The Daily Bulletin Archive

The State University of New York provides employees with the opportunity to save for their retirement through the SUNY Voluntary Savings Plan. Participation in the SUNY Voluntary Savings Plan is a great way to build your retirement savings and reduce current taxes. 

Whether you want to enroll in the plan for the first time, or you are already enrolled but wish to change the amount of your deferral, you can accomplish your goal through the SUNY online enrollment and management system at www.retirementatwork.org/suny. For more information, please call the Employee Benefits Office at 878-4821 or the Payroll Office at 878-4124; visit the SUNY Benefits website; or call the University-wide Benefits Office at (518) 320-1194.

Eligibility
All employees of SUNY who receive compensation reportable on an IRS Form W-2 are eligible to participate in the plan. 

Please take a moment to review the plan materials before enrolling, which are available at www.suny.edu/benefits/vsp/. Once you are enrolled, you can review and change the amount of your contributions as often as once per pay period through the SUNY online enrollment and management system at www.retirementatwork.org/suny. The exact date your investment allocations take effect may vary depending upon the policies of the investment provider managing the investment options you chose for plan contributions.
The tax-deferred plans listed below provide a way for you to contribute to a retirement account on a pre-tax basis through payroll deduction. Your contributions, plus earnings, are not taxed until you withdraw the funds.  Usually this will be during your retirement, when your income may fall within a lower tax bracket.

What Are My Tax-Deferred Savings Options?
There are several plan options and investment providers to choose from through the SUNY Voluntary Savings Plan. The authorized investment providers offer a wide choice of investment options, including stock, bond, and guaranteed funds. The following plans and investment providers are available:

Fidelity Investments (403(b)(7) Mutual Funds)
Campus Representative: Brent Peterson
(716) 364-6795
(844) FOR-SUNY (844-367-7869)
www.netbenefits.com/SUNY

Teachers Insurance Annuity Associate (TIAA)
Campus Representative: Michael Spogli
(585)246-4631
(800) 842-2252
www.tiaa.org/suny   

VALIC Retirement
Campus Representative: Raelynn Harlach
(518) 783-6464
(800) 448-2542 or (888) 569-7055
www.valic.com/suny  

Voya Financial
Campus Representatives: Gary Witten
(716) 626-3926
George Dougherty
(716) 626-3928
(800) 584-6001
https://suny.beready2retire.com/

NYS Deferred Compensation Plan (457)
Campus Respresentative: Mark Wallace
(716) 903-7253
(800) 422-8463
www.nysdcp.com

How Much Can I Contribute?
For 2018, you can contribute up to $18,500 per year. If you are age 50 or older anytime in 2018, you can contribute an additional $6,000, for a maximum of $24,500.

If you have worked for SUNY for more than 15 years, you may be eligible to contribute up to an additional $3,000. To do this, you must obtain a calculation from your investment provider indicating that you are eligible to defer the additional amount. Please send the calculation indicating the amount to be contributed to the Human Resource Management Office.

Each participant is limited to these maximum contribution amounts for all 403(b) and 457 plans, so if you are also a participant in a 403(b) or 457 plan with another employer, your combined contributions to that plan and to the SUNY Tax-Deferred Annuity Plan and NYS Deferred Compensation Plan in 2018 are generally limited to $18,500. If you do participate in a 403(b) plan and/or 457 with other employers, you are responsible for tracking and reporting the amount of all of your contributions to the plans so that the total amount of all your contributions to all plans in which you participate do not exceed the limit. Note also that the sum of all of your contributions, and those of your employers, to all 403(b) and 457 plans that you participate in are generally limited to the lesser of $55,000 or 100 percent of your compensation in 2018.

SUNY employees are able to maximize contributions to both the SUNY Tax-Deferred Savings Plans 403(b) and the NYS Deferred Compensation 457 Plan concurrently.

What Do I Need to Do?
If you wish to enroll or change your enrollment in the NYS Deferred Compensation Plan (NYSDCP), you will need to contact NYSDCP directly.

If you are enrolling in SUNY’s 403(b) plan for the first time, you can do so by using the SUNY online enrollment and management system at www.retirementatwork.org/suny. For assistance with the enrollment process, please call the Employee Benefits Office, 878-4821, or the Payroll Office, 878-4124, for more information.

If you are currently enrolled and wish to contribute the same biweekly amount in 2018, no action on your part is necessary unless you are currently contributing additional moneys under the "ge 50 or 15-year catch-up" rule outlined above. Please check your pay stub to be sure your current biweekly contribution (for 403(b) deductions with any investment providers with whom you are investing) multiplied by the number of remaining pay periods in the year does not exceed the allowable limit. Please be mindful that if you made a change mid-year, you will need to make sure that your current biweekly amount will result in the correct annual amount you want deferred for 2018.

To change the amount you are now contributing, please do so by using the SUNY online enrollment and management system at www.retirementatwork.org/suny. For assistance with this process, please call the Employee Benefits Office, 878-4821, or the Payroll Office, 878-4124.