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West Campus, Health Sciences, and School of Medicine

 

SUNY VOLUNTARY SAVINGS PLANS - 2022

AUDIENCE: All State Employees
SUBJECT(S): 2022 Voluntary Savings Plans
DATE: 12/08/2021

 

2022 SUNY Voluntary Savings Plan

The State University of New York provides employees with the opportunity to save for their retirement through the  SUNY Voluntary 403(b) Plan  and the  NYS Deferred Compensation Plan .

Participating in a voluntary savings plan is a great way to build your retirement savings and allows for retirement savings on a pre- and post-tax basis.

For 2022, you may contribute up to  $20,500  per year to either a 403(b) or a 457(b) account, or to each. 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 year. Because 403(b) and 457(b) plans are governed by different sections of IRS Code, employees may contribute to  both plans  concurrently.

2022 SUNY Voluntary Savings Programs 403(b) vs. 457  - This chart provides a summary containing further details about some of the key features and differences between 403(b) and 457(b) plans to help you better decide which one is right for you, if not both.

For more information about these programs or to view the 2022 Universal Availability Notice please visit  www.suny.edu/benefits/vsp.

If you have any questions regarding either of these plans you can call the Benefits Unit at 631-632-6180.