Welcome to SUNY Retirement Plan Website!
MetLife is proud to be an approved provider for SUNY retirement plans. Whether you're eligible for the SUNY 403(b) Program, SUNY Optional Retirement Program (ORP), or New York State Voluntary Defined Contribution (VDC) Progam, this website is a resource that will help you learn more about the Programs and how you can take advantage of it to save for retirement.
The Programs offer Gold Track Select (GTS) variable annuity issued by Metropolitan Life Insurance Company. GTS is a retirement savings vehicle designed to help you accumulate assets for retirement and provide you with income during retirement. It offers flexible payment options and a wide variety of funding options.
Gold Track Select (GTS) variable annuity with the Registered Fixed Account Option and the investment portfolios is offered by prospectus only. This product is a long-term investment designed for retirement purposes. Prospectuses for GTS, its Registered Fixed Account Option and for the investment portfolios offered thereunder, are available from your MassMutual Financial Professional* or by clicking on the Investment Options page. You should carefully consider the product’s features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding choices. This and other information is available in the prospectuses, which you should read carefully before investing. The contract value is subject to market fluctuations so that, when annuitized or withdrawn, it may be worth more or less than its original value. Product availability and features may vary by state. All product guarantees are subject to the claims-paying ability and financial strength of Metropolitan Life Insurance Company.
* MassMutual Financial Professionals are registered representatives of MSI Financial Services, Inc. ("MSI"), an affiliate of Massachusetts Mutual Life Insurance Company ("MassMutual"), a Massachusetts life insurance company. Neither MassMutual nor MSI is affiliated with Metropolitan Life Insurance Company or any of its affiliates.
Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate. The information contained within this website is intended to be informational in nature and should not be considered a recommendation or individualized advice to a specific individual.
Like most annuity contracts, MetLife’s contracts include charges, limitations, exclusions and holding periods. Withdrawals will reduce the living benefit, death benefit and account value of your annuity contract and may be subject to withdrawal charges. Because the purchase of an annuity through an employer retirement plan does not provide additional tax-deferral benefits beyond those already provided through the retirement plan, you should consider the annuity for its death benefit, annuity options and other non-tax related benefits.
Distributions are generally not permitted prior to attaining normal retirement age under your retirement plan except under certain situations, such as your severance from employment with the employer sponsoring the plan or your death, disability or hardship as provided under the plan. Distributions of contributions and earnings may also be restricted as defined in the plan documents. Contact your plan administrator to determine when and under what circumstances you may request a distribution from your plan. Where permitted, distributions of taxable amounts are generally subject to ordinary income tax and, if made before age 59½, may be subject to a 10% federal income tax penalty.
"MetLife" refers to Metropolitan Life Insurance Company and its affiliated companies.
The Gold Track Select Variable Annuity with Registered Fixed Account Option is issued by Metropolitan Life Insurance Company (MLIC) under policy form numbers M-14669 (4223) and M-14669 (Non-4223), New York, NY 10166. Securities, including variable products, are distributed by MetLife Investors Distribution Company (member FINRA). Both are MetLife companies.
I understand that contributions made pursuant to my salary reduction agreement to a 403(b)(1) tax-deferred variable annuity generally may not be withdrawn prior to my death, disability, attainment of age 59½, severance from employment or financial hardship. These restrictions do not include contract exchanges to other investment alternatives under SUNY’s 403(b) plan. More specific information about these withdrawal restrictions, and the funding options available through the variable annuity offered by MetLife, can be found in the variable annuity prospectus or by contacting your MetLife Financial Services Representative.
I also understand that if I have selected MetLife as the provider for my account under the plan and I do not complete the enrollment process with MetLife, including a contribution allocation election, SUNY has instructed MetLife to allocate my contributions to the target date funds under the MetLife annuity contract, as a default investment option. I further understand that I may reallocate any amounts allocated to the default investment option to another investment fund available under the MetLife annuity contract without restriction or, subject to applicable restrictions, transfer such amounts to another investment option available under the plan.