November 4, 2022

To Faculty and Staff:

The State University of New York (“SUNY”) provides employees with the opportunity to save for their retirement through the SUNY Voluntary 403(b) Savings Plan (the “Plan”). Participation in the SUNY Voluntary Savings Plan is a great way to build your retirement savings through pre-tax and/or post-tax payroll deduction contributions. Whether you want to enroll in the plan for the first time, or you are already enrolled but wish to change the amount of your deferral, you can do so through the SUNY online enrollment and management system at www.retirementatwork.org/suny.

The IRS Retirement Plan contribution limits for 2023 have been released. The new annual maximums are $22,500 and $30,000 for those employees who are age 50 and over during the plan year.

Please be sure to visit Retirement at Work to view your elections and make any updates to your contribution amounts.

Any contribution amount above the new IRS maximum of $22,500 will need to be reentered in Retirement at Work for the 2023 plan year. Failure to do so will stop contributions once they have reached the maximum of $22,500.

Additional information on the 2023 SUNY Universal Availability Notice, which provides information on the 403(b) plans available to SUNY employees, can be found on the following link: 2023 Universal Availability Notice.

Office of Human Resources
Benefits@farmingdale.edu