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.
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.
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.
|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|
No action is required.
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.
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.
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).
If you would like to make a change for the first paycheck in 2021, January 6, 2021:
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.