State Employees Update 2021 Voluntary Retirement Plans

hand depositing quarter into piggy bank.

Published November 19, 2020

State employees can create, change or cancel payroll contributions for voluntary retirement savings plan(s) for 2021. The IRS has announced that the maximum calendar year contribution limits have not changed for 2021.

About Voluntary Retirement Saving For State Employees

The State University of New York (SUNY) provides employees with the opportunity to save for their retirement through the SUNY Voluntary 403(b) Tax-Deferred Annuity Program and NYS Deferred Compensation Plan 457(b). All state employees who receive a W-2 from SUNY are eligible to participate in one or both plans.

Maximum Contribution Limits for 2021

For 2021, you may contribute up to $19,500 per year to either a 403(b) or a 457(b) account, or to both.

Because 403(b) and 457(b) plans are governed by different sections of IRS Code, employees may contribute to both plans concurrently, allowing a combined deferral maximum of up to $39,000 per year.

If you are age 50 or older any time during 2021, you can contribute an additional $6,500 to either type of plan, for a maximum of $26,000 per plan, per year.

Plan Contributions
SUNY Voluntary Savings Plan If You Are 49 and Under If You Are 50 or Over
Supplemental Retirement Annuity 403(b)   $19,500 $26,000
NY State Deferred Compensation Plan 457(b) $19,500 $26,000
Total Limit for 2021 Plan Year $39,000 $52,000
Keeping your same contributions?

No action is required.

New York State Deferred Compensation Plan 457(b)

You may enroll in the NYS Deferred Compensation Plan 457(b) at any time. Once enrolled, changes to your contribution or investments may be managed online.

SUNY Voluntary 403(b) Tax-Deferred Annuity Program

Enrollments and changes for the SUNY 403(b) Plan must be made through the SUNY Retirement@Work website and can be done at any time of the year.

Need Help? Call 844-567-9090

Specifically trained consultants for Retirement@Work are ready to help you with enrollment or account changes.

Phone line hours are weekdays, 5 a.m. to 7 p.m. and Saturday 6 a.m. to 3 p.m. (PT).

How to Change Your 403(b) Deduction for the First 2021 Paycheck

If you would like to make a change for the first paycheck in 2021, January 6, 2021:

  • You must submit your change through the SUNY Retirement@Work website by midnight, Eastern Time on December 23, 2020
  • If entering your change in the system between December 10 and 23, 2020, you may select that the change take place in the next available paycheck

If you do not enter your change in Retirement@Work by December 23, 2020 or use the correct effective date, your change will not take effect in your January 6, 2021 paycheck.

Contact An Expert

State Benefits

Human Resources

Phone: 716-645-7777