Voluntary Retirement Programs

Information for: Full-Time Employees and Part-Time Employees

FIT offers two voluntary retirement plans: the SUNY Voluntary 403(b) Savings Plan and the New York State Deferred Compensation Plan (NYSDCP)*. These are defined contribution plans consisting of employee contributions only; FIT does not contribute to these plans. You may choose to enroll in one or both plans. Your elected contribution(s) are taken from each paycheck you receive. For information on the differences between the two plans, please view the comparison information (pdf).

SUNY Voluntary 403(b) Savings Plan

SUNY’s 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 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.

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 of $23,000 for employees under age 50 and $30,500 for employees aged 50 and over in the current calendar year. If you contribute to both the pre-tax and after-tax plan options, the combined annual contribution to both plan options may not exceed these annual limits.
The allowable contribution is over and above any amount you contribute to the New York State Deferred Compensation 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 on campus throughout the year for individual employee meetings. Please view the current schedule for more information.

Traditional Pre-Tax Plan Option

Contributions are deducted from each paycheck that you receive and are not subject to Federal Income Tax, New York State Income Tax, 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 Income Tax, New York State Income Tax, local income taxes, FICA, and Medicare taxes at that time. (Your taxable income is not 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 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 at any time by logging into your online account(s) with your selected investment provider(s).

For additional assistance, please contact a Retirement@Work representative at (866) 271-0960 or a FIT Benefits Representative at (212) 217-3670 or via email 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 Plan (NYSDCP) may also be a retirement plan option available to you. The NYSDCP is a 457(b) retirement plan available to New York State public employees only, which 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 one or both plan options.

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 of $23,000 for employees under age 50 and $30,500 for employees aged 50 and over in the current calendar year. If you contribute to both the pre-tax and after-tax plan options, the combined annual contribution to both plan options may not exceed these annual limits.
The allowable contribution is over and above any amount you contribute to the SUNY Voluntary 403(b) Savings Plan 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 Income Tax, New York State Income Tax, 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 Income Tax, New York State Income Tax, local income taxes, FICA and Medicare taxes at that time. (Your taxable income is 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 the January 1 of the year you made your first contribution.)

How to Enroll and Make Future Contribution and Investment Changes

Your initial enrollment may be completed online (FIT's Local Plan ID number is 212023). Once you are enrolled, you may change your New York State Deferred Compensation Plan contributions and/or your investment selections at any time by logging into your account at nysdcp.com. If you are eligible for the Age 50+ Catch-up Contributions (.pdf) and wish to contribute the higher limit you must be approved by NYSDCP. The form must be sent directly to NYSDCP. You must contact NYSDCP to verify approval to participate in the Age 50+ Catch-up Contribution.

For additional information on this plan, please refer to the NYSDCP website nysdcp.com, or call the NYSDCP HELPLINE at (800) 422-8463.

* The New York State Deferred Compensation Plan (NYSDCP) is not available to FIT Student Housing employees.