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Supplemental Retirement Annuity Options

Tax Deferred Annuity Program (403-b)

As a SUNY employee you are eligible to participate in a Tax Deferred Annuity (TDA) program which affords you the opportunity to make supplemental contributions toward your retirement through a reduction in your salary. The amount you contribute to this plan will not be taxed until you start to withdraw money during your retirement years. Federal and State income tax payments are thus reduced because of your reduced salary. Contributions to a Tax Deferred Annuity cannot be withdrawn until retirement.

Group Supplemental Retirement Annuities (403-b)

As a SUNY faculty or professional staff member you are eligible to participate in a group Supplemental Retirement Annuity (SRA). This plan permits you to set aside tax deferred funds over and above the amounts you are accumulating in your retirement plan. As with the TDA described above, this is a salary reduction program, and amounts contributed will not be taxed until you withdraw them. Unlike the TDA, withdrawals from the SRA are possible before age 59 1/2, but only if you separate from SUNY service after the age of 55, are disabled, suffer a 'hardship', or the money is distributed as a death benefit. You may also borrow from your SRA account.

Aetna Tax Deferred Annuity Program (403-b)

The United University Professions (UUP) has arranged with Aetna Life Insurance and Casualty Company to offer to its membership two optional pension opportunities:

  • Payroll Deduction Individual Retirement Account (IRA), and  
  • Alternative annuity program to the TIAA-CREF Tax Deferred Annuity (TDA) and the Supplemental Retirement Annuity (SRA).

NYS Deferred Compensation Plan (457-b) is administered by the Copeland Companies, an independent administrator of deferred compensation programs for public employees. The plan is a voluntary savings program which enables you to save a portion of your income on a pre tax basis using the numerous investment options offered by the Deferred Compensation Plan. Like an Individual Retirement Account (IRA), this plan is designed to provide you with funds at retirement, but you can contribute significantly more to this plan than an IRA. Should you transfer to another New York State employer that has a deferred compensation plan your funds will be transferred with you. If your new position is with the private sector or a non-New York State government, you may withdraw the funds or select a future time to receive them.

There are no initial set-up fees or deposit charges when initially joining this plan. However, an administrative fee is charged as well as an annual participation fee. More information is available from the Human Resources Office or from the individual carriers directly.

Human Resources
SUNY Canton
34 Cornell Drive
Canton, NY 13617

(315) 386-7325
Fax: (315) 386-7064