INFORMATION FOR: PART-TIME EMPLOYEES
FIT offers a number of retirement plan options. You are not required to participate. However, you may elect to do so at any time. Please refer to the information below which includes details on how to enroll.
New York State Teachers' Retirement System (NYSTRS)
Available to instructional staff and a select group of other titles determined by the new york state teachers' retirement system
The Plan through NYSTRS is a defined benefit plan (traditional pension plan). Under this type of plan, retirement pension benefits will depend on the results of a calculation at the time of retirement that takes into account your Final Average Salary, number of years of credited service, and your age at the time of retirement. There is a 10-year vesting period which, once met, means you have a non-forfeitable right to the benefit upon reaching retirement as defined under the terms of the Plan. For membership, benefits, and other plan-related information, please visit www.nystrs.org or call (800) 348-7298.
If you enroll in NYSTRS you are required to make contributions.
The current required employee contribution is based on regular compensation, as follows:
|Wages of $45,000 or less||3%|
|Wages of $45,000.01 to $55,000||3.5%|
|Wages of $55,000.01 to $75,000||4.5%|
|Wages of $75,000.01 to $100,000||5.75%|
|Wages of more than $100,000||6%|
Employee contributions are not subject to federal income tax, but are subject to New York State Income Tax and local taxes.
To enroll in NYSTRS you are required to complete an Application for Membership which must be notarized and submitted to a FIT benefits representative. Membership will begin the first day of employment on or after the notarization date on your completed membership application form. Also, if you were previously a member of NYSTRS or another public retirement system with New York State (excluding the SUNY Optional Retirement Plan) or held a position in which you were eligible for membership, but did not join a retirement system, it may be possible for you to purchase credit for such service and receive prior service credit. You may do so by completing the Prior Service Claim (PRS-2) Form and the Verification of NYS Teaching (PRS-3) Form and submitting the forms to a FIT benefits representative. Please note that receiving credit for prior service does not change your date of membership or your tier, unless it is the result of a membership reinstatement or transfer.
Once you are an enrolled member you should register for a NYSTRS online account.
SUNY Tax-Deferred Annuity Plan
Available to all Part-Time Employees
SUNY’s Tax-Deferred Annuity (TDA) Plan is a defined contribution plan which allows you to set aside a portion of your salary to save for retirement on a tax-deferred basis. You may begin participation in this plan at any time and contribution changes may be made at any time. Your benefit upon retirement depends on the amount contributed, the performance of your account’s investments, and the balance in your account at that time. FIT does not contribute to this plan.
You may contribute any dollar amount or percentage of salary up to the current annual IRS contribution limits of $18,500 for employees under age 50, and $24,500 for employees age 50 and over in the current calendar year. Your elected contributions are taken from each semi-monthly paycheck you receive.
Contributions are not subject to federal or New York State Income Tax.
You have the option of directing your contributions to one or more of the following approved SUNY investment providers:
- Fidelity Investments
- VOYA Financial
Representatives from each investment provider are available on campus throughout the year for individual employee meetings. Please view the current schedule for more information.
How to Enroll
You must register and enroll through Retirement@Work online. Please refer to the "First Time Users" section of the Retirement@Work Account Information Summary. For enrollment assistance, please contact an FIT benefits representative at 212-217-3670.
How to Make Changes to Your Contributions or TDA Investment Provider(s)
You may make contribution amount changes or change your investment provider(s) at any time by logging into Retirement@Work. Follow the instructions in the "Making Deferral Changes" section of the Retirement@Work Information Summary. If you are not registered at Retirement@Work you will need to register in order to make a change (please see the "First Time Users" section of the Retirement@Work Information Summary).
New York State Deferred Compensation Plan (NYSDCP)
All Part-Time Employees
The New York State Deferred Compensation Plan (NYSDCP) is a state-sponsored 457(b) defined contribution plan which allows you to set aside a portion of your salary to save for retirement on a tax-deferred basis. You may begin participation in this plan at any time and contribution changes may be made at any time. Your benefit upon retirement is based on the balance in your account at that time. FIT does not contribute to this plan.
You may contribute a minimum of 1 percent of your compensation, but not less than $10 per paycheck. You may choose to contribute any dollar amount up to the current annual IRS contribution limits of $18,500 for employees under age 50, and $24,500 for employees age 50 and over in the current calendar year. This allowable contribution is over-and-above any amount you choose to contribute to the SUNY Tax-Deferred Annuity (TDA) Plan described previously. Your elected contribution is taken from each semi-monthly paycheck that you receive. Contributions are not subject to federal or New York State Income Tax.
The Plan also offers a Roth 457(b) account option.
You select where to invest your contributions from the various investment firms and fund options selected by the New York State Deferred Compensation Board. Upon separation from service, distributions may be taken prior to age 59½ with no early withdrawal penalty.
How to Enroll
For enrollment information please go to the NYSDCP website, www.nysdcp.com. To obtain an enrollment form, click on the “Enroll” link. On the enrollment application, please enter the Local Plan ID Number as 212023. You do not need to enter a New York State Employee ID number. You may also call NYSDCP at 800-422-8463 for assistance with enrollment. To make changes after enrolling you will need to contact NYSDCP.