Purpose:

The purpose of this bulletin is to notify agencies of a business process change in the starting, stopping, and changing of SUNY’s Voluntary 403(b) Savings Plan deductions.

Affected Employees:

All employees enrolled in the SUNY Voluntary 403(b) Savings Plan are affected.

Background:

In an effort to streamline the process of starting, stopping, and changing SUNY 403(b) deductions, OSC has created a new automated process with SUNY’s Multi-Vendor Coordinator (MVC) to submit all starts, stops, and contribution changes via electronic file submission. 

Effective Dates:

Effective beginning Administration paychecks dated 4/10/2024, and Institution paychecks dated 4/18/2024.

OSC Actions:

OSC will process files provided by SUNY’s MVC and provide the MVC with any records rejected by PayServ.

Agency Actions:

SUNY agency payroll officers should no longer enter or modify SUNY 403(b) deductions unless making a change in conjunction with the MVC record keeper.

Agencies should continue to instruct employees to enter their 403(b) starts, stops and contribution changes through the SUNY Retirement at Work portal. Depending on the timing of submissions, 403(b) changes will likely take up to 30 days to be reflected in the employee’s paycheck.

Questions:

Questions regarding this bulletin may be directed to the Payroll Retirement mailbox.

Questions regarding SUNY’s Voluntary 403(b) Savings Plans should be directed to TIAA SUNY Client Service Team at 1-866-271-0960 or www.TIAA.org/sunyvsp.