02/01/2021 Free VOYA Webinars February 2021
Employees are welcome to take advantage of two convenient opportunities to gain a better understanding of the SUNY retirement plans. These free presentations are designed to explain the basics of all of your options.
Presented by: Brendan Dunuwila, CFP® - VOYA Financial Advisor
Webinar: Introduction to SUNY Retirement Plans
Feb 17, 2021 12:00 PM
Webinar: Introduction to SUNY Retirement Plans
Feb 25, 2021 12:00 PM
01/27/2020 414(h) Contributions and Year-End Tax Information
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”.
01/15/2021 NYS Deferred Comp Webinars for January 2021
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
Deferred Comp Pre Retirement Webinar
Thursday, January 28, 2021 - 12:00 pm
01/13/2021 Accessing W-2 Forms via New York State Payroll Online
01/11/2021 2020 UUP Discretionary Increases for Faculty & Staff Memo
12/1/2020 NYSHIP Option Transfer & PTCP Election Period 2021
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:
11/24/2020 Weather Related Absences 2020
10/22/2020 Flexible Spending Account 2021 Open Enrollment Period
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 .
06/04/2020 Phased Retirement and Other Voluntary Reduction in Work Schedule Programs
A reminder regarding phased retirement and work reduction options available to employees.
01/30/2020 2020 Annual Memo on Taxation of 414(h) Retirement Contributions by NY State
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.