SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM Clause Samples

The Supplemental Retirement Annuity Program clause establishes an additional retirement benefit plan for eligible employees, supplementing their primary retirement savings. Typically, this clause outlines the eligibility criteria, contribution methods (such as voluntary employee contributions or employer matching), and the process for receiving annuity payments upon retirement. Its core function is to enhance retirement security for employees by providing an extra layer of financial support beyond standard pension or retirement plans.

SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to different types of voluntary savings programs to assist with saving for retirement. These programs allow monies to be set via payroll deduction to help supplement post-retirement income from Social Security and employer sponsored pension plans. Through the pre-tax option, contributions, plus earnings, are not taxed until the employee withdraws the funds, allowing for even greater savings through tax-deferred growth. Through the post-tax option, contributions are taxed at the time the employee makes them (via payroll deduction), and when the employees withdraws the funds (contributions or earnings), the employee is not taxed. Use of the post-tax option may help maintain a balance against tax rates that increase over time. Supplemental retirement savings programs include: 26.1 SUNY Tax Deferred Annuity Plan - Authorized under section 403(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. Fidelity b. Teachers' Insurance and Annuity Association (TIAA) c. Variable Annuity Life Insurance Company (VALIC)

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SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to different types of voluntary savings programs to assist with saving for retirement. These programs allow monies to be set aside via payroll deduction to help supplement post-retirement income from Social Security and employer sponsored pension plans. Supplemental retirement savings programs include: Through the pre-tax option, contributions, plus earnings, are not taxed until the employee withdraws the funds, allowing for even greater savings through tax-deferred growth. Through the post-tax option, contributions are taxed at the time the employees makes them (via payroll deduction), and when the employees withdraws the funds (contributions or earnings), the employees is not taxed. Use of the post-tax option may help maintain a balance against tax rates that increase over time. 28.1 SUNY Tax Deferred Annuity Plan - Authorized under section 405(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. VALIC b. Fidelity c. VOYA d. TIAA 28.2 New York State Deferred Compensation Plan – Authorized under section 457 of the Internal Revenue Code with a wide array of investment options. The College does not contribute to the cost of supplemental retirement annuities.

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SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to two different types of voluntary tax-deferred savings programs to assist with saving for retirement. Both programs allow pre-tax monies to be set via payroll deduction to help supplement post-retirement income from Social Security and employer sponsored pension plans. Federal and state taxes are deferred until the money is withdrawn upon your retirement or separation from service allowing for even greater savings through tax-deferred growth. Tax deferred savings programs include: 26.1 SUNY Tax Deferred Annuity Plan - Authorized under section 405(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. VALIC b. Fidelity c. ING d. Met Life e. TIAA-CREF 26.2 New York State Deferred Compensation Plan – Authorized under section 457 of the Internal Revenue Code with a wide array of investment options. The College does not contribute to the cost of supplemental retirement annuities.

SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Each member of the bargaining unit who is eligible may participate in this program. The College does not contribute to the cost of supplemental retirement annuities. top of page

SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to two different types of voluntary tax-deferred savings programs to assist with saving for retirement. Both programs allow pre-tax monies to be set via payroll deduction to help supplement post-retirement income from Social Security and employer sponsored pension plans. Federal and state taxes are deferred until the money is withdrawn upon your retirement or separation from service allowing for even greater savings through tax-deferred growth. Tax deferred savings programs include: 26.1 SUNY Tax Deferred Annuity Plan - Authorized under section 405(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. Fidelity b. MetLife and Affiliated Companies c. Teachers' Insurance and Annuity Association (TIAA) d. Variable Annuity Life Insurance Company (VALIC) e. VOYA 26.2 New York State Deferred Compensation Plan – Authorized under section 457 of the Internal Revenue Code with a wide array of investment options. The College does not contribute to the cost of supplemental retirement annuities.

SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to different types of voluntary savings programs to assist with saving for retirement. These programs allow monies to be set aside via payroll deduction to help supplement post- retirement income from Social Security and employer sponsored pension plans. Supplemental retirement savings programs include: Through the pre-tax option, contributions, plus earnings, are not taxed until the employee withdraws the funds, allowing for even greater savings through tax-deferred growth. Through the post-tax option, contributions are taxed at the time the employees makes them (via payroll deduction), and when the employees withdraws the funds (contributions or earn- ings), the employees is not taxed. Use of the post-tax option may help maintain a balance against tax rates that increase over time. 28.1 SUNY Tax Deferred Annuity Plan - Authorized under section 405(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. AIG b. Fidelity c. VOYA d. TIAA 28.2 New York State Deferred Compensation Plan – Authorized under section 457 of the Internal Revenue Code with a wide array of investment options.