SUNY offers several 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until the money is withdrawn.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
any of the tax deferred annuity plans, application is
made directly to the annuity company you select. Companies offering these products are:
VALIC Retirement
1-800-892-5558
Fidelity
1-800-343-0860
ING
Contact: Gary Witten
(716) 626-3926
MetLife
Contact: John Curvin
(716) 626-0048
NYS Deferred
Compensation
Contact: Mark Wallace
1-800-422-8463
TIAA-CREF
Contact: Bill Stark
(716) 862-5907 or 1-866-842-2054
Additional investment companies may be available by contacting the United
University Professions (UUP) Office on campus at (716) 878-5732.
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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