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Benefits: Retirement

2017 Voluntary Savings Plan Universal Availability Notice

CSEA & Grant Clerical

Retirement

As a full-time employee you must become a participating member of the New York State Employees' Retirement System. This program is designed to provide you with a retirement benefit as early as age 55.

As little as three percent of your gross base pay each pay period will be deducted and applied as your contribution to the program.

You can also designate an additional amount of your gross pay to be placed in a supplemental retirement account (SRA). Using our on-line enrollment instructions you can open the account and manage it all from one place.

Below is a listing of SUNY approved annuity companies.

Company Contact
Name Telephone Link
TIAA-CREF Michael Lamy 518-786-5919 www.tiaa-cref.org/suny
VOYA Kimberly Veach 845-483-7255 www.voya.com
VALIC Ask for Agent 888-569-7055 www.valic.com/suny
Fidelity Investments Natalia DiGiovanni 917-575-2830 www.fidelity.com
NYS Deferred Compensation (457b plan)** Thomas Migliano 800-422-8463 x44347 www.nysdcp.com

 

Section 457(b) is a tax-deferred mutual fund** investment retirement savings plan administered by the NYS Deferred Compensation Board and available to all FT Orange County Community College employees.  The Plan provides a wide array of investment options selected by the Board.  Some of the key features of this plan include:

  • Wide variety of tax-deferred mutual fund investment options
  • Payroll deduction and remittance of desired contributions
  • Flexible and convenient distribution options
  • Loan and Hardship Withdrawal availability
  • Investment educational programs and related services to help employees achieve their retirement savings goals.
  • Post-tax Roth IRA option

2017 403b v 457 Comparison.  This chart provides a summary containing further details about some of the key features and differences of the two plans.

Maximum Contributions:

For 2017, you may contribute up to $18,000 per year to either a 403(b) or a 457(b) account, or to both.

Because 403(b) and 457(b) plans are governed by different sections of IRS Code, employees may contribute to both plans concurrently, allowing a combined deferral maximum of up to $36,000 per year.

For more information about retirement plan contribution limits, please see the complete list of 2017 Limits