IRS announces cost-of-living adjustments affecting contribution limits for voluntary savings plans

The IRS has announced the cost-of-living adjustments (COLAs) affecting the dollar limits for retirement plans and other retirement-related items for the 2022 tax year.

For 2022, the Voluntary Savings Plans contribution limits for those under 50 years of age is $20,500. If you are age 50 or older anytime in 2022, you can contribute an additional $6,500, for a maximum of $27,000.

The 2022 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.

Please see the 2022 Universal Availability Notice for more information, and send questions to benefits@newpaltz.edu.