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Retirement and Savings Plans Overview

Welcome

Retirement and Savings Plans 

Defined Benefit Plans:

A defined benefit plan, or traditional pension, is an employer-sponsored retirement plan promising a specific monthly payout at retirement, calculated by a formula using your salary history, age, and years of service, offering predictable income as the employer bears investment risk. 

Available Defined Benefit Plans:

  • New York State Employees’ Retirement System
  • New York State Police and Fire Retirement System
  • New York State Teachers’ Retirement System
  • New York City Employees’ Retirement System 
  • New York City Teachers’ Retirement System
  • New York Board of Education Retirement System

Defined Contribution Plans:

A defined contribution plan is an employer-sponsored retirement plan, like a 401(k), where the employee and/or their employer contributes to an individual account, with the retirement benefit depending on total contributions and investment performance, not a promised payout. The employee controls investment choices, bears the investment risk, and receives the final account balance, making it different from a pension (defined benefit) plan, which guarantees a specific retirement income.

Available Defined Contribution Plans:

  • SUNY Optional Retirement Plan 
  • CUNY Optional Retirement Plan
  • Voluntary Defined Contribution Plan

NYS Deferred Compensation Plan: 

The New York State Deferred Compensation Plan is a State sponsored employee savings plan where a portion of an employee's earnings is invested by the employee and/or the vendor to be paid out at a later date, typically during retirement. This strategy is primarily used to reduce current taxable income and allow for tax-deferred investment growth.

NYS Deferred Compensation Offers:

  • Pre-Tax (tax deferred) contributions 
  • After Tax (Roth) contributions 

403(b) Plans:

A 403(b) plan is a tax-advantaged retirement savings plan for employees of public schools and tax-exempt 501(c)(3) organizations. Like a 401(k), it allows employees to contribute pre-tax or Roth (after-tax). Contributions are made to the 403(b) plan through regular paycheck deductions based on a salary deferment agreed to by the employee.

Available 403(b) Plans:

  • SUNY 403(b) Plan
    • Pre-tax and Roth Options Available
  • CUNY 403(b) Plan
    • Pre-tax and Roth Options Available
  • New York State Education Department 403(b)
    • Only Pre-tax Available
  • New York Board of Education 403(b)
    • Only Pre-tax Available
  • New York City Teachers Retirement System 403(b)
    • Pre-tax and Roth Options Available

Last Updated 06/16/2026