Tax-deferred annuity (TDA) plans 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 often falls within a lower tax bracket.
NOTE: There is no employer contribution made to any of the voluntary savings plans.
Where is my money invested?
The following programs are available to all employees:
- Teachers Insurance Annuity Association-College Retirement Equities Fund (TIAA) 1-800-842-2252 or www.TIAA.org/suny
- Valic Retirement
1-888-569-7055 or www.aigvalic.com
1-800-677-4636 or https://suny.beready2retire.com/
- Fidelity Investments (403(b)(7) Mutual Funds)
1-800--642-7131 or www.netbenefits.com/SUNY
These providers offer a wide choice of funds, including stock, bond and guaranteed funds. You may change your contribution as frequently as you wish.
Click here to visit the SUNY Voluntary Retirement Savings Plan webpage for more information.
Post-Tax 403(b) Option - Roth
Federal and State income taxes apply to the contributions at the time they are made.
Qualified distributions of contributions and earnings are tax-free, which can help you balance against tax rates that increase over time.
Distributions available as noted for pre-tax, but taxes apply to earnings, distributed prior to five taxable years since initial contribution.
Alternate Tax-Deferred Savings
You may also be eligible to participate in the NYS Deferred Compensation Plan. Because such Section 457 plans are set up under a different section of the Internal Revenue Code than SUNY's tax-deferred savings program, the amount you can contribute and rules for withdrawal differ. You may choose whether to participate in the Deferred Compensation Plan, in SUNY's tax-deferred savings program, or both.
For more information or to enroll, contact NYS Deferred Comp at www.nysdcp.com or 1-800-422-8463.
All employees are eligible for this plan.
To participate in these programs OR to change the amount of your contribution:
- 403(b) - You must establish a SUNY Retirement at Work online account - see below:
"How Do I Get Started or Make Changes to Existing 403(b)".
- 457 Plan - NYS Deferred Compensation enrollment and contribution changes are done directly with NYSDC. Our campus representative Dan Kain may be reached via email at email@example.com.
How much can I contribute?
You choose the amount, within certain limits. NOTE: You may simultaneously contribute to both a 403(b) and a 457 Deferred Compensation plan.
Limit if under age 50
2016 - $18,000
2017 - $18,000
2018 - $18,500
2019 - $19,000
Limit if age 50 or over (by 12/31)
2016 - $24,000
2017 - $24,000
2018 - $24,500
2019 - $25,000
This plan is set up under Section 403(b) of the Internal Revenue Code. If you contribute to a 403(b) or 401(k) plan through another employer, the limit applies to all contributions combined. Contributions to a 457 (deferred compensation) plan do not affect contributions to this program.
How do I get started or make changes to my existing 403(b) contribution?
To process a new 403(b) enrollment or change an existing bi-weekly 403(b) contribution amount, employees must register on the SUNY Retirement at Work website to process your request.
Our campus is listed as SUNY at Binghamton.
The following Retirement@Work resource guides are available to assist you with initial registration and making contribution changes:
- Tax Deferred Annuity (TDA) Enrollment Instruction Guide
- Making Tax Deferred Annuity (TDA) Account Changes Instruction Guide
How do I know which voluntary retirement savings plan to choose?
Click here for a summary on the key features and differences between a SUNY 403(b) Tax Deferred Annuity vs. the 457(b) NYS Deferred Compensation Plan. Keep in mind you may make contributions to both a 403(b) and a 457(b) account.