SUNY Voluntary Retirement Savings Plan

The amount employees may contribute to the SUNY Voluntary Retirement Savings Plan in 2024 is $23,000. Employees who are or will be 50 years of age in the 2024 calendar year may contribute an additional $7,500.

SUNY Voluntary Retirement Savings Plan:

All employees are eligible to participate in a SUNY Voluntary Retirement Savings Plan. A full description of the plans 403(b), Roth 403(b), NYS Deferred Compensation Plan (457), 2024 Universal Availability Notice and investment providers can be found online.

Whether you want to enroll in the plan for the first time, or you are currently enrolled but wish to change the amount of your deferral, log into the retirement and enrollment management system, Retirement@work.

The amount employees may contribute to the SUNY Voluntary Retirement Savings Plan in 2024 is $23,000. Employees who are or will be 50 years of age in the 2024 calendar year may contribute an additional $7,500.

The guidelines are as follows:

Age

Under 50

Over 50

2024 contribution

$23,000

$23,000

Additional Contributions Allowed

N/A

$7,500

Individuals have one limit for contributions to all 403(b) plans, so if you are also a participant in a 403(b)/Roth 403(b) plan of another employer, your combined contributions to that plan and to the SUNY Voluntary Savings Plan in 2024 are generally limited to $23,000.  If you do participate in more than one 403(b)/Roth 403(b) plan, you are responsible for tracking and reporting the amount of all 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.

To make a change for the first paycheck in 2024, submit changes through Retirement@work no later than December 20, 2023.

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Contact:

Michelle DeMonte (mdemonte@brockport.edu)

Posted: December 08, 2023