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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 Contributions to a Tax Deferred Annuity cannot be withdrawn until retirement.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).

For more information about these programs, visit the SUNY website.