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