Subject |
Expanded Eligibility for SUNY 403(b) Tax-Sheltered Annuity Plans |
Purpose |
To notify SUNY agencies of the modified eligibility for the following 403(b) tax-sheltered annuity plan deductions:
| 404 |
|
Supplemental Retirement Annuity Program |
| 408 |
|
SUNY TDA Fidelity |
| 415 |
|
SUNY Tax Deferred Annuity |
|
Affected Employees |
Employees in Bargaining Units 02, 03, 04, 05, 06, 21, 28, 31 and 91 with the exception of employees of the State University Construction Fund. |
Effective
Date(s) |
Paychecks dated 9/1/10 (Administration). |
Background |
SUNY has requested that PayServ be updated to allow expanded eligibility for their tax-sheltered annuity plans in accordance with IRS Final 403(b) Regulations. |
OSC Actions |
The General Deduction Table in PayServ has been updated to allow agencies to enter 403(b) deductions for employees in all Bargaining Units with the exception of employees in Bargaining Units 14 and 71. |
Agency Actions |
Agencies should refer to Payroll Bulletin No. 951 for additional information regarding 403(b) tax-sheltered annuity deductions for 2010.
Failure to adhere to the outlined instructions for entering and making changes to these 403(b) deductions could result in an employee making deferrals in excess of their IRS calendar year limit. |
Questions |
Questions regarding this bulletin may be directed to the Payroll Deduction mailbox. |
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