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.
Main Page Content
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 by logging into www.retirementatwork.org/SUNY.
Individuals can contribute to a tax deferred annuity and the New York State Deferred Compensation Program without coordinating amounts. This means individuals who choose to do so, may contribute the maximum amounts allowed to each plan.
The normal contribution limit, which applies to both the tax-deferred annuity and deferred compensation program, is 100% of salary to a maximum of $18,500 for 2018.
Individuals are eligible to contribute an additional amount if they are age 50 or over during the 2018 calendar year. The additional amount for 2018 is $6,000.
Individuals in the tax deferred annuity plan who have at least 15 years of full-time service with their current employer may be eligible to contribute an additional amount not to exceed $3000 per year and $15,000 total lifetime.
So, if you are over 50, but have less than 15 years of full-time service, you can contribute a maximum of $24,500. If you are over 50 years of age and have 15 years or more of full-time service, you may be eligible to contribute a maximum of $27,500 (you must have calculation from your investment provider). When you contact the provider please make it very clear that you are requesting a 2018 calculation. The provider contact information is as follows:
- Teachers Insurance Annuity Associate-(TIAA) – Michael Spogli - 585-246-4631
- VOYA Financial – Gary Witten 716-626-3926
- VALIC Retirement- Gene Boyer 716-625-6066
- Fidelity Investments – Brent Peterson 716-364-6795
If an individual chooses to exceed the normal contribution amount, has 15 years of full-time service, and is age 50 or over, the excess contributions will be applied to the 15 year rule first per IRS regulation.
Individuals in the NYS Deferred Compensation Program are eligible to contribute twice the normal amount ($36,500 for 2018) in each of the last years before their normal retirement date. In those three years, individuals may not contribute the additional amount (age 50 or over) described above. Please contact the NYS Deferred Compensation program for further details and required forms at 1-800-422-8463.