News

Dan Kain from NYS Deferred Compensation will be hosting Retirement and Enrollment webinars in September. Please use the links below to register.

Enrollment Webinars:  You will learn about Deferred Compensation and how it can help you save for retirement as well as how to enroll

Tuesday, September 21, 2021 10:00 am
https://nationwidepcsales.webex.com/nationwidepcsales/onstage/g.php?MTID=e828fad4a9b610c6efdc4e41c51cdac47

Tuesday, September 21, 2021 12:00 pm
https://nationwidepcsales.webex.com/nationwidepcsales/onstage/g.php?MTID=ed5863ad466a982eb6f447a783f861c3

Wednesday, September 29, 2021 12:00 pm
https://nationwidepcsales.webex.com/nationwidepcsales/onstage/g.php?MTID=ecc274b89b484a202720c7f3d66f9f0c3

Pre-Retirement Webinars: Review of how to calculate your NYS Pension, how and when to withdraw Deferred Compensation Funds, the taxes involved with doing so and much more

Monday, September 20, 2021 12:00 pm
https://nationwidepcsales.webex.com/nationwidepcsales/onstage/g.php?MTID=e6b3b855c914010c37f31ad966d88c606

Thursday, September 30, 2021 10:00 am
https://nationwidepcsales.webex.com/nationwidepcsales/onstage/g.php?MTID=e23a30ca5de00fbae414bfb478dd5bbd7

On August 25 at 12 pm, Fidelity invites employees to attend a free virtual workshop discussing how to Maximize Social Security in Your Retirement Strategy.  Learn about strategies for claiming your social security benefit and how it fits with other income sources to create your retirement paycheck.

You may also schedule a consultation with Fidelity campus representative Ken Woods.

Click here to reserve a spot in the workshop or to schedule a retirement planning consultation with Ken.

Brendan Dunuwila from VOYA will be on campus monthly this fall to meet in person with employees on the following dates:

• Wednesday, September 15
• Wednesday, October 13
• Wednesday, November 17
• Wednesday, December 15

This is a convenient opportunity to check on the status of your existing VOYA account, or begin a new Voluntary Savings 403(b) Plan.  Brendan can answer your questions regarding planning, budgeting and meeting your savings goals, managing your investments as well as calculating contributions to meet your retirement needs.

To schedule an in-person or zoom meeting with Brendan, please use this link or call Brendan's office at 315-446-0100.

Taylor Jaquays from AIG will be on campus monthly this fall in UU room 123 to meet in person with employees on the following dates:

• Tuesday, September 7
• Wednesday, October 6
• Thursday, November 4
• Wednesday, December 8

This is a convenient opportunity to check on the status of your existing AIG account, or begin a new Voluntary Savings 403(b) Plan.  Taylor can answer your questions regarding planning, budgeting and meeting your savings goals, managing your investments as well as calculating contributions to meet your retirement needs

Go online to book your in-person retirement planning appointment using registration code 6009B1N11AA if necessary.

Click here if you prefer to schedule a virtual appointment with Taylor.

You may also call AIG at 800-448-2542 to schedule an appointment.

Faculty, staff and students paid via the NYS payroll system who are making mandatory contributions to a public retirement system, including NYS Employees Retirement System (ERS), NYS Teachers Retirement System (TRS), and NYS Police & Fire Retirement System (PFRS), as well as the SUNY Optional Retirement System (ORP), are required to report these contributions as income in the appropriate line on their NY State personal income tax return.   The dollar amount of these contributions is indicated in Block 14 of the 2020 W-2 form as 414(h).  Failure to include this amount before filing your NY State tax return can result in additional tax payments and interest due.  If your 2020 W-2 form does not include a 414(h) code in block 14, please disregard this reminder.

Final paychecks for the year 2020 for Faculty/Staff and GA/TA payrolls were issued on 12/23/2020, and final paychecks for Federal Work Study and Student Assistant payrolls were issued on 12/31/2020.  These include final gross salary for the year 2020, and if applicable, total health insurance premiums and union dues paid in 2020.  Please retain final paystubs with tax records, or access via the SUNY portal by clicking the icon “view paycheck”.

Dan Kain from NYS Deferred Compensation will be holding a Deferred Compensation Enrollment webinar on Tuesday, January 26 at 12:00 pm, and also a Deferred Compensation Pre-Retirement webinar on Thursday, January 28, at 12:00 pm.

The enrollment webinar will focus on the basics of Deferred Comp for anyone interested in learning more about the plan as well as how to enroll.  The retirement webinar will focus on calculating your NYS pension, how and when to withdraw your NYS Deferred Comp money and the taxes involved with doing so.  

Registration is required using one of the links below:

Deferred Comp Enrollment Webinar
Tuesday, January 26, 2021 - 12:00 pm
https://nationwidepcsales.webex.com/nationwidepcsales/onstage/g.php?MTID=e867ecb3c00329eb3b565cec96eb9d9cf

Deferred Comp Pre Retirement Webinar
Thursday, January 28, 2021  - 12:00 pm
https://nationwidepcsales.webex.com/nationwidepcsales/onstage/g.php?MTID=e8bf860e4551ed2e948eb8d41a38f260b

Guide on Accessing W-2 Forms via New York State Payroll Online (NYSPO)

2020 UUP Discretionary Increases for Staff Memo

2020 UUP Discretionary Increases for Faculty Memo

The 2021 NYSHIP Option Transfer and Pre-Tax Contribution Program (PTCP) Election Period will run from Monday, November 30 through Thursday, December 31, 2020.  Employees who wish to request a change for 2021 during the Option Transfer Period must submit a completed Health Insurance Transaction Form (PS-404) by December 31, 2020 to the Office of Human Resources. 

Employees currently enrolled in the NYSHIP Opt-Out Program are NOT required to reenroll for 2021 if you wish to continue the Opt Out benefit.  However, you must notify Human Resources if you are no longer eligible for the other employer-sponsored health coverage.

2021 NYSHIP Bi-Weekly Health Insurance Rates with link to PS404 Health Insurance Transaction Form:

CSEA, M/C, NYSCOPBA & UUP

PBA-NYS & PEF 

Please click here for the annual memo regarding weather related absences.

The 2021 open enrollment period for the Flex Spending Account (FSA) will run from Monday, Nov. 2 to 10 p.m. Monday, Nov. 30. The FSA program can assist state employees in saving money to pay for necessary health or dependent care expenses because money set aside in your accounts is not subject to federal, state and social security taxes. Once you are enrolled, your contributions will be withheld on a bi-weekly, pre-tax basis from your paychecks during the 2021 plan year.

The FSA is comprised of three important benefits for employees: the Health Care Spending Account (HCSA), the Dependent Care Advantage Account (DCAA) and the Adoption Advantage Account. Eligible employees may choose to enroll in any or all of the benefits. Keep in mind this is a use-it-or-lose it benefit. Any funds you set aside that are not accounted for by Dec. 31 each year will be forfeited.

If you are currently enrolled in the plan and wish to continue the benefit for 2021, you must re-enroll by the strictly-enforced deadline of 10 p.m. Nov. 30. Enrollment does not carry over from year to year. Beginning Nov. 2, you may enroll online at the link below or by phone at 800-358-7202.For program and enrollment details, including information to have handy when enrolling, visit the How to Enroll page on the FSA website or call 800-358-7202 .

A reminder regarding phased retirement and work reduction options available to employees.

For more information regarding Phased Retirement options, please click here.

For more information regardig Other Voluntary Reduction in Work Schedule Programs, please click here.

All faculty, staff, and student employees paid on the New York State payroll who are making mandatory contributions to a public retirement system, including NYS Employees Retirement System (ERS), NYS Teachers Retirement System (TRS), NYS Police & Fire Retirement System (PAF), as well as the SUNY Optional Retirement Program (ORP), are required to report these contributions as income in the appropriate line on their New York State personal income tax return. The dollar amount of these contributions is indicated in Block 14 of the 2019 W-2 form as 41 4(h). Failure to include this amount before filing your New York state tax return can result in additional tax payments and interest due.

Please be aware that only those faculty, staff, and student employees who are contributing to a public retirement system are impacted. If your 2019 W-2 form does not include a 414(h) code in block 14, please disregard this reminder.

For more information, please contact the NYS Dept. of Taxation and Finance at: (800) 225-5829, or visit www.tax.ny.gov.

2020 Taxation of 414(h) Retirement Contributions