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. View the 2024 Universal Availability Notice and please contact the Employee Benefits Office 878-4821 with any questions.
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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