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. 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 2024 have been released. The new annual
maximums are $23,000 and $30,500 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 $23,000 will need to be reentered in Retirement at Work for the 2024 plan year. Failure to do so will stop contributions once they have reached the maximum
of $23,000.
Additional information on the 2024 SUNY Universal Availability Notice, which provides
information on the 403(b) plans available to SUNY employees, can be found on the following
link: 2024 Universal Availability Notice.
Office of Human Resources
Benefits@farmingdale.edu
