It’s not about how much you save; it’s about building a guaranteed stream of lifetime income. TIAA's seminar will help employees:
The seminar will be in Bacon Hall, Room 115 from Noon – 2 p.m. Lunch will be provided. To reserve a seat call 1-800-732-8353 or register online at https://shared.tiaa.org/public/publictools/events/meetingAndSeminar?employerId=1-C197-17.
Effective January 1, 2019, the Paid Family Leave program (PFL) will be implemented for SUNY MC and UUP-represented employees.
PFL provides job-protected, paid leave for eligible employees to bond with a new child, care for a loved one with a serious health condition, and assists with relieving family pressures when a loved one is called to active military service abroad.
The program is funded through contributions taken as payroll deductions. The 2019 contribution is 0.153% of gross wages each pay period, up to and not to exceed an annual maximum employee contribution of $107.97. For SUNY MC and UUP-represented employees, payroll deductions will be biweekly and begin no sooner than January 1, 2019.
For 2019, employees who are on the payroll and have met eligibility requirements will be able to use ten weeks of Paid Family Leave benefits, and will receive 55% of their average weekly wage, capped at 55% of the statewide average weekly wage.
For more information about Paid Family Leave, please visit https://www.ny.gov/paidfamilyleave.
Open enrollment for the 2019 NYS Flex Spending Account (FSA) begins Tuesday, October 9 and ends Friday, November 9, 2018. The account offers two benefits: the Health Care Spending Account (HCSAccount) and the Dependent Care Advantage Account (DCAAccount).
The HCSAccount allows employees to set aside from $100 to $2,650 annually in pretax salary to pay for health care expenses not reimbursed by health insurance.
The DCAAccount allows employees to set aside up to $5,000 annually in pretax salary for eligible child care, elder care, or disabled dependent care expenses. The DCAAccount employer contribution will be available to M/C employees and those represented by CSEA, PEF, UUP, NYSCOPBA, Council 82, PBANYS and GSEU for the 2019 plan year.
Employees who do not work for 26 pay periods should consider electing a shorter time frame for their deductions so they do not lose coverage while off the payroll. For example, faculty members who are not paid through the summer should elect to have all deductions taken in the spring semester in order to have coverage for all of 2019.
Participants currently enrolled in the HCSAccount or DCAAccount must re-enroll to continue benefits in 2019.
Paperless enrollment is quick, easy, and secure. For program details or to enroll in the FSA, visit www.flexspend.ny.gov or call the FSA hotline at 1-800-358-7202.
Enrollment ends at midnight on November 9, 2018. The deadline for 2019 enrollment will be strictly enforced.
The terms of the recently ratified agreement between the State and UUP include an employer contribution for UUP-represented DCAAccount participants for the 2018 plan year. UUP represented employees, or employees represented by UUP at the time they enrolled who have an active 2018 DCAAccount do not need to do anything.
The employer contribution will be deposited into the employee’s account with the paycheck of October 3, 2018.
The employer contribution will be as follows:
|Employee Gross Annual Salary||Employer Contribution|
|Up to $30,000||$800|
|$30,001 to $40,000||$700|
|$40,001 to $50,000||$600|
|$50,001 to $60,000||$500|
|$60,001 to $70,000||$400|
Adding the employer contribution to DCAAccounts will not exceed the employee’s annual election amount unless the employee enrolled for less than their employer contribution. If an employee enrolled for less than the employer contribution the employee will receive the full amount of their employer contribution. In all other situations WageWorks will recalculate remaining bi-weekly deductions and if necessary OSC will issue a refund.
WageWorks will adjust DCAAccounts, and OSC will issue any necessary refunds with the paycheck of October 3, 2018.
If an employee was on a leave of absence or terminated their 2018 DCAAccount they will not receive an employer contribution unless the employee re-enrolls. Employees can re-enroll by submitting a change in status application, and they will be eligible for the employer contribution for the remainder of the 2018 plan year. Here are some examples of eligible change in status events:
We encourage employees to visit www.flexspend.ny.gov or call customer service at 1-800-358-7202 to learn more about enrolling during the plan year, and the change in status rules.
Effective September 4, 2018, a Roth option (after tax) will be added to the 403(b) Voluntary Savings Plan.
The new Roth option will give you the opportunity for a payroll deduction on an after-tax basis with the potential to withdraw earnings on a tax-free basis in retirement. More information is available on the SUNY Benefits website at www.SUNY.edu/Benefits or you can pick up an informational flyer in the Benefits Office, Cleveland Hall 410.
Highlights of the Roth 403(b):
To enroll or make changes to your current account go to www.retirementatwork.org/suny. If you would like to meet with a financial advisor, you can find our campus representatives at hr.buffalostate.edu/orp-one-one-consultations.
The NYS & CSEA Partnership for Education and Training has announced the fall 2018 Skills for Success courses. Skills for Success courses provide CSEA-represented employees with the knowledge, skills, and tools to meet their personal and professional development goals. The catalog may be accessed at www.nyscseapartnership.org.
CSEA-represented employees are encouraged to take advantage of these valuable training opportunities. Employees may enroll through the Statewide Learning Management System or by completing the Partnership's course application form located on page 31 of the catalog. For further information, please contact the Partnership at 1-800-253-4332, or e-mail firstname.lastname@example.org.
Employees enrolled in the SUNY Optional Retirement Program (ORP) and/or the SUNY 403(b) Voluntary Savings Program utilize a retirement and voluntary savings enrollment and management system called Retirement@Work. The easy-to-navigate online system is used to enroll in retirement for those who are not currently enrolled in a retirement plan and to enroll in the SUNY 403(b) Voluntary Savings Program, also called the Tax-Deferred Annuity (TDA). Employees can manage their TDA contributions and designate investment providers for the TDA. Current participants in the SUNY ORP will be able to designate investment providers and have access to learn about plan benefits in a central place. For more information, visit hr.buffalostate.edu/tax-deferred-annuities-and-college-savings-program.
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