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Discussion Points

2014 SUNY PERKS HOLIDAY FAIR
2015 PRE-TAX CONTRIBUTION PROGRAM (PTCP)
2015 PRODUCTIVITY ENHANCEMENT PROGRAM (PEP)
2015 SUNY VOLUNTARY SAVINGS PLAN UNIVERSAL AVAILABILITY NOTICE
2015 NYS FLEX SPENDING ACCOUNT OPEN ENROLLMENT
2015 HEALTH INSURANCE OPTION TRANSFER PERIOD - COMING SOON
2014 SPECIAL SUMMER HEALTH INSURANCE DEDUCTIONS
2014 HEALTH INSURANCE OPTION TRANSFER PERIOD
2014 HEALTH INSURANCE OPT OUT PROGRAM
2014 TAX-DEFERRED CONTRIBUTIONS - SUNY VOLUNTARY SAVINGS PLAN
HEALTH INSURANCE MARKETPLACE - FOR ACTIVE EMPLOYEES

2014 SUNY PERKS HOLIDAY FAIR

SUNY has negotiated great offers with hundreds of manufactures, retailers, and brands to compete for your business.  The goal of SUNY is to bring you and your family the best pricing and broadest selection for the holidays.

This year’s fair features an Early Access Week, which will offer its own special deals before the regular savings fair begins.

Dates to keep in mind:

  • Early Access Week runs 11/3 - 11/8
  • Holiday Savings Fair runs 11/28 – 12/17
  • Last-Minute Shopping Specials available 12/18-12/24
  • Featured Savings Category sales every few days (e.g., Toys 12/4-12/6, TV sets 12/11-12/13)

Holiday Savings Fair starts Friday November 28th and runs through Wednesday December 17th.
There are hundreds of special deals just for Perk members - not available to the general public
Featured savings categories every three days

Login/register at SUNY Perks to Start Saving!
http://suny.corporateperks.com
Company Code:  sunycp

More information regarding the Perks program go to: http://www.suny.edu/benefits/discounts/employees.cfm
SUNY Perks Card Program - enables members of the SUNY family to save money on many of their everyday local purchases, including:  dining, retail, auto services, pet needs, home services, health & beauty, fitness, recreation, travel, entertainment and much more!


2015 PRE-TAX CONTRIBUTION PROGRAM (PTCP)

Under the Pre-Tax Contribution Program (PTCP), your share of the health insurance premium is deducted from your wages before taxes are withheld, which may lower your taxes.

You were automatically enrolled in PTCP when you became eligible for health insurance, unless you declined. Your paycheck shows whether or not you are enrolled in PTCP.

  • If you are enrolled in PTCP, your paycheck stub shows Regular Before-Tax Health in the Before-Tax Deductions section.
  • If you are not enrolled in PTCP, your paycheck stub shows Regular After-Tax Health in the After- Tax Deductions section. Your health insurance premium is deducted from your wages after taxes are withheld.

If you wish to change your PTCP selection for 2015, complete a Health Insurance Transaction Form (PS-404) by November 30, 2014 and return it to Human Resources.

NO ACTION IS REQUIRED TO KEEP YOUR CURRENT PTCP STATUS.

Under Internal Revenue Service (IRS) rules, if you are enrolled in PTCP, you may change your health insurance deduction during the tax year only after one of the following PTCP-qualifying events:

  • Change in employee's marital status
  • Change in employee's number of dependents
  • Change in employment status of employee, spouse or dependent that affects eligibility
  • Dependent satisfies or ceases to satisfy eligibility requirements
  • Change in place of residence or worksite of the employee, spouse or dependent
  • Change in coverage under other employer's plan
  • COBRA events
  • Judgment, decree or order
  • Medicare or Medicaid eligibility
  • Leaves of absence
  • HIPAA special enrollment rights

Changes to coverage due to these status changes must be consistent with the change in your family or employment. If you make a change in coverage not related to a qualifying event, your PTCP insurance deduction will not change.

Changes in coverage because of these qualifying events must be made within 30 days of the event (or within the waiting period if newly eligible), and delays may be expensive.

Note: A change in coverage is treated differently than a change in your pre-tax election. For example, if your only covered dependent became ineligible for coverage in June and notice of this qualifying event was not provided to your agency HBA until August (not within 30 days), the dependent will be removed retroactive to the date in June when he or she first became ineligible for benefits. Deductions will be changed to Individual on a current basis (i.e., as of August) and no refund will be issued.

In November, NYSHIP enrollees in PTCP can make the following changes to their PTCP election/premium for the next plan year:

  • Change your PTCP election
  • Change from Family to Individual coverage, while your dependents are still eligible, when there is no qualifying event
  • Change from Individual to Family coverage without a qualifying event (late enrollment provisions will be applied)
  • Voluntarily cancel your coverage, while you are still eligible for coverage, when there is no qualifying event

Enroll for coverage without a qualifying event (late enrollment provisions will be applied)


2015 PRODUCTIVITY ENHANCEMENT PROGRAM (PEP)

Overview:

The Productivity Enhancement Program (PEP) for 2015 allows eligible employees to exchange previously accrued annual leave (vacation accruals) and/or personal leave in return for a credit to be applied toward their employee share of NYSHIP premiums on a bi-weekly basis.  In no case can the credit available under the program be applied to the employer share of NYSHIP premiums.

Enrollment:

The enrollment period for the 2015 plan year is now through November 28, 2014.

Return completed enrollment forms to Human Resources & Payroll Services – DOTY 318 by End of Day November 28, 2014.

Forms:

CSEA, PEF, M/C Classified Enrollment Form – Click Here

UUP Enrollment Form – Click Here

M/C Professional Enrollment Form – Click Here

 

CSEA, PEF, M/C Classified (NU 2, 3, 5 & 6): 

Eligibility:

  • For CSEA and PEF represented employees, be a classified or unclassified service employee in the Executive branch in a title at Salary Grade 24 or below or equated to a position at or below Salary Grade 24;
  • For M/C employees, be a classified or unclassified service employee in the Executive branch in a title at Salary Grade 23 or below or equated to a position at or below Salary Grade 23.
  • Have a minimum combined balance of annual and personal leave of at least 8 days after making the forfeiture; and
  • Be a NYSHIP enrollee (contract holder) in either the Empire Plan or an HMO at the time of enrollment.

CSEA, PEF, M/C Classified (For full plan description – click here):

Full-time employees in Salary Grades (SG) 1–17 (or non-statutory employees equated to SG 1–17, or employees with an annual salary rate no greater than job rate of SG 17) who enroll in the program may elect to forfeit a total of either 3 days (22.5 or 24 hours for 37.5 and 40 hour workweeks, respectively) or 6 days (45 or 48 hours for 37.5 and 40 hour workweeks, respectively) of annual and/or personal leave standing to their credit at the time of enrollment in return for a credit of up to either $500 or $1000, respectively, for the 2015 program year to be applied toward the employee share of NYSHIP premiums deducted from biweekly paychecks during the program year, January 1–December 31, 2015.

Full-time CSEA- and PEF-represented employees in SG 18–24 (or non-statutory employees equated to SG 18–24, or employees with an annual salary exceeding the job rate of SG 17 but with an annual salary no greater than the job rate of SG 24), who enroll in the program will be eligible to forfeit a total of either 2 days (15 or 16 hours for 37.5 and 40 hour workweeks, respectively) or 4 days (30 or 32 hours for 37.5 and 40 hour workweeks, respectively) of annual and/or personal leave standing to their credit at the time of enrollment in return for a credit of up to either $500 or $1000, respectively, for the 2015 program year to be applied toward the employee share of NYSHIP premiums deducted from biweekly paychecks during the program year. In cases where the payroll percentage of these employees results in a leave forfeiture that is not a quarter-hour increment, the leave forfeiture should be rounded to the nearest quarter-hour (rounding up when the resulting figure is exactly between two quarter-hour increments).

Full-time M/C employees in SG 18–23 (or non-statutory employees equated to SG 18–23, or employees with an annual salary exceeding the job rate of SG 17 but with an annual salary no greater than the job rate of SG 23), who enroll in the program will be eligible to forfeit a total of either 2 days (15 or 16 hours for 37.5 and 40 hour workweeks, respectively) or 4 days (30 or 32 hours for 37.5 and 40 hour workweeks, respectively) of annual and/or personal leave standing to their credit at the time of enrollment in return for a credit of up to either $500 or $1000, respectively, for the 2015 program year to be applied toward the employee share of NYSHIP premiums deducted from biweekly paychecks during the program year. In cases where the payroll percentage of these employees results in a leave forfeiture that is not a quarter-hour increment, the leave forfeiture should be rounded to the nearest quarter-hour (rounding up when the resulting figure is exactly between two quarter-hour increments).

UUP (NU 8):

Eligibility:

  • Be employed on a Calendar Year or College Year basis;
  • Be a full-time employee with an annual salary below $90,022 OR part-time employee with an annual full-time equivalent salary below $90,022;
  • Be an employee covered by the 2011-16 New York State/UUP Collective Bargaining Agreement;
  • Be a NYSHIP enrollee (contract holder) in either the Empire Plan or an HMO;
  • Be eligible to receive an employer contribution toward NYSHIP premiums (or be on leave without pay from a position in which the employee is normally eligible for an employer share contribution toward NYSHIP premiums); and
  • Have a sufficient annual leave balance to make the full leave forfeiture without bringing their annual leave balance below 8 days or a prorated balance for part-time employees respectively

UUP (For full plan description – click here):

Eligible full-time employees with an annual salary of $62,998 and below who enroll in PEP for the 2015 plan year will forfeit a total of 3 days of annual leave at the time of enrollment in return for a credit of up to $500 to be applied toward the employee share of NYSHIP premiums.  Additionally, eligible full-time employees earning more than $62,998 and below $90,022 who enroll in PEP for the 2015 plan year will forfeit a total of 2 days of annual leave at the time of enrollment in return for a credit of up to $500 to be applied toward the employee share of NYSHIP premiums.  Eligible part-time employees who enroll in PEP will forfeit annual leave on a prorated basis in accordance with their payroll/employment percentage in return for a prorated credit. 

The credit will be divided evenly among the pay periods in the 2015 plan year to offset the cost of the enrollee’s employee share of the NYSHIP premium, up to the total biweekly employee premium cost.  The biweekly value of the credit will NOT be adjusted for enrollees who do not pay all biweekly employee share deductions during the plan year. Therefore, employees who do not expect to make all employee share premium payments during a plan year may not wish to participate in that plan year.

M/C Professional (NU 13):

Eligibility:

  • Be employed on a Calendar Year or College Year basis;
  • Be a full-time employee with an annual salary no greater than $79,003 at the time of enrollment OR part-time employee whose annual salary rate does not exceed $79,003;
  • Be a NYSHIP enrollee (contract holder) in either the Empire Plan or an HMO;
  • Be eligible to receive an employer contribution toward NYSHIP premiums (or be on leave without pay from a position in which the employee is normally eligible for an employer share contribution toward NYSHIP premiums);and
  • Have a sufficient annual leave balance to make the full leave forfeiture without bringing their annual leave balance below 8 days or a prorated balance for part-time employees respectively

M/C Professional (For full plan description – click here):

In the 2015 plan year, eligible full-time employees earning up to $60,498 who enroll will forfeit a total of either 3 days of Annual leave at the time of enrollment in return for a credit of up to $500, or a total of 6 days for a credit of up to $1,000.  Additionally, eligible full-time employees earning more than $60,498 and up to $79,003 who enroll will forfeit a total of either 2 days of Annual leave at the time of enrollment in return for a credit of up to $500, or a total of 4 days for a credit of up to $1,000.  All eligible part-time employees who enroll in PEP will forfeit Annual leave on a prorated basis in accordance with their payroll/employment percentage in return for a prorated credit.  This credit will be applied to the biweekly employee share NYSHIP premium deductions paid for the 2015 NYSHIP plan year.

The credit will be divided and distributed over 26 pay checks issued in 2015 and applied toward the biweekly premium payments required for coverage under NYSHIP in that plan year, up to the biweekly cost of the enrollee’s employee share of NYSHIP premium.  The biweekly value of the credit will NOT be adjusted for enrollees who do not pay all biweekly employee share deductions during the plan year. Therefore, employees who do not expect to make all employee share premium payments during a plan year may not wish to participate in that plan year.


2015 SUNY VOLUNTARY SAVINGS PLAN UNIVERSAL AVAILABILITY NOTICE

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” form.  You can obtain a copy of the Salary Reduction Agreement and information on the plan from the SUNY Benefits Web Site. 

ELIGIBILITY

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 listed 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.

HOW MUCH CAN I CONTRIBUTE?

For 2015 you can contribute up to $18,000 per year.

If you are age 50 or older anytime in 2015, you can contribute an additional $6,000 to your tax-deferred account, for a maximum of $24,000.

If you have worked for SUNY for more than 15 years you may be eligible to contribute up to an additional $3,000.  To do this you must obtain a calculation from your Investment Provider indicating that you are eligible to defer the additional amount.  Please send the calculation along with a new Salary Reduction Agreement indicating the annual amount to be contributed to the Human Resources & Payroll Services Office, Doty 318.

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 2015 are generally limited to $18,000.  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 $53,000 or 100% of your compensation in 2015.

State employees are able to maximize contributions to both the SUNY Tax-Deferred Savings Plans 403(b) and the NYS Deferred Compensation 457 Plan concurrently.

WHAT DO I NEED TO DO?

If you are enrolling in a plan for the first time, you will need to complete the appropriate Investment Provider enrollment materials in addition to a Salary Reduction Agreement Form.

If you are currently enrolled and wish to contribute the same BI-WEEKLY amount in 2015, no action on your part is necessary unless you are currently contributing additional monies under the Age 50 or “15 year catch-up rule outlined above.  Please check your pay stub to be sure your current bi-weekly contribution (Code 404, 408 or 415 for NYS employees) multiplied by the number of pay periods in the year does not exceed the allowable  limit.

Please be mindful that if you made a change mid year, you will need to make sure that your current biweekly amount will result in the correct annual amount you want deferred for 2015.

To change the amount you are now contributing, please complete a new Salary Reduction Agreement Form and return it to the Human Resources & Payroll Service Office, Doty 318.


2015 HEALTH INSURANCE OPTION TRANSFER PERIOD - COMING SOON

2015 Health Insurance Choices explains the Option Transfer Period, the benefit plans available under NYSHIP in 2015 and the Pre-Tax Contribution Program (PTCP).  It also will explaing the Opt-Out Program that will be available in 2015 for eligible employees.

Important Dates:
Flex Spending Account (FSA)
October 6 - November 7, 2014

Productivity Enhancement Program (PEP)
October 27 - November 28, 2014

Pre-Tax Contribution Program (PTCP)
November 1 - November 30, 2014

*Please note - each program has its own eligibility requirements.

Watch your Email for more information!


2014 SPECIAL SUMMER HEALTH INSURANCE DEDUCTIONS

Employees who receive their salary in less than 26 paychecks must have extra health insurance deductions taken prior to their removal from the payroll to pay for coverage during the summer months.  All extra deductions will be taken before the employee goes off the payroll for the summer.

Extra deductions, in addition to your regular health insurance deduction will be taken.  The paychecks impacted by the special deductions will be as follows:

Part-time Employees that receive 20 paychecks

Check Date                Deductions

5/07/2014                    2 extra deductions for 6/18 & 7/2

5/21/2014                    2 extra deductions for 7/16 & 7/30

6/04/2014                    2 extra deductions for 8/13 & 8/27

 

Full-time Employees that receive 21 paychecks

Check Date                Deductions

5/21/2014                    2 extra deductions for 7/2 & 7/16

6/04/2014                    2 extra deductions for 7/30 & 8/13

6/18/2014                    2 extra deductions for 8/27 & 9/10


2014 HEALTH INSURANCE OPTION TRANSFER PERIOD

The New York State Health Insurance Choices Booklet and Plan Rates have been released for Plan Year 2014.  Here is all the relevant information:

  • The NYSHIP Option Transfer Period 2014 ends December 31, 2013.
  • To make changes to your health insurance plan, complete the  PS 404 - NYS Health Insurance Transaction Form.
  • Forms must be submitted to Human Resources by December 31, 2013. (Close of business).
  • Health Coverage for Plan Year 2014 will be effective January 2, 2014.
  • The earliest paycheck in which a deduction change will be made is the check of December 31, 2013. (If you change plans, because of processing time, most paycheck changes will be made later in January and will include retroactive adjustments for coverage beginning January 2, 2014.)
  • No action is required if you wish to keep your current health insurance option and you still qualify for your current plan.

I encourage you to complete the option transfer forms as soon as possible. This will help to avoid retroactive premium adjustments and should allow you to receive new health plan identification cards timely. Choices 2014, a summary of health insurance plans, and Rates and Deadlines are available at:   Health Insurance.

Useful Links and Information

Choices Book 2014:

Choices 2014 Settled (CSEA, M/C, PEF, APSU/PBANYS, NYSCOPBA, UUP)

Local Plan Rates 2014:

Local Plan Rate Chart 2014

Choosing the health insurance plan to cover your needs and the needs of your family requires careful research. As with most important purchases, there is more to consider than cost. The first step in making a good choice is to understand the similarities and the differences between your NYSHIP options. There are two types of health insurance plans available to you under NYSHIP: The Empire Plan and NYSHIP Health Maintenance Organizations (HMOs). The Empire Plan is available to all employees. Specific NYSHIP HMOs are available in the various geographic areas of New York State. Depending on where you live or work, one or several NYSHIP HMOs will be available to you. The Empire Plan and NYSHIP HMOs are similar in many ways, but also have important differences. In addition to reviewing the Choices 2014 booklet for co-pay costs, read through the booklet for helpful information that highlight differences in your available health plan choices. 

NYSHIP Online – For more information.

SUNY Benefits Website


2014 HEALTH INSURANCE OPT OUT PROGRAM

OVERVIEW:

Effective January 2, 2014, the New York State Health Insurance Program (NYSHIP) will again offer the Opt-out Program.  This program allows eligible employees, who have other employer sponsored group health insurance, to opt-out of their NYSHIP coverage in exchange for an incentive payment. 

Other employer sponsored group health insurance coverage means coverage through employment other than employment with the Executive, Legislative or Judicial branch of New York State government, including the State University of New York. Therefore, if the other coverage is through a NYS employee or retiree, the employee is not eligible for the Opt-out.

 

ELIGIBILITY:
To be eligible for the Opt-out Program, an employee must meet the eligibility criteria below to receive the incentive payment:

  • The employee must currently participate in the Opt-out Program; or
  • The employee must have been enrolled in NYSHIP, continuously and in his/her own right, as a State employee, on April 1, 2013 or on the date first eligible for NYSHIP if that date is after April 1, 2013, through the end of the plan year for all periods of time for which the employee is eligible for employee-share premium; and
  • The employee must provide plan information and attest to having other employer sponsored group health insurance coverage in effect as of the Opt-out effective date.

 

INCENTIVE PAYMENTS:
The annual incentive amount for opting out of NYSHIP coverage is $1,000 for Individual coverage or $3,000 for Family coverage. The incentive payments will be prorated and reimbursed through the employee's biweekly paychecks throughout the year (payable only when an employee is on the payroll and meets the requirements to be eligible for the State to contribute to the cost of NYSHIP coverage).

The incentive amount will be credited to the employee's bi-weekly payroll check and will be treated as taxable income. The bi-weekly incentive amounts will be $38.47 for opting out of Individual coverage ($1,000/26 paychecks) or $115.39 for opting out of Family coverage ($3,000/26 paychecks).

 

WHAT DO I NEED TO DO?

Employees Currently Participating in the Opt-out Program:  Employees currently participating in the Opt-out Program will receive a notice from the NYS Employee Benefits Division regarding Opt-out for Plan Year 2014.  Current participating employees will need to submit form PS-404 - Health Insurance Transaction Form to Human Resources, Doty 318, electing the Opt-out Program and the PS-409 - the Opt-out Attestation FormThese forms will need to be submitted during the Annual Option Transfer Period which ends December 31st, 2013; if the forms are not received timely, employee's payment will end with the last bi-weekly payroll check for plan year 2013.

Opting-out for Employees Currently Enrolled in NYSHIP in a Health Insurance Option:   Employees who are currently enrolled in NYSHIP and wish to participate in the Opt-out Program must elect to opt out during the Annual Option Transfer Period and must complete a PS-409 - Opt-out Attestation Form and a PS-404 - Health Insurance Transaction Form. The actual effective date of the Opt-out (i.e., the date NYSHIP coverage will no longer be in effect) will be January 2, 2014.


HEALTH INSURANCE MARKETPLACE - FOR ACTIVE EMPLOYEES

The Health Insurance Marketplace, commonly known as the Health Insurance Exchange, was created under the Patient Protection and Affordable Care Act (Federal Healthcare reform).

What is the Health Insurance Marketplace?

The Marketplace is designed to help you find health insurance that meets your needs and fits your budget.  The Marketplace offers “one stop shopping” to find and compare private health insurance options.  You may also be eligible for a new kind of tax credit that lowers your monthly premium right away.  Open Enrollment for health insurance coverage through the Marketplace begins October 1, 2013 for coverage starting as early as January 1, 2014.

Does Employer Health Coverage Affect Eligibility for Premium Savings through the Marketplace?

Yes.  If you have an offer of health coverage from your employer that meets certain standards, you will not be eligible for a tax credit through the Marketplace and may wish to enroll in your employer’s health plan.  However, you may be eligible for a tax credit that lowers your monthly premium, or a reduction in certain cost – sharing if your employer does not offer coverage to you at all or does not offer coverage that meets certain standards.  If the cost of a plan from your employer that would cover you (and not any other members of your family) is more than 9.5% of your household income for the year, or if the coverage your employer provides does not meet the “minimum value” standard set by the Affordable Care Act, you may be eligible for a tax credit¹.

 

Note:  Because the State provides very comprehensive benefits and pays a high percentage of the cost of coverage, the vast majority of State employees who are eligible for NYSHIP coverage will not be able to obtain lower cost coverage under the Marketplace. A customer service representative for The Marketplace can be reached at 1-855-355-5777.

If you purchase a health plan through the Marketplace instead of accepting health coverage offered by your employer, then you may lose the employer contribution (if any) to the employer-offered coverage.  Also, this employer contribution-as well as your employee contribution to employer-offered coverage-is often excluded from income for Federal and State income tax purposes.  Your payments for coverage through the Marketplace are made on an after-tax basis.

How Can I get More Information:

More information about the Marketplace can be found at http://www.nystateofhealth.ny.gov or https://www.healthcare.gov.  NYSHIP's General Information Book provides details of the coverage provided to employees.  It can be access by clicking here.

¹An employer-sponsored health plan meets the “minimum value standard” if the plan’s share of the total allowed benefit costs covered by the plan is no less than 60% of such costs.


TAX-DEFERRED CONTRIBUTIONS - 2014/SUNY VOLUNTARY SAVINGS PLAN

OVERVIEW

Participation in the SUNY Voluntary Savings Plan is a great way to build your retirement savings and reduce current taxes. The Tax-Deferred Plans available to enrollees 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. Based on the IRS 403(b) regulations, an annual notice is required to be provided to all current employees eligible to participate in the SUNY tax-deferred voluntary retirement savings plan to satisfy the "Universal Availability" rule. This notice can be viewed HERE.

The following information will inform and/or assist you with:

  • how to cancel or change your current contribution,
  • continue to participate at your current contribution amount, or
  • enroll into a SUNY Voluntary Savings Program (supplemental tax-deferred annuity 403(b) or 457 plan)
  • 2012 Retirement Plan Limits

ELIGIBILITY

All employees who receive compensation reportable on an IRS Form W-2 are eligible to participate in the plan. Employees who are not currently enrolled in a Voluntary Savings Plan should review 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.

HOW MUCH CAN I CONTRIBUTE - 2014 RETIREMENT PLAN LIMITS

  • Employees may contribute up to $17,500 tax-deferred in 2014
  • Employees who are age 50 and older may contribute an additional "catch-up" contribution of $5500, up to $23,000
  • Employees who have at least 15 years of full-time service may also contribute an additional $3000 per year ($15,000 lifetime), up to $20,500
NOTE:  To determine if you are eligible for any "catch-up" provisions, you must obtain a calculation from your Investment Plan Provider indicating that you are eligible to defer the additional amount.  You must send the calculation along with a new Salary Reduction Agreement indicating the annual amount to be contributed to the Payroll Services office in Doty 318.  You are responsible for ensuring that the amount of your contributions will not exceed your maximum allowance for the calendar year. 

Please be advised that all state employees are eligible to enroll in both a tax-deferred annuity and the New York State Deferred Compensation (NYSDCP) and contribute up to the limits outlined above.  You can contribute to both plans 4039b) and 457 in calendar year 2014 concurrently.

WHAT DO I NEED TO DO?

CANCEL OR CHANGE YOUR CONTRIBUTION

  • Complete and sign the Salary Reduction Agreement form and return this form to the Payroll Services office.
CONTINUE TO PARTICIPATE
  • If you are eligible for catch up provisions mentioned above and wish to contribute more than $17,500 for the 2014 year, you MUST complete a new Salary Reduction Agreement. Employees who wish to make this change for the first check in 2014 must have the Salary Reduction Agreement to the Payroll Services office by Friday, December 6, 2013. If we do not receive this form increasing your contributions, the Office of the State Comptroller will set your  limits back to the IRS 2014 Plan limit of $17,500. 

    If you have contributed more than the IRS limits in the past, you still MUST submit a new Salary Reduction Agreement form increasing your contributions higher than the $17,500 2014 plan year limits.
ENROLL
  • Open a new account with an approved investment provider: AUTHORIZED INVESTMENT PLAN PROVIDERS - CLICK HERE  Complete necessary forms with the provider.
  • Complete and sign a new Salary Reduction Agreement form; return this form to Payroll Services, Doty 318.