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Human Resources and Affirmative Action

Voluntary Retirement Savings Programs

SUNY New Paltz employees are eligible to participate in the SUNY Voluntary Savings Program (authorized under section 403 (b)(1) of the IRS code) or the NYS Deferred Compensation Plan (authorized under section 457 of the IRS code), 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. Federal and state taxes are deferred until the money is withdrawn upon retirement or separation from service, allowing for even greater savings through tax-deferred growth. Employees may contribute any amount to each type of program within IRS limits, which are as follows for 2014:

SUNY Tax-Deferred Retirement Savings Program:

Under age 50: $17,500

Age 50 or over by Dec. 31, 2014: $23,000

Employees with at least 15 years of SUNY service may be eligible to contribute an additional amount not to exceed $3,000 per year (lifetime maximum $15,000) in addition to the amounts listed above. Your investment provider options vary according to your bargaining unit. View the pamphlet for more details, or visit the SUNY Benefits website and click on "Voluntary Savings Plans" To enroll in the SUNY Tax-Deferred Retirement Savings Program or if you would like more information, please contact the Benefits Office at x3169. If you already have a SUNY Tax-Deferred Retirement Savings account, and you would like to change the amount of your contributions, a Salary Reduction Agreement must be filed with the Benefits Office in Human Resources (HAB 203).

NYS Deferred Compensation Plan (NYSDCP)

Under age 50: $17,500

Age 50 or over by Dec. 31, 2014: $23,000

Employees may be eligible to contribute up to twice the “under age 50” amount in each of the last three years before normal retirement age, for a combined total of up to $35,000. Certain contributions and/or distributions from these plans may have additional tax benefits. Please refer to NYS Tax or IRS guidelines. For more information on enrolling in the NYS Deferred Compensation Plan, or to change your deferral amount, call the NYSDCP helpline at (800) 422-8463 or visit the New York State Deferred Compensation Plan Web site.

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