Supplemental Retirement Accounts

The maximum amount an employee may contribute to his or her Supplemental Retirement Account has been increased to $16,500 for 2009. Employees age 50 or older, or who have more than 15 years of service, may be eligible to defer an even higher amount under IRS authorized “catch-up” provisions. Employees may also contribute additional money above the maximum through the New York State Deferred Compensation Plan.

Those who wish to change their contribution levels must complete a Salary Reduction Agreement Form.  You may download the form here or visit the Payroll Office, Cleveland Hall 408. Completed agreements must be received in the Payroll Office by Friday, December 19, for the change to be reflected in the first paycheck of 2009. Please contact Al Galone at ext. 4124 for more information.