Voluntary Retirement Plans

FIT offers two voluntary retirement plans: the SUNY Voluntary 403(b) Savings Plan and the New York State Deferred Compensation 457(b) Plan (NYSDCP).  NYSDCP is not available to FIT Student Housing employees. These two plans are defined contribution plans consisting of employee contributions only (FIT does not contribute to these two plans). You may choose to enroll in one or both plans at any time, and contribution changes may be made at any time.  Your elected contribution(s) are taken from each paycheck you receive.  For information on the differences between the two plans, please review the 403(b) vs 457(b) Comparison Chart (.pdf).

NEW January 1, 2026 - IRS Tax Changes for Certain High Earners
The standard retirement plan contribution limit is capped at $24,500 for participants:

• Whose FIT/SUNY FICA earnings were $150,000 or more in 2025, and
• Who are making age-based “catch-up” contributions (turning age 50 or older in 2026) to the SUNY Voluntary 403(b) Savings Plan (SUNY 403(b) Plan) and the New York State Deferred Compensation 457(b) Plan (NYSDCP 457(b) Plan)

If you meet the criteria above and you reach $24,500 in contributions in 2026 (regardless of whether they are made pre-tax, post-tax, or a combination of both), age-based catch-up contributions must be made on a post-tax “Roth” basis. These contributions will be taxed at the time they are taken from your pay. You may be able to withdraw your Roth contributions and earnings tax-free if you meet IRS requirements for a qualified distribution.

 The SUNY 403(b) Plan and the NYSDCP 457(b) Plan both currently offer Roth options:

• If you contribute to the SUNY 403(b) Plan and are impacted by the tax change, once your 2026 contributions exceed the standard pre-tax allowable contribution limit, additional catch-up contributions will become taxable and will be directed into the Roth option maintained by the plan. Please see the information below for instructions on how to begin, change, or discontinue contributions to this plan. 
• If you contribute to the NYSDCP 457(b) Plan and are impacted by the tax change, contributions will cease at the standard maximum contribution limit unless you have made an election with NYSDCP to contribute on a Roth basis. Please see the information below for instructions on how to begin, change, or discontinue contributions to this plan.

SUNY Voluntary 403(b) Savings Plan

The SUNY Voluntary 403(b) Savings Plan is a retirement plan that allows you to set aside a portion of your salary to save for retirement. You may begin participation in this plan at any time, and contribution changes may also be made at any time.  Your benefit upon retirement depends on the amount contributed, the performance of your investments, and the balance in your account at that time.

There are two options available: the Traditional Pre-Tax Plan Option and the Roth After-Tax Plan Option. You may contribute to one or both plan options simultaneously.

• You may contribute a flat-dollar amount or a whole percentage amount from each paycheck to either plan option.
• You may contribute up to the current IRS annual contribution limits:
  • Employees under age 50: $24,500
  • Employees turning age 50 and over ("catch-up contributions"): $32,500
    • Employees age 60 who will not reach age 64 by 12/31/2026; may contribute $11,250 in "catch-up contributions" for a total annual maximum contribution of $35,750.
• If you contribute to both the pre-tax and after-tax plan options, your combined annual contribution may not exceed these annual limits.
• The allowable contribution is over and above any amount you contribute to the NYSDCP 457(b) Plan described below.

You select where to invest your contributions from the various investment providers and investment fund options approved by SUNY.

You have the option of directing your contributions to a variety of SUNY-approved investment funds offered by one or more of the following authorized investment providers:

• TIAA
• Fidelity Investments
• Corebridge Financial
• VOYA Financial

Representatives from each investment provider are available on campus and virtually throughout the year for individual meetings. Please view the current Retirement Counseling Schedules for more information.

Traditional Pre-Tax Plan Option

• Contributions are deducted from each paycheck that you receive and are not subject to Federal, New York State, and local income taxes, but are subject to FICA and Medicare taxes.
• Distributions may be taken with no early withdrawal penalty on or after reaching age 59 ½ while you are still employed, due to a disability, or if you are separated from service and at least age 55.
• Distributions are generally taxed as ordinary income.

Roth After-Tax Plan Option

• Contributions are deducted from each paycheck that you receive on an after-tax basis. That means the contributions are subject to Federal, New York State, and local income taxes, FICA, and Medicare taxes at that time. (Your taxable income will not be reduced.)
• Distributions may be taken with no early withdrawal penalty on or after reaching age 59 ½ while you are still employed, due to a disability, or if you are separated from service and at least age 55.
• Distributions are not subject to taxation if:
  • You are age 59 ½ or if you are disabled, and
  • At least five years have passed since your first Roth contribution was made to the plan. (Counted from January 1 of the year you made your first Roth contribution.)
    
    

How to Enroll or Make Changes to Your Contribution Amount, Investment Provider(s), and/or Investment Fund Selections

You must register and enroll through Retirement@Work.  Please refer to the Enroll in the SUNY Voluntary 403(b) Savings Plan Guide (.pdf) to enroll, make contribution changes, or change your investment provider(s) at any time. You may change your investment fund selections and beneficiary designation at any time by logging into your online account(s) with your selected investment provider(s).

For additional assistance, you may contact a Retirement@Work representative at (866) 271-0960 or a FIT Benefits Representative at (212) 217-3670 or at [email protected].

New York State Deferred Compensation Plan (NYSDCP)

In addition to the SUNY Voluntary 403(b) Savings Plan described above, the New York State Deferred Compensation 457(b) Plan (NYSDCP) is also a retirement plan option available to you. The NYSDCP is a 457(b) retirement plan available to New York State public employees only, (not available to FIT Student Housing employees), which also allows you to set aside a portion of your salary to save for retirement. 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 investments, and the balance in your account at that time. To consult with an NYSDCP account executive, please call (800) 422-8463.

There are two options available: the Traditional Pre-Tax Plan Option and the Roth After-Tax Plan Option. You may contribute to either plan option simultaneously.

• You may contribute a flat-dollar amount (minimum $10 per paycheck) or a whole percentage from each paycheck to either plan option.
• You may contribute up to the current IRS annual contribution limits:
  • Employees under age 50: $24,500
  • Employees turning age 50 and over ("catch-up contributions"): $32,500 for employees turning age 50 and over in the current calendar year.
    • Employees age 60 who will not reach age 64 by 12/31/2026; may contribute an additional $11,250 in "catch-up contributions" for a total annual maximum contribution of $35,750
• If you contribute to both the pre-tax and after-tax plan options, your combined annual contribution may not exceed these annual limits.
• The allowable contribution is over and above any amount you contribute to the SUNY Voluntary 403(b) Savings Program described previously.
• You select where to invest your contributions from the various investment providers and investment fund options approved by the New York State Deferred Compensation Board.

Traditional Pre-Tax Plan Option

• Contributions are deducted from each paycheck that you receive and are not subject to Federal, New York State, and local income taxes but are subject to FICA and Medicare taxes.
• Upon separation from service, distributions may be taken with no early withdrawal penalty; however, funds rolled into or out of the plan may be subject to an early withdrawal penalty.
• Distributions are generally taxed as ordinary income.

Roth After-Tax Plan Option

• Contributions are deducted from each paycheck you receive on an after-tax basis. That means the contributions are subject to Federal, New York State, and local income taxes, FICA, and Medicare taxes at that time. (Your taxable income will not be not reduced.)
• Early withdrawal penalties do not apply to this plan option.
• Distributions are not subject to taxation if:
  • You have separated from service, and
  • At least five years have passed since your first Roth contribution was made to the plan. (Counted from January 1 of the year you made your first Roth contribution.)

How to Enroll and Make Future Contribution and Investment Changes

You may complete your initial enrollment through NYSDCP (FIT's Local Plan ID number is 212023).  Once you are enrolled, you may change your NYSDCP 457(b) Plan contributions and/or your investment selections at any time by logging into your NYSDCP account.  If you are eligible for the Age-Based Catch-up (.pdf) and want to contribute the higher limit, please provide the completed form to NYSDCP for approval and contact them to confirm receipt and approval status.

For additional information on this plan, please visit NYSDCP or call the NYSDCP HELPLINE at (800) 422-8463.