2025 Retirement Contribution Maximums & Universal Availability Announcement
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.
The IRS Retirement Plan maximum contribution limits for 2025 have been released. The
new annual maximums for employees during the 2025 plan year are:
- Under age 50: standard annual contribution limit up to: $23,500
- Age 50 or older: can contribute an additional $7,500 from the standard annual contribution limit,
for a maximum of: $31,000
- Effective January 2025, Individuals Age 60-63 (age at the end of the calendar year): can contribute an additional $11,250 from the standard annual contribution limit,
for a maximum of: $34,750
- Age 64 and older: See Age 50 or older contribution limits.
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 $23,500 will need to be reentered
in Retirement at Work for the 2025 plan year. Failure to do so will stop contributions once they have reached
the maximum of $23,500.
Additional information on the 2025 SUNY Universal Availability Notice, which provides
information on the 403(b) plans available to SUNY employees, can be found on the following
link: 2025 Universal Availability Notice.
Office of Human Resources
Benefits@farmingdale.edu
