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State Employees Update 2022 Voluntary Retirement Plans
Published December 3, 2021
State employees can create, change or cancel payroll contributions for voluntary retirement savings plan(s) for 2022. The IRS has announced that the maximum calendar year contribution limits have increased for 2022.
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 2022
For 2021, you may contribute up to $20,500 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 $41,000 per year.
If you are age 50 or older any time during 2022, you can contribute an additional $6,500 to either type of plan, for a maximum of $27,000 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) | $20,500 | $27,000 |
| NY State Deferred Compensation Plan 457(b) | $20,500 | $27,000 |
| Total Limit for 2022 Plan Year | $41,000 | $54,000 |
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.
Setting up a new 457(b) account?
You will need the following information:
Employer Name: OSC
Department/Division: 28030
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. (PT).
How to Change Your 403(b) Deduction for the First 2022 Paycheck
If you would like to make a change for the first paycheck in 2022, January 5, 2022:
- You must submit your change through the SUNY Retirement@Work website by midnight, Eastern Time on December 22, 2021
- If entering your change in the system between December 9 and 22, 2021, 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 22, 2021 or use the correct effective date, your change will not take effect in your January 5, 2022 paycheck.
Contact An Expert
State Benefits
Human Resources
Phone: 716-645-7777
Email: ub-hr-benefits@buffalo.edu