What SUNY Employees Need to Know About the Optional Retirement Program (ORP)

If you’re a faculty member or employee at a SUNY institution, chances are you’ve been offered the SUNY Optional Retirement Program (ORP) as your primary retirement plan. It offers an alternative to the traditional New York State Employees' Retirement System (NYSERS) and the New York State Teachers' Retirement System (NYSTRS). The ORP is a defined contribution retirement plan that gives you full control over your investments—but also places the responsibility on you to make informed decisions about your financial future.

At Bentham Wealth Advisors, we specialize in working with SUNY faculty to help you make the most of your retirement benefits through ongoing, comprehensive financial planning—for a simple and transparent monthly fee.

Portability:

One of the key advantages of the SUNY ORP plan is its portability. Unlike traditional pension plans, which tie employees to a specific employer or state system, the ORP allows participants to take their retirement savings with them if they move to another participating institution or leave the SUNY system altogether. This is why most professors choose the ORP as its offers the flexibility to switch universities over their career without sacrificing their retirement savings.

How the SUNY ORP Works

The SUNY ORP is a tax-deferred retirement savings plan that combines employee and employer contributions. Here is a quick summary of each option:

• Corebridge (AIG) - one of the highest cost options.
• Fidelity - some of the lowest cost investments, but not much service or personalized advice.
• TIAA - some of the lowest cost investments, but not much service or personalized advice. Stay away from using the TIAA Traditional investment as it can take up to 9 years to get your money out of this investment.‍
• Voya - one of the higher cost options, but does offer service and personalized advice.

Unlike a pension plan, the performance of your investments directly impacts your retirement income.

Employee and Employer Contributions

Under the ORP, employees (hired after 4/1/2013) contribute a percentage of their salary. The current required Employee Contribution Rate is:

• Wages of $45,000 or less...................................................3%
• Wages of $45,000.01 to $55,000.....................................3.5%
• Wages of $55,000.01 to $75,000.................….................4.5%
• Wages of $75,000.01 to $100,000..................................5.75%
• Wages of more than $100,000..........................................6%

In addition, SUNY contributes:

• 8% of your salary if you’ve been employed less than 7 years
• 10% of your salary once you reach 7+ years of service

These contributions are invested based on your selections with your chosen ORP provider. That’s why understanding investment fees, performance, and risk is so important.

Choosing the Right ORP Provider and Investments

Each ORP provider offers a different menu of investment options, fee structures, and service models. Many SUNY employees aren’t sure:

• Which provider offers the best long-term value
• How to build a diversified investment portfolio
• Whether their current allocations align with their retirement goals
• If they should also contribute to a 403b or 457b

These decisions can have a significant impact on your retirement—and they’re often made without guidance.

Why SUNY Employees Work With Bentham Wealth Advisors

At Bentham Wealth Advisors, we help SUNY faculty and staff across New York State make confident, informed financial decisions. We’re one of the only fee-only financial planning firms that specialize in higher education retirement plans, including the SUNY ORP, 403b, and 457b.

Here’s what we provide through our ongoing financial planning relationship:

✅ Help choosing the best ORP provider for your needs
✅ Investment allocation reviews and rebalancing
✅ 403b and 457b optimization strategies
✅ Tax planning and Roth conversion guidance
✅ Student loan repayment advice (if applicable)
✅ Social Security and retirement income projections
✅ Cash flow, savings, and debt management
✅ Coordination with your spouse’s benefits and assets

We do not sell products or earn commissions. We charge a simple monthly fee for our financial planning services—so you always know exactly what you’re paying and that our advice is in your best interest.

Let’s Talk

If you're a SUNY professional looking for help understanding your ORP and building a long-term financial plan, we’re here to help.

Schedule a complimentary consultation with Bentham Wealth Advisors today to see how we can support you with clear, objective advice and an easy-to-understand monthly fee structure.