||Modification to State University of New York (SUNY) Tax Deferred Annuity Plan (TDA)
||To notify agencies of the renaming of TDA deduction code 404 and the elimination of TDA deduction codes 408 and 415 as part of the Multi-Vendor Coordinator (MVC) project.
||Employees who currently have one of the following TDA deductions:
||Supplemental Ret Annuity Prog
||SUNY TDA Fidelity
||SUNY Tax Deferred Annuity
||As part of the MVC project sponsored by SUNY, all SUNY TDA deductions will be taken using deduction code 404 – SUNY 403(b) Plan.
SUNY is authorized to request these changes under Education Law Article 8C.
In addition, the original 403(b) IRS regulations set a maximum contribution amount that was to be monitored by the company providing the investment product. In 2009 the IRS amended the regulations indicating Plan Sponsors are responsible for monitoring all contributions under their 403(b) plan from all vendors for each employee.
|Paychecks dated November 15, 2017.
||At SUNY’s request, OSC will rename deduction code 404 from “Supplemental Ret Annuity Prog” to “SUNY 403(b) Plan.”
OSC will run a program to automatically end date deduction codes 408 and 415 for all employees regardless of job status.
OSC will load a file provided by SUNY to start deduction code 404 with an effective date of 10/19/2017 and the goal amount provided on the file.
The new effective-dated row will reflect:
- The employee’s biweekly deferral election submitted by SUNY for 2017 in the Flat/Addl Amount field.
- The maximum contribution amount submitted by SUNY for 2017 in the Goal Amount field.
- The contribution balance amount submitted by SUNY for 2017 in the Current Goal Balance field. This will be zero (0) for employees that did not have deduction code 404 prior to 10/19/2017.
All contributions made in 2017 for deduction codes 404, 408, and 415 will be reflected in Box 12E on the employee’s form W-2 for tax year 2017.
||Questions regarding this bulletin can be directed to the Payroll Retirement mailbox.