Voluntary Savings Plan Universal Availab Notice
Voluntary Savings Plan
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 by filling out a Salary Reduction Agreement form. You can obtain a copy of the Salary Reduction Agreement and information on the plan from your SUNY campus Office of Human Resources, on the web at: http://www.suny.edu/BENEFITS/benefits_information/SalRedAgrForm.cfm or by calling the University-Wide Office of Human Resources at: 518-320-1192.
All employees of SUNY who receive compensation reportable on an IRS Form W-2 are eligible to participate in the plan, as long as the employee contributes a minimum of $200 per year.
Please take a moment to review the plan materials before enrolling. Once you are enrolled, you can review and change the amount of your contributions as often as once per pay period by submitting a new Salary Reduction Agreement form. 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.
WHAT ARE MY TAX DEFERRED 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:
**ING Life Insurance and Annuity Company
**Available only to employees represented by UUP or designated
HOW MUCH CAN I CONTRIBUTE?
Each participant only gets 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 Tax Deferred Annuity Plan in 2010 are generally limited to $16,500. 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. Note also that the sum of all of your contributions, and those of your employers, to all 403(b) plans that you participate in are generally limited to the lesser of $49,000 or 100% of your compensation in 2010.
WHAT DO I NEED TO DO?
For further details, or if you have questions, please contact the Benefits Administrator at your campus (http://www.suny.edu/Benefits/BenefitAdministrators.cfm) or the University-Wide Office of Human Resources at 518-320-1192.