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State Employees Can Opt to Defer Compensation for Retro Pay Raises
Published June 17, 2021
As delayed pay raises are paid out over the next few months, state employees should keep in mind their option to defer compensation to the SUNY 403(b) and the NYS Deferred Compensation Program if they wish.
Paycheck Dates and Deferral Election Windows
As you may be aware, deferred raises for various state employee groups will be paid in the coming weeks and months. State employees have the ability to defer compensation to the SUNY 403(b) program and/or the NYS Deferred Compensation Program (NYSDCP), ahead of the payment dates. Below is the schedule of upcoming raise payments, along with the respective deferral election windows for the SUNY 403(b) program.
Bargaining Unit | Paycheck Dates | SUNY 403(b) Deferral Election Window |
|---|---|---|
| M/C 06, 46, 66, 78, 79, 98, 96 (SCF), 13 (SUNY) 2020 Salary Increase | 7/21/2021 | 6/24/21 to 7/7/21 |
M/C 06, 46, 66, 78, 79, 96 (SCF) | 7/21/2021 | 6/24/21 to 7/7/21 |
M/C 06, 46, 66, 78, 79, 96 (SCF) | 8/4/2021 | 7/8/21 to 7/21/21 |
UUP 2020 Salary Increase | 8/4/2021 | 7/8/21 to 7/21/21 |
UUP 2021 Salary Increase | 8/18/2021 | 7/22/21 to 8/4/21 |
| 9/15/2021 | 8/19/21 to 9/1/21 | |
| 9/29/2021 | 9/2/21 to 9/15/21 |
IRS regulations state that compensation paid after severance from employment generally does not qualify for deferral to a 403(b) unless the amount is paid within 2½ months after the severance from employment date or, if later, by the last day of the year in which the severance occurs. For purposes of this rule, the last day of service is considered to be the employment severance date.
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.
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).
Contact An Expert
State Benefits
Human Resources
Phone: 716-645-7777
Email: ub-hr-benefits@buffalo.edu