- 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)
- 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!