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This brochure should not be construed as tax or legal advice. It is intended to be informational in nature and should not be considered a recommendation or individualized advice to a specific individual. Any discussion of taxes herein or related to any attached document is for general information purposes only and does not purport to be complete or cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on facts and circumstances. You should consider consulting with your own independent legal and tax advisers regarding your particular set of facts and circumstances. If you are buying an annuity to fund a qualified retirement plan or IRA, you should do so for the annuity’s features and benefits other than tax deferral. In such cases, tax deferral is not an additional benefit of the annuity. References throughout this material to tax advantages, such as tax deferral and tax-free transfers, are subject to this consideration. In general, if there are conflicts between this material and the plan documents, the plan documents will govern. All information regarding the GTS for SUNY ORP has been approved and reviewed by SUNY. Gold Track Select variable annuity and its Registered Fixed Account Option are offered by prospectus only, which is available from your registered representative. This material must be preceded or accompanied by a prospectus for the product. 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 options. This and other information is available in the prospectus, which you should read carefully before investing. The contract value is subject to market fluctuations, so that it may be worth more or less than its original value. Product availability and features may vary by state. Withdrawals from the Registered Fixed Account Option may be subject to a market value adjustment upon contract discontinuance or plan termination. The market value adjustment may be higher or lower than the cash surrender value. All product guarantees are subject to the financial strength and claims-paying ability of the Metropolitan Life Insurance Company. Gold Track Select variable annuity is issued by Metropolitan Life Insurance Company (“MetLife”) under policy form numbers M-14669 (4223) and M-14669 (Non-4223). Products are distributed by MetLife Investors Distribution Company (MLIDC) (member FINRA). Both are MetLife companies. For more information about the SUNY Optional Retirement Program or to enroll online go to www.metlife.com/suny. MetLife Gold Track Select Variable Annuity for SUNY’s Optional Retirement Program 1611-716014 CS MLR19000172004-2 © 2016 METLIFE, INC. L1016482266[exp0618] Metropolitan Life Insurance Company 200 Park Avenue New York, NY 10166 metlife.com ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY (METLIFE) Guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company. FPO

MetLife Gold Track Select Variable Annuity for SUNY’s ...€¦ · legislative change. ... which is available from your registered representative. ... product guarantees are subject

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This brochure should not be construed as tax or legal advice. It is intended to be informational in nature and should not be considered a recommendation or individualized advice to a specific individual. Any discussion of taxes herein or related to any attached document is for general information purposes only and does not purport to be complete or cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on facts and circumstances. You should consider consulting with your own independent legal and tax advisers regarding your particular set of facts and circumstances.

If you are buying an annuity to fund a qualified retirement plan or IRA, you should do so for the annuity’s features and benefits other than tax deferral. In such cases, tax deferral is not an additional benefit of the annuity. References throughout this material to tax advantages, such as tax deferral and tax-free transfers, are subject to this consideration.

In general, if there are conflicts between this material and the plan documents, the plan documents will govern. All information regarding the GTS for SUNY ORP has been approved and reviewed by SUNY.

Gold Track Select variable annuity and its Registered Fixed Account Option are offered by prospectus only, which is available from your registered representative. This material must be preceded or accompanied by a prospectus for the product. 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 options. This and other information is available in the prospectus, which you should read carefully before investing. The contract value is subject to market fluctuations, so that it may be worth more or less than its original value. Product availability and features may vary by state. Withdrawals from the Registered Fixed Account Option may be subject to a market value adjustment upon contract discontinuance or plan termination. The market value adjustment may be higher or lower than the cash surrender value. All product guarantees are subject to the financial strength and claims-paying ability of the Metropolitan Life Insurance Company.

Gold Track Select variable annuity is issued by Metropolitan Life Insurance Company (“MetLife”) under policy form numbers M-14669 (4223) and M-14669 (Non-4223). Products are distributed by MetLife Investors Distribution Company (MLIDC) (member FINRA). Both are MetLife companies.

For more information about the SUNY Optional Retirement Program or to enroll online go to www.metlife.com/suny.

MetLife Gold Track Select Variable Annuity for SUNY’s Optional Retirement Program

1611-716014 CS MLR19000172004-2© 2016 METLIFE, INC. L1016482266[exp0618]

Metropolitan Life Insurance Company200 Park AvenueNew York, NY 10166metlife.com ISSUED BY METROPOLITAN LIFE INSURANCE

COMPANY (METLIFE)

Guarantees are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company. FPO

What is the Optional Retirement Program?The Optional Retirement Program (ORP) is a defined contribution plan for certain eligible employees of SUNY. Under a defined contribution plan, the benefit at retirement is dependent upon the amount contributed and the performance of the investments within a funding vehicle. MetLife’s Gold Track Select (GTS) variable annuity is an approved funding vehicle for the SUNY ORP.

What is MetLife’s Gold Track Select?MetLife’s Gold Track Select (GTS) variable annuity is a retirement savings vehicle designed to help you accumulate assets for retirement and provide you with income during retirement.

Am I eligible to participate?Eligibility for the SUNY ORP is limited to employees in the Unclassified (ex: UUP and MC-13) full-time faculty and professional staff members of SUNY. Part-time faculty and staff who have “term appointments” are also eligible.

How much can I contribute?Based on current wages, new employees must contribute between 3%-6% of their salary. These contributions must be made as long as you’re employed by SUNY.

Can I make catch-up contributions?Catch-up contributions cannot be made to the ORP. You may be able to defer more of your income by purchasing another tax-deferred account, such as a 403(b). To learn more about how you can defer taxes on more of your income, speak with your benefits administrator.

Does SUNY make contributions too?Yes. Employer contribution rates vary according to the ORP membership date. SUNY employees electing ORP membership

on or after April 1, 2012 (under Tier VI provisions) receive 8% of gross salary for the first seven years of active membership service, and 10% thereafter, within allowable Internal Revenue Code (IRC) limitations.

When am I vested?You are immediately vested in your contributions if you have an “employer-funded retirement” contract with any of the current ORP providers (MetLife, TIAA, VALIC, Voya, Fidelity Investments). All new employees are vested in the employer contribution after 366 days of active membership.

How many funding options can I choose from? You may choose from a number of variable funding options and the Registered Fixed Account Option. Gold Track Select provides funding options across conservative, moderate and aggressive risk levels. It offers diversification across asset classes along with growth and value investment styles. In addition, Target Date Funds provide participants the ability to invest based upon their expected retirement date.*

Can I make withdrawals?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. 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.

Can I make transfers among the funding options?You can make unlimited transfers among the GTS variable funding options. (Restrictions may apply. See the prospectus for details.)

n Transfers from the Registered Fixed Account Option may be limited to 20% of the contract /certificate value in the Registered Fixed Account Option as of the preceding contract/certificate year.

(Transfers to a non-competing fund—as identified in the prospectus—are prohibited from transferring back to the Registered Fixed Account Option for 90 days.)

n Transfers between the Registered Fixed Account Option and competing funds are prohibited.

May I take a loan from my account?Loans are available on your ORP account. Employees may borrow up to 50% of the accumulated value of their contracts, subject to Internal Revenue Service (IRS) regulations and rules promulgated by the investment providers. Current IRS regulations set a maximum aggregate loan balance of $50,000. Employees who wish to request a loan should contact the applicable investment provider(s).

Is there a death benefit?A death benefit is available to help protect your beneficiaries should you die prior to the annuity payout period.

nß Prior to attaining age 75—The death benefit is equal to the greater of:

– the contract value of your individual account

– the total net purchase payments under your individual account.

nß Age 75 and above—The death benefit is equal to the contract value of your individual account.

In both cases, the amount is reduced by any applicable premium tax, outstanding loan amounts and prior surrenders.

How will I receive my monies when I retire?When you decide to begin withdrawing from your account, usually when you retire, the Gold Track Select offers several choices (see limitations below):

n Lump sum payment.n A series of monthly, quarterly, semiannual or annual

payments under a systematic withdrawal program in an amount or percentage you select, and that you may change or stop at any time. (Note that this is not a lifetime income annuity and you may outlive your account balance under this option.)

n A series of monthly, quarterly, semiannual or annual payments beginning at your required beginning date for the amount required under the IRC and IRS minimum distribution regulations. (Note that this is not an income annuity arrangement and you may outlive your account balance under this option.)

n An irrevocable lifetime annuity payout that is guaranteed to pay you for your lifetime or, if selected, for the joint lifetimes of you and your beneficiary.

n An irrevocable annuity payout that makes payments for a guaranteed period you select, not to exceed your life expectancy.

Ordinary income taxes apply to withdrawals. Please see the prospectus for additional details. For example, systematic withdrawal may also be subject to withdrawal charges or the 10% federal penalty tax.

What are the fees associated with GTS?Your GTS account is subject to an annual Separate Account (referred to as the Mortality & Expense charge in the GTS prospectus) charge that is no more than 0.90% of your average account value. You will also pay an investment-related charge for the investment choices you select, which covers investment management fees and operating expenses. The amount of the investment-related charge varies by investment choice. See the prospectus for the specific charges.

How will I receive account updates?Each quarter, you will receive a Gold Track Select statement containing comprehensive account information, including account performance, contributions and withdrawals. You may also access your account information virtually 24 hours a day, 7 days a week** online at mlr.metlife.com or by calling 1-800-543-2520. You can also access your account information via MetLife’s website designated especially for SUNY, www.metlife.com/suny.

frequently asked questions

* Target date funds supply a “one stop” option, which are designed to provide you with an asset allocation based upon the presumed retirement date of the investor or the date money is to be withdrawn (i.e. the target date), usually at retirement. Typically, these are a fund of funds and have two layers of fees and expenses. The principal value of a target date fund is not guaranteed at any time, including at the target date. Target date funds allocation move toward emphasizing cash and fixed income elements as the funds approach their maturity or target dates. By reducing exposure to the growth elements, the risk of a sudden drop in the market affecting the retirement date diminishes.

** Access to the website and phone system may be limited or unavailable during periods of peak demand, market volatility, system upgrades/maintenance, or other reasons. Transfer requests made via the website received and in good order on business days prior to the close of the New York Stock Exchange (4:00p.m. Eastern Time or earlier on some holidays or in other special circumstances) will be processed at the close of business the same day the request was received. Requests received after this time are processed on the next business day.