Savings Plan
Tax Deferred Savings Plans for Bargaining Units: CSEA, GSEU, MC06, PEF, Police and Security, and Security Supervisors:
Employees of the State University of New York have access to two types of voluntary tax-deferred savings plans to help them save money for retirement. These programs allow employees to have money deducted from their paychecks on a pre-tax basis to help supplement their post-retirement income from Social Security and employer sponsored pension plans. Federal and state taxes are deferred until the money is withdrawn upon retirement or separation from service allowing for even greater savings through tax-deferred growth.
The SUNY Tax-Deferred Annuity Plan is a tax-deferred annuity program authorized under section 403(b)(1) of the Internal Revenue Code. This program is administered by the State University of New York with TIAA-CREF serving as the authorized investment provider.
The New York State Deferred Compensation Plan is authorized Section 457 of the Internal Revenue Service Code. This program is administered by the New York State Deferred Compensation Board with Nationwide currently serving as the authorized investment provider.
Both of these tax-deferred savings programs are governed by different sections of the Internal Revenue Service Code so there are some differences in plan provisions.
Some of the key differences between these two programs are outlined in the attached:
403b-457 Comparison (PDF) or (TXT)
To view or download a brochure about these programs click here:
Tax Deferred Retirement Savings Program for State-Operated Campuses and Community Colleges (PDF) or (TXT)
To enroll in these programs, please see the links below or contact your Campus Benefits Administrator for assistance.
- SUNY Voluntary Tax-Deferred Annuity Savings Plan:
To begin contributions or to change your current contribution to a SUNY Voluntary Tax-Deferred Annuity Savings
Plan, complete a Salary Reduction Agreement Form and submit it to your Campus Benefits Administrator.
Salary Reduction Agreement (PDF)* or (TXT)
Next, contact the Investment Provider to complete required enrollment materials or to manage your
existing account:
-
- TIAA-CREF - 1-800-842-2776
- New York State Deferred Compensation Plan:
To start a new account or manage existing NYS Deferred Compensation accounts visit their web site
or call them at: 1-800-422-8463.
As an employee of SUNY you may also participate in New York's 529 College Savings Program Direct Plan which provides a flexible, convenient, and low-cost way to save for college. The Program features a wide range of investment choices, tax-free withdrawals when used for qualified higher education expenses, and contributions that are tax-deductible (up to certain limits) for New York State residents.
Series EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education, supplemental retirement income, birthday and graduation gifts, and other special events. Series EE Bonds purchased on or after May 1, 2005, earn a fixed rate of return, letting you know what the bonds are worth at all times.
- U.S. Savings Bonds OR call 1-800-426-9314 to enroll.
Deferred Savings Plans for Bargaining Unit MC-13/UUP:
Employees of the State University of New York have access to two different types of voluntary tax-deferred savings plans to help them save money for retirement. These programs allow employees to have money deducted from their paychecks on a pre-tax basis to help supplement their post-retirement income from Social Security and employer sponsored pension plans. Federal and state taxes are deferred until the money is withdrawn upon retirement or separation from service allowing for even greater savings through tax-deferred growth.
The SUNY Tax-Deferred Annuity Plan is a tax-deferred annuity program authorized under section 403(b)(1) of the Internal Revenue Code. This program is administered by the State University of New York and allows employees to choose from among two authorized investment providers; TIAA-CREF and Fidelity.
The New York State Deferred Compensation Plan is authorized Section 457 of the Internal Revenue Service Code. This program is administered by the New York State Deferred Compensation Board with Nationwide currently service as the authorized investment provider.
Both of these tax deferred savings programs are governed by different sections of the Internal Revenue Service Code so there are some differences in plan provisions.
Some of the key differences between these two programs are outlined in the attached:
403b-457 Comparison (PDF) or (TXT)
To view or download a brochure about these programs click here:
Tax Deferred Retirement Savings Program for State-Operated Campuses and Community Colleges (PDF) or (TXT)
To enroll in these programs visit:
SUNY 403(b) - TIAA-CREF
SUNY 403(b)(7) - Fidelity (Use Plan ID: 72777)
You may contact the representative assigned to your campus.
As an employee of SUNY you may also participate in New York's 529 College Savings Program Direct Plan which provides a flexible, convenient, and low-cost way to save for college. The Program features a wide range of investment choices, tax-free withdrawals when used for qualified higher education expenses, and contributions that are tax-deductible (up to certain limits) for New York State residents.
You can save for a child, grandchild, friend --- or even yourself. And the Program includes a valuable opportunity to accelerate your college savings through Upromise Rewards -- a free service that returns a percentage of your spending at hundreds of America's leading companies and can transfer that money directly to your Program account.
Series EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education, supplemental retirement income, birthday and graduation gifts, and other special events. Series EE Bonds purchased on or after May 1, 2005, earn a fixed rate of return, letting you know what the bonds are worth at all times.
Tax Deferred Retirement Savings Program (PDF) or (TXT)
- U.S. Savings Bonds Or call 1 800-426-9314 to enroll.