Today's MessagePosted: Wednesday, September 5, 2018
Changes to the 403(b) Voluntary Savings Plan
Effective September 4, 2018, a Roth option (after-tax) will be added to the 403(b) Voluntary Savings Plan.
The new Roth option will give you the opportunity for a payroll deduction on an after-tax basis with the potential to withdraw earnings on a tax-free basis in retirement. More information is available on the SUNY Benefits website at www.suny.edu/benefits or you can pick up an informational flyer in the Benefits Office (Cleveland Hall 410).
Highlights of the Roth 403(b):
- Money invested in the Roth option is taxed when it is deducted from your paycheck.
- You will be allowed to split your 403(b) contributions between the after-tax (Roth) and pretax (traditional) options.
- Earnings are income tax free upon qualified distribution, which you can receive once you are separated from service, are at least age 59½, and it has been at least five taxable years since the initial Roth deposit.
- Roth investments can also be made by transferring all or a portion of your traditional pretax voluntary 403(b) contributions, as an “in-plan conversion.”
- The same investment options are available for both the traditional (pretax) and the Roth (after-tax) account balances under the 403(b) Voluntary Savings Plan.
- Please note: Loans are not permitted from the Roth 403(b).
To enroll or make changes to your current account go to www.retirementatwork.org/suny. If you would like to meet with a financial adviser, you can find our campus representatives at https://hr.buffalostate.edu/orp-one-one-consultations.
Tuesday, September 11, 2018
Thursday, September 20, 2018