENT PLAN (Defined Benefit Plan) or
• SUNY OPTIONAL RETIREMENT PROGRAM (Defined Contribution Plan):
  • Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-CREF)
  • ING** 
  • Met Life** 
  • AIG Variable Annuity Life Insurance Company (VALIC**)

**To join ING, Met Life, or VALIC, a contract must first be established with TIAA-CREF.

Monthly retirement contributions to one of the above plans are made by both the employee and F.I.T. The employee contribution is obtained by a 3% reduction of salary each pay period. 

Effective April 1, 2013, new full-time employee contribution rates will be 3%.  Thereafter effective April 1, 2013 employee contribution rates will be based on earnings as follows: 

Wages of $44,999 or less………………………………………..          3%

Wages between $45,000 and $54,999…………………………    3.5%

Wages between $55,000 and $74,999…………………………    4.5%

Wages between $75,000 and $99,999…………………………    5.75%

Wages of more than $100,000 but less than $179,000….…..6%

 

Please refer to the Difference bewteen Retirement Plans document to choose the best retirement option for you!