Retirement Options

Eligibility

Employees who work a minimum of 1,000 hours during the calendar year as defined by the plan document. TIAA is the plan sponsor.

Mandatory Contribution Rates for Eligible Salaried Employees

The Retirement Plan calls for a 5% contribution of base salary by the employee through payroll reduction. At the same time, the University contributes 7% of base salary. Participation in this program is mandatory for all regular eligible employees.

Mandatory Contribution Rates for Eligible Hourly Employees:

The Retirement Plan calls for a 3% contribution of base salary by the employee through payroll reduction. At the same time, the University contributes 7% of base salary. Participation in this program is mandatory for all regular eligible employees.

How to open a Supplemental Retirement Account (SRA)

First you have to decide how much money you want to set aside.
Secondly you have to decide if you want that money to be a Pre-Tax or Post-Tax deduction.

Pre-tax contribution is the amount of deductions you make from your bi-weekly gross wage into your 403b retirement savings account, BEFORE taxes have been deducted. By making pre-tax contributions, you are lowering your current taxable income.

Post-Tax contribution is the amount of deductions you make from your bi-weekly gross wage into your 403b retirement savings account, AFTER taxes have been deducted. By making post-tax contributions, you do not have to pay tax on withdrawals because you’ve already paid taxes.

With this type of account we are able to process your contribution as a flat dollar amount, not a percentage. If you wish to open a new account you should fill out the form and return to the general HR email.

Eligibility: Participation is mandatory for full time employees, participation is optional for part time/temporary employees

Hourly Employees- Employees' Retirement System (ERS)-New York State and Local Retirement System

Salaried Employees- Optional Retirement Program or Employees' Retirement System

**Mandatory Contribution Rates for both Hourly and Salaried Employees**
Annual Wage	Contribution Rate
Up to $45,000	3.00%
$45,000.01 to $55,000	3.5%
$55,000.01 to $75,000	4.50%
$75,000.01 to $100,000	5.75%
Over $100,000	6.00%

**Optional Retirement Program (ORP)- AIG, Fidelity, TIAA, and/or Voya**
Tier	Dates	Employer Contribution
Tier 1	Membership prior to July 1, 1973	12% of the first $16,500 of salary per calendar year and 15% of all salary above 16,500
Tier 2	July 1, 1973- July 26, 1976	12% of the first $16,500 of salary per calendar year, and 15% of all salary above $16,500
Tier 3	July 27, 1976- August 31, 1983	12% of the first $16,500 of salary per calendar year, and 15% of all salary above $16,500
Tier 4	September 1, 1983- July 16, 1992	12% of the first $16,500 of salary per calendar year, and 15% of all salary above $16,500
Tier 5	July 17, 1992- March 31, 2012	8% of salary for the first seven years of service, then 10% for years eight, nine, and ten, then 13% thereafter
Tier 6	April 1, 2012 and after	8% of salary for the first seven years of service, and 10% thereafter

How to open an Optional SUNY Tax Deferred Annuity Plan

First you have to decide how much money you want to set aside.
Secondly you have to decide if you want that money to be a Pre-Tax or Post-Tax deduction.