Thursday, May 23, 2013
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Health Care:
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College Savings Program

Other Benefits:

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Tax Deferred Annuities

SUNY offers voluntary tax deferred investment plans that allow you to save money for retirement and supplement income you will receive from your pension plan. The tax deferred plans allow you to have money deducted from your paycheck on a pre-tax basis. These monies are automatically set aside from your paycheck and invested in the options you choose. State and federal taxes are reduced each tax year that you participate and are deferred until the money is withdrawn.

If you wish to participate in a tax deferred annuity plan, application is made directly to the annuity company you select. Companies offering these products are:

ING 
Contact: Gary Witten
(716) 626-3926

George Dougherty
(716) 626-3928

MetLife
Contact: John Curvin
(716) 626-0048

TIAA-CREF
Contact: Richard Thompson
(716) 862-5905
1-866-842-2054

VALIC Retirement
1-800-892-5558

Fidelity
Contact: Kenneth J. Woods
718-916-8354

NYS Deferred Compensation
Contact: Mark Wallace
(716) 903-7253
1-800-422-8463 ext. 44397

COLLEGE SAVINGS PROGRAM

If you are looking for a way to save for your child’s college education, New York's College Savings Program may be of interest to you. This program allows parents, grandparents, relatives or friends to open an investment account for future college students with as little as $25.

Contributions to the account are invested according to the options selected by the account owner. The program’s investments are managed by TIAA (part of TIAA-CREF), a leading financial services organization. The program provides significant tax advantages. New York taxpayers can deduct up to $5,000 in contributions each year from their New York taxable income and none of the investment earnings will be taxed by the state as long as the money is used for qualified higher education institutions anywhere. Federal tax on earnings is deferred until the student uses the money for college expenses, and then the earnings are taxable at the student’s income tax rate.

For additional information, call 877-697-2837 or visit New York's College Savings Program.
 

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