SUNY Voluntary Retirement Savings Plan
2018 Contribution limits and required documents/actions.
SUNY Voluntary Retirement Savings Plan:
All employees are eligible to participate in a SUNY Voluntary Retirement Savings Plan. A full description of the plan and investment providers can be found at; http://www.suny.edu/benefits/vsp/. (see link below)
Whether you want to enroll in the plan for the first time, or you are currently enrolled but wish to change the amount of your deferral, log into the retirement and enrollment management system, Retirement@work: www.retirementatwork.org/suny (see link below) The Payroll Office is no longer able to accept paper Salary Reduction Agreement (SRA) forms.
The amount employees may contribute to the SUNY Voluntary Retirement Savings Plan in 2018 is $18,500. Employees who are or will be 50 years of age in the 2018 calendar year may contribute an additional $6,000. Employees who have fifteen (15) years of full-time service may be eligible to contribute an additional $3,000 per year ($15,000 lifetime). Your investment provider will need to determine if you are eligible for this additional contribution and can provide you with the maximum contribution calculation if necessary.
(SEE BELOW for “SUNY Voluntary Retirement Savings Plan Guidelines” document)
Each individual has one limit for contributions to all 403(b) plans, so if you are also a participant in a 403(b) plan of another employer, your combined contributions to that plan and to the SUNY Voluntary Savings Plan in 2018 are generally limited to $18,500. If you do participate in more than one 403(b) plan, 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.
All employees who wish to make a change for the first check in the 2018 calendar year must submit their changes through Retirement@work no later than December 15, 2017, indicating 01/01/2018 for the Effective Date.
The provider contact information is as follows:
TIAA: Michael Spogli 1-800-842-2252
VOYA: Gary Witten 1-800-326-8410
VALIC: Gene Boyer 716-625-6066
Fidelity Investments: Brent Peterson 716-364-6795
posted by mdemonte [2017-11-15]
Michelle DeMonte, firstname.lastname@example.org or 585-395-5136