The State University of New York (“SUNY”) provides employees with the opportunity to save for their retirement through the SUNY Voluntary Savings Plan (the “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 (SRA) Form.
All employees of SUNY 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. 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.
The tax deferred plans below provide a way for you to contribute to a retirement account on a pre-tax basis through payroll deduction. Your contributions, plus earnings are not taxed until you withdraw the funds. Usually this will be during your retirement, when your income may fall within a lower tax bracket.
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:
Contact: Michael Spogli
Contact: Gary Witten 716-626-3926
Contact: George Doughtery 716-626-3928
Fidelity Investments (403(b)(7) Mutual Funds)
Contact: Kenneth Woods
NYS Deferred Compensation Plan (457)
Contact: Mark Wallace
How much can I contribute?
What do I need to do?
New York’s 529 College Savings Program
If you are looking for a way to save for your child’s college education, New York’s 529 College Savings Program may be of interest to you. This program allows parents, grandparents, relatives or friends to open an investment account for future college students with as little as $25.
Contributions to the account are invested according to the options selected by the account owner. The program’s investments are managed by The Vanguard Group, a leading financial services organization. The program provides significant tax advantages. New York taxpayers can deduct up to $5,000 in contributions each year from their New York taxable income and none of the investment earnings will be taxed by the state as long as the money is used for qualified higher education institutions anywhere. Federal tax on earnings is deferred until the student uses the money for college expenses, and then the earnings are taxable at the student’s income tax rate.
For additional information, call 877-697-2837 or visit New York's 529 College Savings Program.
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