The IRS has announced the cost-of-living adjustments (COLAs) affecting the dollar limits for retirement plans and other retirement-related items for the 2021 tax year.
The 2021 plan contribution changes apply to all SUNY 403(b) Voluntary Retirement Programs and to the New York State Deferred Compensation Plan.
Resources for the SUNY Voluntary 403(b) Programs
The SUNY Voluntary 403(b) Retirement Program providers include TIAA, Voya, Valic and Fidelity.
Plan participants may make changes to their plan contributions at any time by going to the SUNY Retirement@Work website.
Resources for the New York State Deferred Compensation Plan (NYSDCP)
The NYSDCP (457) enables employees to contribute to a retirement account on both a pre-tax (Traditional) and post-tax (Roth) basis through payroll deduction.
You can use this link to enroll or change your enrollment in the NYS Deferred Compensation Plan or call (800) 422-8463 for more information.
SUNY New Paltz employees are eligible to participate in the SUNY Tax-Deferred Retirement Savings Program or the New York State Deferred Compensation Plan, or both. These programs allow you to invest money that is deducted from your paychecks on a pre-tax basis to add to your post-retirement income.