The University at Buffalo is proud to offer an excellent retirement plan option as a part of your benefits package. Human Resources is here to answer any questions you may have regarding your options.
ERS is a defined benefit plan that provides a fixed, lifetime monthly income at retirement. Your benefit amount is calcuated based on age, years of service and final average salary.
Vesting is the service period required to become eligible for a benefit at retirement. ERS requires a 10-year full time service credit vesting period.
You will contribute to the pension for the duration of employment based on your salary.
|Annual Salary||Employee Contribution|
|$45,000.00 or less||3.00%|
|$45,000.01 - $55,000.00
|$55,000.01 - $75,000.00
|$75,000.01 - $100,000.00||5.75%
|$100,000.01 or more||6.00%|
Full-time employees must enroll in a plan no later than 30 days from their appointment begin date. Enrolling past this deadline may affect retirement benefits. Part-time employees can enroll at any time.
Become familiar with your retirement account and manage it personally.
Retirement Online is a secure area where you can access and
manage your personal retirement information.
Contact ERS at 866-805-0990 or write to:
Tier Reinstatement Unit
110 State Street
Albany, NY 12244.
You cannot change your contributions per plan guidelines. For more information, refer to your plan benefits.
If you are interested in additional retirement savings, you can establish a separate voluntary retirement savings plan (link to voluntary retirement plans information) account.
In addition to your retirement plan, you have the opportunity to
save extra money for retirement through voluntary retirement plan
options. You can establish your voluntary plan at any time and can
change your contributions to adjust your needs. There are no
employer contributions for voluntary retirement plans.
Age 49 and Under
Age 50 and over
|403(b) Supplemental Retirement Annuity||$18,000||$24,000|
|457(b) New York State Deferred Compensation
|Total Limit for Plan Year
You may choose to enroll in one or both plan options available.
Making contributions to one plan does not affect the other
Contribute a flat dollar amount pre-tax each paycheck. There is
no penalty for withdrawals from your account if you have separated
from state service at age 55 or older or if you are still working
and are 59 1/2 or older.
This plan is set up under Section 403(b) of the Internal Revenue Code. If, through another employer, you contribute to a 403(b) or 401(k) plan, annual contribution limitations apply to all contributions combined. Contributions to a 457(b) plan do not affect contributions to this program.
Contribute a percentage of each paycheck pre or after-tax. Once
separated from state service, there is no penalty for withdrawals
from your account, regardless of age.
|Approved Vendor||Vendor Representative|
Brent Peterson, CRPC
Anne Anderson, CHFC, CLU, CRPC
Thomas Domin, CFP
Gary Witten, CFP