The SUNY Voluntary Savings Plan 2022 Universal Availably Notice
The State University of New York (SUNY) provides employees with the opportunity to save for their retirement through the SUNY Voluntary 403(b) Savings Plan (the Plan). Participation in the SUNY Voluntary Savings Plan is a great way to build your retirement savings.
Whether you want to enroll in the plan for the first time, or you are already enrolled but want to change the amount of your deferral, you can accomplish your goal through the SUNY online enrollment and management system www.retirementatwork.org/suny.
ELIGIBILITY
All employees of SUNY who receive compensation reportable on an IRS Form W-2 are eligible to participate in the plan. All employees can either defer money pretax (traditional) or post tax (Roth).
Please take a moment to review the plan materials before enrolling, available at https://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, in accordance with your campus payroll deadlines for submitting changes, through the SUNY online enrollment and management system at www.retirementatwork.org/suny. The exact date your investment allocations will take effect may vary depending upon the policies of the Investment Provider managing the investment options you chose for Plan contributions.
In addition to the SUNY 403(b) plan, the NYS Deferred Compensation Plan (NYSDCP) also provides a way for you to contribute to a retirement account on both a pre-tax (Traditional) and post-tax (Roth) basis through payroll deduction. Through the pre-tax options, your contributions, plus earnings are not taxed until you withdraw the funds. Distributions are considered ordinary income for tax purposes. Withdrawals are available if you are at least 59 ½ or separated from service. Early distribution penalties may apply if under age 59 ½ unless there is a qualified exception such as death, disability or financial hardship as defined by the IRS or you are at least 55 during the year in which you separate from service. Usually this will be during your retirement, when your income may fall within a lower tax bracket.
Through the post-tax (Roth) option, your contributions are taxed at the time you make them. Earnings are income tax-free upon qualified distribution if you are 59 ½ or separated from service and it has been at least five taxable years since the initial Roth deposit. Early distribution penalties may apply if under age 59 ½ unless there is a qualified exception such as death, disability or financial hardship as defined by the IRS or you are at least 55 during the year in which you separate from service. Use of the post-tax option may help you maintain a balance against tax rates that increase over time.
HOW MUCH CAN YOU CONTRIBUTE?
For 2022 you can contribute up to $20,500 per year. If you want to make a change for 2022 you will need to do so at www.retirementatwork.org/suny, and you will need to enter a date of January 5, 2022. This will make the change effective for your first paycheck in January.
If you are age 50 or older anytime in 2022, you can contribute an additional $6,500 to your tax-deferred account, for a maximum of $27,000.
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 2022 are generally limited to $20,500. If you do participate in a 403(b) plan and/or 457 plan 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 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 $61,000 or 100% of your compensation in 2022. SUNY employees are able to maximize contributions to both the SUNY Tax-Deferred Savings Plan 403(b) and the NYS Deferred Compensation 457 Plan, concurrently.
WHAT DO YOU NEED TO DO?
If you want 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 SUNY online enrollment system www.retirementatwork.org/suny.
If you are currently enrolled and want to contribute the same BI-WEEKLY amount in 2022, no action on your part is necessary. To change the amount you are now contributing, please go online to www.retirementatwork.org/suny. Please check your pay stub to be sure your current bi-weekly contribution for 403(b) 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 bi-weekly amount will result in the correct annual amount you want deferred for 2022.
WHAT ARE MY SAVINGS OPTIONS?
There are several different 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 to you:
Fidelity Investments:
William Stark, 716-270-7732, https://nb.fidelity.com/public/nb/suny/transition-home
Teachers Insurance Annuity Associate-College Retirement Equities Fund (TIAA):
Darryl Fiasconaro, 315-477-9004, www.tiaa.org/suny
AIG Retirement (Formerly Valic):
Janet Lake, 518 783 6464, https://suny.aigrs.com/home
Voya Financial:
Brendan Dunuwilla 315-446-0100, https://suny.beready2retire.com/
NYS Deferred Compensation Plan (457):
1-800-422-8463, www.nysdcp.com
For further details, or if you have questions, please contact Human Resources at 315-312-2230 or hr@oswego.edu.
Please visit the HR announcements page for the most up-to-date information from the college’s Human Resources and Payroll Offices.
Date Posted: 11/15/2021