Purpose

To notify SUNY agencies of a new deduction code for after tax (ROTH) contributions to the 403(b) plan

Affected Employees

All SUNY employees

Background

On November 15, 2017, the SUNY Board of Trustees approved the establishment of an after tax ROTH account within the Special Annuity Program. The resolution approves Teachers Insurance and Annuity Association (TIAA) to serve as common remitter to approved investment providers under the SUNY Voluntary ROTH 403(b) Plan.

Effective Date(s)

Administration Paychecks dated September 19, 2018

Agency Actions

SUNY payroll staff will need to enter deduction code 412 for 403(b) ROTH participants on the General Deductions Panel after verifying the employee’s enrollment is complete.

Main Menu > Payroll for North America > Employee Pay Data USA > Deductions > Create General Deductions

Agencies may begin entering transactions on August 31, 2018 using the following effective dates:

• Administration Lag – 08/23/2018
• Administration Current – 09/06/2018

Agencies must review the Goal Amount for deduction codes 404, SUNY 403(b) Plan and 412 to prevent employees from exceeding their IRS limit. See Bulletin Number 1621 Supplemental Retirement Annuity (SRA) and Tax Deferred Annuity (TDA) Contribution Limits for 2018 for more information on limits.

OSC Actions

OSC has created deduction code 412 (SUNY 403(b) ROTH) in PayServ. Agency update will be available for this deduction code.

Outbound vendor files will be updated to include deduction code 412 to ensure SUNY participants with the new ROTH deduction code are reported accurately and timely.

Questions

Questions regarding PayServ entry can be directed to the Payroll Retirement Mailbox.

Questions regarding enrollment in the SUNY Voluntary Roth 403(b) Plan should be directed to University Benefits at [email protected] or (518) 445-4005.