Human Resources Fall 2024 Program Updates for State Employees

The State University of New York (SUNY) provides employees with the opportunity to save for their retirement through the SUNY Voluntary 403(b) Tax-Deferred Annuity Program and NYS Deferred Compensation Plan 457(b). All state employees who receive a W-2 from SUNY are eligible to participate in one or both plans.

The IRS has announced that the maximum calendar year contribution limits have increased for 2025.

For 2025, you may contribute up to $23,500 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 $47,000 per year.

If you are age 50 or older any time during 2025, you can contribute an additional $7,500 to either type of plan, for a maximum of $31,000 per plan, per year.

If you are age 60 to 63 any time during 2025, you can contribute an additional $11,250 to either type of plan, for a maximum of $34,750 per plan, per year.

If you are a current participant, review your contributions now to determine if you are on track to meet your savings goals for this calendar year. You can see your total contributions in your paycheck by reviewing your year-to-date (YTD) deductions for your plan(s).

For 2024, you may contribute up to $23,000 per year to either a 403(b) or 457(b) account, or to both. If you are age 50 or older any time during 2024, you can contribute an additional $7,500 to either type of plan, for a maximum of $30,500 per plan, per year.

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 $46,000 per year or $61,000 if you are age 50 older in 2024.

Enrollments and changes for the SUNY 403(b) Plan must be made through the SUNY Retirement@Work website and can be done at any time of the year.

You may enroll in the NYS Deferred Compensation Plan 457(b) at any time. Once enrolled, changes to your contribution or investments may be managed online or by contacting NYSDCP.

Monitor your retirement benefit by using available online tools and calculators.

Consider reviewing your current beneficiary designations and update them as desired.

Members of NYSLRS that participate in either the Employees' Retirement System (ERS) or Police and Fire Retirement System (PFRS) can manage their retirement account online:

• View your benefit information
• Update your contact information
• Receive email notifications for important documents
• View or update your beneficiaries
• Apply for a loan
• Buy back past service credit
• Manage loan and service credit payments
• Estimate your pension benefit
• Apply for retirement

Retirement Online allows you to make changes and access information faster and avoid having to call or send forms to the retirement system.

Members of NYSTRS can manage their retirement account online:

• View your benefit information
• Message a NYSTRS representative through secure online messaging
  
• Schedule appointments
• Update your contact information
• Subscribe to eversions of newsletters and your benefit profile
• View or update your beneficiaries
  
• Apply for a loan
• Submit a claim for prior service
• Estimate your pension benefit
  
• Apply for retirement

MyNYSTRS allows you to make changes and access information faster and avoid having to call or send forms to the retirement system.

Monitor your retirement benefit and investments by using available online tools and calculators.

Consider scheduling an appointment with your investment provider to discuss your retirement savings goals and investment options.

Employees beginning the retirement planning process or considering retirement in the near future should review our retirement planning webpage for helpful information and resources. Benefit Services also offers a monthly retirement planning information session you can attend to learn more about the process.

The end of the fall semester is a popular time to retire. The earlier you can provide your notice of retirement, the sooner Benefit Services can coordinate your retirement from the University. It is recommended that employees provide at least 30 calendar days notice of their retirement. To do so, complete the retirement notice template and submit to both:

1. Your Department
2. Benefit Services

If you would like to use accruals leading up to your date of retirement, coordinate your time off request through your supervisor and your usual departmental procedures. 

It is always a good idea to periodically review your beneficiaries for your retirement system and update them, especially if you have had any recent changes in your life. UB's Office of Human Resources does not have access to view or change your beneficiaries, so you will need to do that on your own.

Employees’ Retirement System (ERS)

The most convenient and secure way to update your beneficiaries is to go to Retirement Online. You can either Register or Sign In and then click “Update My Beneficiaries.”   

You may also complete the Designation of Beneficiary form (RS5127) and mail it to NYSLRS at 110 State Street, Albany, NY 12244. 

Teachers’ Retirement System (TRS) 

The best way to update your beneficiaries if you are a member of TRS is to do so on their secure website MyNYSTRS account. You can Register or Sign In to make any changes. 

You can also complete Designation of Beneficiary Form (NET 11.4) and mail to NYSTRS at 10 Corporate Woods Dr, Albany, NY 12211.

Optional Retirement Program (ORP) 

For members of ORP, you will need to go to your vendor’s website and sign into your account to change your beneficiaries.  Please follow the link for your vendor below. 

Corebridge Financial

Fidelity

TIAA

VOYA

NYSTRS members can attend a PREP seminar offered through the retirement system aimed to help you understand your benefits and provide essential retirement planning tips.

For UUP-represented and Management Confidential employees that earn vacation time, the maximum accruals for vacation time is 40 days (pro-rated for part time employees). The balance can go over 40 days during the calendar year but must be back down to 40 days on January 1.

For classified employees, the maximum accruals for vacation time is 300 hours for a 37 1/2 hour workweek and 320 hours for a 40 hour workweek. The balance can go over this limit but must be back down to 300 or 320 hours based on workweek on April 1.

If you are unable to use vacation time that would otherwise be lost, consider donation. Only vacation time may be donated. Donated vacation accruals are converted to sick accruals that employees with catastrophic illnesses may be able to use following exhaustion of other leave benefits.

Review the upcoming holidays on the University's holiday calendar and your current accrual balances.

Reminder: holiday accruals expire within one year of the date they are accrued.

The following holidays have been designated as floating holidays for CSEA, PEF, UUP and Management Confidential employees:

• Veteran's Day, November 5, 2024
• Lincoln's Birthday, February 12, 2025

Floating holidays are treated as regular workdays. To be credited with a floating holiday, an employee must be eligible to observe holidays and be in full pay status for any portion of their work shift on the date in order to earn a floating holiday for that day. 

Full-time employees for whom the designated floating holiday is a pass day, are eligible to be credited with a floating holiday. Such employees must be in pay status on either their last work shift before the floating holiday or their first work shift following that pass day to be credited with a floating holiday. Eligible part-time employees are credited with a floating holiday if it falls on a regularly scheduled workday equivalent to the number of hours they are scheduled to or actually work up to a maximum of 7.5 or 8 hours.

For NYSCOPBA and PBANYS employees, Election Day and Lincoln's Birthday are not designated floating holidays. For employees in these units who are eligible to observe holidays, Election Day and Lincoln's Birthday will be observed as fixed holidays. When such employees are required to work on these holidays, their benefits will be determined in the same manner as is currently followed for other holidays on which they are required to work.

For New York State employees at the University at Buffalo, intermittent leave designated under the Family Medical and Leave Act (FMLA) is done so on a calendar year basis. This means that intermittent FMLA may be approved through the end of the calendar year based on your leave eligibility and the supporting medical documentation you provided. 

If you would like to continue intermittent FMLA in 2025, you may need to submit updated medical documentation for State Benefit Services to review and determine your eligilbity. Plan ahead and contact your medical provider to obtain the necessary documentation.

The Flex Spending Account (FSA) is a state employee benefit that saves you money by allowing you to pay for certain expenses with pre-tax dollars.

Review your current account balances and plan to submit reimbursement requests for eligible expenses within the 2024 plan year. 

Unused contributions will carry over to the next plan year for the participant to use. During the plan year runout period (January 1–March 31), the previous year funds may still be used for previous year expenses.

Any remaining funds up to the IRS limit from the previous year will then carry over into the current plan year’s account balance after the runout period end date. During the runout, the new plan year election will be depleted first, then carryover funds will be accessible for reimbursement. Current participants must elect to enroll during the FSA open enrollment period if they wish to participate in 2025.
For participants who did not re-enroll, carryover funds will be available after the runout period ends. 

The grace period allows an additional 2½ months to incur dependent care or adoption-related expenses. You can use any funds remaining in your account after the plan year ends to pay for expenses incurred between January 1 to March 15 of the following year. Claims must be submitted by the March 31 deadline.

You may claim eligible expenses under the HCSA program for yourself, your spouse, and qualifying children or relatives. Expenses are eligible for reimbursement if they are for medically necessary health care services. The expenses must be incurred during the plan year or during your period of coverage if you enroll after the plan year begins.

You may claim eligible expenses under the DCAA program for a qualifying child, your spouse, or other relative/individual. To use the DCAA, you must be paying for dependent care so that you and your spouse (if you are married) can work or go to school. If your spouse is not disabled, not at work, or not in school, it is assumed they are available to care for the dependent.

Qualified adoption expenses are reasonable and necessary expenses directly related to, and for the principal purpose of, the legal adoption of an eligible child including the expenses listed above. An eligible child must be under the age of 18 or any disabled individual physically or mentally incapable of self-care and must not be a stepchild.

The New York State 529 College Savings Program allows participants to save money for their selected beneficiary's (child, grandchild, self, friend, etc.) qualifying higher education expenses. New York State taxpayers can deduct up to $5,000 of contributions toward their 529 account on their state income tax return each year.

NYS-Ride is a pre-tax benefit that helps NYS employees save money on public transportation costs and contributes to a greener environment. You can use your commuter benefit to pay for a variety of public transit costs with pre-tax dollars.

During the Option Transfer Period, active state employees who are enrolled in the New York State Health Insurance Program (NYSHIP) are eligible to:

• Transfer health care options
• Change from family to individual coverage
• Voluntarily cancel coverage 
• Enroll in the Opt-out Program (if eligible)
  
• Change your Pre-Tax Contribution Program (PTCP) election

Health insurance carriers have announced changes for 2025. State employees can make allowed changes to health insurance through December 31, 2024.  

MyNYSHIP is the online source to your personal enrollment record as a participant in the New York State Health Insurance Program (NYSHIP). We encourage all NYSHIP participants to register as some health insurance transactions can be completed directly through this system.

The Productivity Enhancement Program (PEP) allows eligible full and part time employees to exchange previously accrued annual and/or personal leave for credit to be applied toward the employee share of their NYSHIP premium on a biweekly basis.

You may change your withholding online or download a PDF form to complete and submit to HR. 

Submit Online:

• Using the online portal allows for a quicker turnaround time. (Be sure to change back if you are making a one-time adjustment.)
• Online portal for state employees (review login guidelines here if you have trouble logging in)

Download a PDF Form:

• Complete and Submit a New Federal W-4 Form
• Complete and Submit a New State IT-2104 Form