State Employees Can Manage 403(b) Contributions and Optional Retirement Program Online

Published October 10, 2017

On November 3, 2017, individuals enrolled in the SUNY 403(b) Voluntary Savings Program and Optional Retirement Program (ORP) will now be able to manage their plans online through a new program called Retirement@Work.

SUNY Introduces Retirement@Work

Action may not be required. See below timeline.

The new SUNY Retirement@Work system allows participants to:

  • Quickly and easily elect and manage salary deferral elections online for the SUNY 403(b) Voluntary Savings Program.
  • Designate investment providers for both the 403(b) and Optional Retirement Program (ORP).
  • Link to vendor websites for approved investment providers to establish new accounts.

Current Participants

403(b) Voluntary Savings Program Participants

Timeline of Events

  • To make a change for the November 1, 2017 paycheck, Salary Reduction Agreement (SRA) forms must be received by Human Resources in 120 Crofts Hall by close of business on Thursday, October 19, 2017.
  • If you would like to submit a change to take effect on a pay date following November 1, you must do so through Retirement@Work.
  • As of November 3, the Retirement@Work site will go live and you will need to register for your account by going to retirementatwork.org/suny so you can manage future changes.
Date Event Description
October 19, 2017 Last day to submit paper SRA forms SRA forms received by close of business in Human Resources will be entered for the November 1 pay date only

October 20, 2017

SRA forms no longer accepted and freeze period for changes begins You will not be able to start, stop or change salary deferrals or investment providers until the Retirement@Work site is live
November 3, 2017 Retirement@Work site goes live Go to retirementatwork.org/suny to set up your account and to make any desired changes

What You Need to Know

If you want your current SRA to remain in place, you do not need to take action. If no action is taken, all current agreements will remain in place.

  • With Retirement@Work, you may only specify a biweekly dollar amount to be deducted.
  • At the beginning of each calendar year, all individuals participating in the 403(b) will have their deferral limit adjusted to the maximum allowed in that calendar year based on their age as determined by the IRS.
  • The IRS has not yet announced the 2018 calendar year limits. Once we receive this information, a separate notice will be sent out to campus.
  • The biweekly deduction you elect will be taken from each paycheck until you reach the calendar year limit or change or stop the deduction through Retirement@Work.
  • It will be the participant’s responsibility to determine and monitor their biweekly deductions. If you elect a deduction amount that is higher than what can be deducted from your paycheck, no deduction will be taken.

Optional Retirement Program (ORP) Participants

Timeline of Events

  • Retirement@Work will allow you to change and manage the investment providers to which your ORP contributions are distributed.
  • Investment provider changes will not be accepted between close of business on October 10 through November 2, 2017.
  • As of November 3, the Retirement@Work site will go live and you will need to register for your account by going to retirementatwork.org/suny so you can manage future changes.
Date Event Description

October 10, 2017

Special transfer services order freeze Investment provider changes cannot be made after 5 pm on October 10 until the Retirement@Work site goes live

November 3, 2017

Retirement@Work site goes live

Go to retirementatwork.org/suny and set up your account

What You Need to Know

  • The main purpose of Retirement@Work for ORP participants is to manage investments by allowing the division of contributions among multiple approved investment providers.
  • Retirement@Work does not allow you to change your retirement contributions from your paycheck. Please review the ORP Summary Plan Description to understand how employee and employer contributions are established.

Prospective Participants

All state employees are eligible to participate in a Voluntary SUNY 403(b) account.

To set up a new account, visit retirementatwork.org/suny on or after November 3, 2017.

Need Help? Call 866-271-0960

Specifically trained consultants are ready to help you with enrollment or account changes.

Phone line hours are weekdays, 8 a.m. to 10 p.m. and Saturday 9 a.m. to 6 p.m. (ET).

Contact an Expert

Lissa Jasinowski

Retirement Administrator

State Benefit Services

Phone: (716) 645-4488

Email: lmt22@buffalo.edu

Amy Myszka

Director

Benefits and Work Life Balance

Phone: 716-645-5357

Email: amyszka@buffalo.edu