Internal Resources for the School of Engineering and Applied Sciences
University at Buffalo (UB)
State Employees Update 2025 Voluntary Retirement Plans
Published November 15, 2024
State employees can create, change or cancel payroll contributions for voluntary retirement savings plan(s) for 2025. The IRS has announced that the maximum calendar year contribution limits have increased for 2025.
About Voluntary Retirement Saving 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.
Maximum Contribution Limits 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.
| SUNY Voluntary Savings Plan | If You Are 49 and Under | If You Are 50 or Over | Age 60 to 63 |
|---|---|---|---|
| Supplemental Retirement Annuity 403(b) Â | $23,500 | $31,000 | $34,750 |
| NY State Deferred Compensation Plan 457(b) | $23,500 | $31,000 | $34,750 |
| Total Limit for 2025 Plan Year | $47,000 | $62,000 | $69,500 |
Keeping your same contributions?
No action is required.
New York State Deferred Compensation Plan 457(b) (NYSDCP)
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.
Setting up a new 457(b) account?
You will need the following information:
- Employer Name: OSC
- Department/Division: 28030
Teaching/Graduate Assistants, Student Assistants, and Work Study Participants can find their department/division on their paycheck.
SUNY Voluntary 403(b) Tax-Deferred Annuity Program
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.
Need Help? Call 866-271-0960
Specifically trained consultants for Retirement@Work are ready to help you with enrollment or account changes.
Phone line hours are Monday to Friday 8 a.m. to 10 p.m. (ET).
Updating Your First 2025 Paycheck
If you would like to make a change for the first paycheck in 2025, January 15, 2025:
- You must submit your change through the SUNY Retirement@Work by December 4, 2024
- Enter 01/15/2025 under "Future Date"
All 403(b) changes may take up to two pay periods to take effect.
Changes entered through December 30, 2024 with a "Future Date" of 01/15/2025 may still be able to take effect for the January 15, 2025 paycheck but cannot be guaranteed.
Contact An Expert
State Benefits
Human Resources
Phone: 716-645-7777
Email: ub-hr-benefits@buffalo.edu