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Voluntary Defined Contribution (VDC) Program
The Voluntary Defined Contribution (VDC) Program is a defined contribution New York State Public Retirement Plan. Retirement benefits will depend on the value upon distribution of annuity contracts purchased on behalf of electing employees through employer contributions from one or more of the currently authorized investment providers+ for the VDC.
+If you invest in the Voluntary Defined Contribution (VDC) Program through Fidelity you will be investing in a variable group annuity contract issued by Massachusetts Mutual Life Insurance Company ("MassMutual"), 1295 State Street, Springfield, MA 01111-0001 and administered by Fidelity Investments. If benefit payments are annuitized under the group annuity contract issued by MassMutual, those benefit guarantees are subject to the claims paying ability of MassMutual.
MassMutual and Fidelity Investments are not affiliated.
Choose from the list of investments below.
Below is a performance summary of all the investments in your plan. Click an investment to view quarter-end returns, risks, fees and expenses.
Note: The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate, therefore you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Click on an investment to view quarter end returns, risk, fees and expenses. 1,2,3,4.
You may lose money by investing in a money market fund. Not all money market funds operate the same way and depending on the fund, you may be subject to certain operating policies and risks not applicable to other money market funds. Please click on the name of the fund below for risks specific to that fund.
| INVESTMENTS | ASSET CLASS | CATEGORY | AVERAGE ANNUAL TOTAL RETURNS | CUMULATIVE RETURNS | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Life |
3 Mon |
YTD |
As of Date |
|||
COL EMERGING MARKETS
Inception Date 11/02/2020 |
Stock Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
FID INTL CAP APPREC
Inception Date 11/02/2020 |
Stock Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-JPMORGAN EQUITY
Inception Date 11/02/2020 |
Stock Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
PARNASSUS CORE EQ
Inception Date 11/02/2020 |
Stock Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
TRP DIVIDEND GROWTH
Inception Date 11/02/2020 |
Stock Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID 500 IDX PREM
Inception Date 03/09/2015 |
Stock Investments |
Large Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID BLUE CHIP
Inception Date 03/09/2015 |
Stock Investments |
Large Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID CONTRAFUND
Inception Date 03/09/2015 |
Stock Investments |
Large Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID EQUITY INCOME
Inception Date 04/02/2015 |
Stock Investments |
Large Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID GROWTH CO
Inception Date 03/09/2015 |
Stock Investments |
Large Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-INVESCO AM FRAN A
Inception Date 03/09/2015 |
Stock Investments |
Large Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-DREY SMMDCP GR A
Inception Date 03/09/2015 |
Stock Investments |
Mid-Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID LOW PRICE STK
Inception Date 03/09/2015 |
Stock Investments |
Mid-Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FIDELITY MDCPSTK
Inception Date 03/09/2015 |
Stock Investments |
Mid-Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-WFA COM STK INV
Inception Date 03/09/2015 |
Stock Investments |
Mid-Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-MS INST SMCO GR A
Inception Date 04/06/2015 |
Stock Investments |
Small Cap |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID DIVSFD INTL
Inception Date 03/09/2015 |
Stock Investments |
International |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID WORLDWIDE
Inception Date 05/04/2015 |
Stock Investments |
International |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2005
Inception Date 01/20/2017 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2010
Inception Date 03/30/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2015
Inception Date 03/23/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2020
Inception Date 02/26/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2025
Inception Date 03/09/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2030
Inception Date 04/30/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2035
Inception Date 02/20/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2040
Inception Date 03/03/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2045
Inception Date 03/23/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2050
Inception Date 05/18/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2055
Inception Date 06/03/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2060
Inception Date 12/03/2019 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM 2065
Inception Date 11/17/2020 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID FREEDOM INC
Inception Date 07/20/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FIDELITY BALANCE
Inception Date 04/02/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-JANUS BALANCED S
Inception Date 06/19/2015 |
Blended Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID USBD IDX PREM
Inception Date 03/09/2015 |
Bond/Stable Value Inv |
Income |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-PIMCO REALRET ADM
Inception Date 03/09/2015 |
Bond/Stable Value Inv |
Income |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-PIMCO TOTRET ADM
Inception Date 03/09/2015 |
Bond/Stable Value Inv |
Income |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
MM-FID RET MONEY MKT
Inception Date 03/19/2015 |
Short-Term Investments |
N/A |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Learn the plan basics - including eligibility - of each retirement savings plan offered by your employer.
All unrepresented employees hired on or after July 1, 2013, with estimated annual wages of $75,000 or more are eligible to join the VDC. Persons employed on a permanent full-time basis must join a retirement plan within 30 days of their date of appointment. If an employee fails to make a timely election, state law requires placement in TRS or ERS, depending on title. Once an election is made, it cannot be changed during any period of public NYS employment, and is retroactive to the date of appointment. A newly hired state employee whose immediate preceding employment was with another department, division, or agency of the state is not eligible to enroll in the VDC.
The VDC is a defined contribution retirement program. Benefits are determined by the amount contributed each year and the success of the investments. The contribution rates to the VDC are as follows:
EMPLOYER CONTRIBUTION
An Employer Contribution of 8% of salary will be made for the duration of employment.
EMPLOYEE CONTRIBUTION
An employee contribution will be required for the duration of employment based upon estimated gross annual wages in a given calendar year, as follows:
|
Wages of $45,000 or less |
3% |
|
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% |
VDC employee contributions are made through payroll deduction on a pre-tax basis. Contributions are not subject to Federal income tax until withdrawn but are subject to State and local income taxes in the year in which they are made. All earnings on contributions are tax deferred until they are withdrawn.
All contributions are made based upon IRS compensation and contribution limits, which are determined annually.
You may decide to keep some or all of your existing VDC balances currently held at one of the Authorized Investment Providers (TIAA, Valic and VOYA). Or, you may decide to transfer some or all of your VDC account balances to Fidelity Investments. In that event, you must first set up a VDC account with Fidelity Investments.
Once your account has been established, if you have any questions, call Fidelity at 844-FOR-SUNY (844-367-7869) and a benefits representative will assist you.
Upon completion of 366 days of service (waived for employees who enter service with employer-funded retirement contracts from any of the VDC investment providers) the participant has full and immediate vesting in all retirement and death benefits provided by the retirement annuities purchased through the employee and the employer contributions.
Contributions will begin upon Plan entry, but are held by the employer until completion of the vesting period. Once vested, the employer will make a single lump sum contribution of applicable employer and employee contributions plus interest to the investment provider(s) selected by the participant. A participant who does not complete the vesting period is entitled to a refund of his or her own contributions plus interest.
There is a 366-day vesting period except for:
Note: The VDC vesting period is on a calendar basis.
+If you invest in the Voluntary Defined Contribution (VDC) Program through Fidelity you will be investing in a variable group annuity contract issued by Massachusetts Mutual Life Insurance Company ("MassMutual"), 1295 State Street, Springfield, MA 01111-0001 and administered by Fidelity Investments. If benefit payments are annuitized under the group annuity contract issued by MassMutual, those benefit guarantees are subject to the claims paying ability of MassMutual.
MassMutual and Fidelity Investments are not affiliated.
Your beneficiary or beneficiaries will inherit your account in the event of your death. You should consider identifying a beneficiary when you enroll in your plan, and updating the information if you experience a life-changing event such as a marriage, divorce, birth of a child, or death in the family.
Fidelity's Online Beneficiaries Service, available through NetBenefits® offers a straightforward, convenient process that takes just minutes.
Go to 'Profile' in the navigation bar at the top of your NetBenefits® page and click on the 'Summary tab' and then 'Beneficiaries'.
The VDC is designed to allow retirement at any age. Distributions from VDC contracts are permitted any time after separation from services, and are generally subject to an IRS 10% penalty for distributions prior to age 59½ , unless separating from service after reaching the normal retirement age of 55.
As a New York State Public Retirement Plan, distributions from the VDC are exempt from New York State Income Taxes. Please consult your tax professional for further information and guidance on how to report distributions on your personal income tax return.
The VDC includes several flexible options designed to allow participants to plan their retirement income distribution according to their own individual needs and preferences. These include periodic and systematic cash withdrawals, guaranteed lifetime annuity payments, and a variety of blended options and lifetime annuity dependent survivor payment levels.
Although your plan account is intended for the future, you may borrow from your account for any reason. Generally, plan rules allow you to borrow up to 50% of your vested account balance.
The minimum loan amount is $1,000, and a loan must not exceed $50,000. Any outstanding loan balances from the previous 12 months may reduce the amount you have available to borrow. You then pay the money back into your account, plus interest, through ACH deductions from your bank account.
You may have one loan outstanding at a time.
Note: If you fail to repay your loan (based on the original terms of the loan), it will be considered in "default" and treated as a distribution, making it subject to income tax and possibly to a 10% early withdrawal tax penalty. Defaulted loans may also impact your eligibility to request additional loans.
If you have retirement savings in another employer's plan or in an IRA, consolidating accounts may help make it easier to manage your savings but there are several options. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
If you're not sure about the best option for you, talk to a Fidelity representative today. They can explain each option in greater detail so you can make the best choice for your specific needs.
Online, on the phone, or in person, you have access to your account the way you want it. Log in online to NetBenefits® virtually 24/7 or call Fidelity at 844-FOR-SUNY (844-367-7869) to speak with a representative or use the automated voice response system.
Fidelity financial professionals provide complimentary one-on-one consultations for participants in your plan. You can also contact Fidelity for a statement of your account by calling 844-FOR-SUNY (844-367-7869) or visiting NetBenefits®.
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| Fidelity | 844-FOR-SUNY (844-367-7869) |
Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Investing involves risk, including risk of loss.
Footnotes 1, 2, 3 and 4 below pertain to the performance tables located on the Investment Options tab:
1 Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
2 Total returns are historical and include change in share price and reinvestment of dividends and capital gains, if any. These figures do not include the effect of sales charges, if any, as these fees are waived for contributions made through your retirement plan. If sales charges were included, returns would have been lower. Life of fund figures are from the inception date to the period shown. For unitized funds, the inception date shown may be that of the fund's underlying investment option. For non-mutual fund pools and trusts whose strategies may be offered to multiple clients, and whose returns may be based on a composite, the inception date shown may be the beginning date of the composite's returns.
3In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible.
4Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.
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