SUNY Voluntary Savings Plan

Tue Nov 10 17:40:47 UTC 2020

2021 UNIVERSAL AVAILABILITY 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 through pre-tax and/or
post-tax payroll deduction contributions.

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 do
so through the SUNY online enrollment and management system at
www.retirementatwork.org/suny. For more information, contact Human Resource
Services or visit the SUNY Benefits Web Site at
http://www.suny.edu/benefits/vsp/.

ELIGIBILITY
All employees of SUNY (state-operated and community colleges) 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,
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, 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 your payroll system deadlines and
the policies of the Investment Provider 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 (Traditional), your contributions, plus
earnings are not taxed until you withdraw the funds. Distributions are
considered ordinary income for tax purposes.

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 (for the 403(b) Plan) or separated from
service (for both 403(b) and 457 Plans) and it has been at least five
taxable years since the initial Roth deposit.

HOW MUCH CAN I CONTRIBUTE?
For 2021 you can contribute up to $19,500 per year. If you are age 50 or
older anytime in 2021, you can contribute an additional $6,500, for a
maximum of $26,000.

Each participant is limited to these maximum contribution amounts for all
403(b) and 457 plans, respectively. SUNY employees are able to maximize
contributions to both the SUNY 403(b) Plan and the NYS Deferred
Compensation 457 Plan concurrently. However, if you also participate in a
403(b) or 457 plan with another employer, 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 annual 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 $58,000 or
100% of your compensation in 2021. 457 Plans may also offer, for eligible
participants, The Special Retirement Catch-up Provision for contributions
within 3 years of your elected normal retirement age.

WHAT ARE MY SAVINGS OPTIONS?
There are several different Plan options and Investment Providers to choose
from through the SUNY 403(b) Plan. NYSDCP also offers its own investment
options. Authorized Investment Providers offer a wide choice of investment
options, including stock, bond and guaranteed funds.  Each provider offers
individual counseling and assistance on investment information and can
review the pre and post-tax contribution options to best meet your
retirement planning needs.

The following Authorized Plans and Investment Providers are available to
you:

AIG Retirement
1-800-448-2542 or 1-888-569-7055, https://suny.aigrs.com/home

Fidelity Investments (403(b)(7) Mutual Funds)
1-844-FOR-SUNY (844-367-7869), www.netbenefits.com/SUNY

Teachers Insurance Annuity Associate (TIAA)
1-800-662-7945,  www.tiaa.org/suny

Voya Financial
1-800-584-6001, https://suny.beready2retire.com/

NYS Deferred Compensation Plan (457)
1-800-422-8463,  www.nysdcp.com

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 see the instructions at the following web address:
http://www.tiaa.org/public/pdf/SUNY_MVC_TDA_Guide_Enrollment_Guide.pdf

If you are currently enrolled and wish to contribute the same BI-WEEKLY
amount in 2021, no action on your part is necessary unless you are
currently contributing additional monies under the Age 50 rule outlined
above.  Please check your pay stub to be sure your current bi-weekly
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 2021.

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 or if you
have questions, please see the instructions at the following web address:
http://www.tiaa.org/public/pdf/SUNY_MVC_Making_Account_Changes_Guide.pdf

*HUMAN RESOURCE SERVICES*
912 Kehoe Building

101 Broad Street
<https://maps.google.com/?q=101+Broad+Street+Plattsburgh,+NY+12901&entry=gmail&source=g>

Plattsburgh, NY 12901
<https://maps.google.com/?q=101+Broad+Street+Plattsburgh,+NY+12901&entry=gmail&source=g>

(o) 518-564-5062

(f) 518-564-5060

*plattsburgh.edu <http://plattsburgh.edu>*

*Human Resource Services webpage - plattsburgh.edu/hr
<http://plattsburgh.edu/hr>*
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