Retirement Options

Financial Education Web Seminars

Most people know that they should be saving now for their own retirement and life's other financial goals. But can you get the financial education that will enable you to plan wisely?

TIAA-CREF's new Financial Education Web Seminars can help provide answers. These online, interactive tutorials, narrated by TIAA-CREF'S consultants, can be viewed at your convenience and cover numerous financial topics to help a wide range of individuals – from younger people just starting out to those nearing retirement. Available for both Statutory and Non Statutory employees.

Non Statutory Employees (TIAA)

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.

Non Statutory Employees Supplemental Retirement Account

How to open a Supplemental Retirement Account (SRA)

  1. First you have to decide how much money you want to set aside.
  2. 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 Kim Wyant in Human Resources.

How to process changes to your Supplemental Account Online

  1. Log in to TIAA
  2. Click Ready to Enroll
  3. Select Alfred University Tax Deferred Annuity Plan
  4. Ensure you have turned your paper form into Kim Wyant for processing
  5. Click Begin Enrollment
  6. Log in to your existing account
  7. Enroll in this plan
  8. Choose your investments (remember these can be changed from your account dashboard at any time)
  9. Confirm beneficiaries
  10. Read and accept changes

Statutory (NYS College of Ceramics) Employees

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 9% of the first $16,500 of salary per calendar year, and 12% of all salary above $16,500
Tier 4 September 1, 1983- July 16, 1992 9% of the first $16,500 of salary per calendar year, and 12% of all salary above $16,500
Tier 5 July 17, 1992- March 31, 2012 8% of salary for the first seven years of service, and 10% thereafter
Tier 6 April 1, 2012 and after 8% of salary for the first seven years of service, and 10% thereafter

Statutory (NYSCC) Employees Supplemental Retirement Account

How to open an Optional SUNY Tax Deferred Annuity Plan

  1. First you have to decide how much money you want to set aside.
  2. 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 contact, Kayleigh Misner, HR Generalist, to set up your appointment to enroll in either a pre-tax or post-tax SRA account.

How to process changes to your Supplemental Account Online

  1. Log in to TIAA
  2. Click Ready to Enroll
  3. Select Alfred University, NYS College of Ceramics
  4. Enroll Now
  5. Log in to your existing account or register
  6. Enroll in a TDA plan
  7. In the search box type: SUNY COLLEGE OF CERAMICS@ALFRED
  8. Get started
  9. Manage Elections
  10. Choose amount of contribution (choose dollar amount, not percentage) and (choose Pre-Tax or Roth)
  11. Choose effective date
  12. Choose your investment provider
  13. Confirm elections