SUNY Oneonta
 
 


PREPARING FOR RETIREMENT - ACHIEVING FINANCIAL LITERACY

 
 

(Please note: when presenting resources, vendors, choices, etc, it is inappropriate for SUNY-Oneonta to show favoritism or make any specific recommendations. Benefits, vendors and resources are provided by New York State or SUNY System Administration or as negotiated with a union. SUNY Oneonta presents what is available and each employee needs to decide for him/herself which resources may be best suited for his/her needs.)

Where to begin?!? There are SO many resources available! Did you know that SUNY provides one-stop-shopping for this and many other important issues we all face from time to time? Just go to http://www.nysbalance.ny.gov/. Then:

                                        Enter "nys" as your username and "balance" as your password.

                                        Select your bargaining unit,

                                        Choose "SUNY System Administration"

                                        Choose State University College at Oneonta

Now you are at "NYS Balance - Resources for Work and Life". Where to next? Scroll down until you see the category "Living" on the left column of the page and click on "Financial" - Oh, no! Another drop-down list?!? Don't fret! You are now on the path to financial literacy! Just take a step.....click on each of the items in the order in which they are listed or in any order you choose! Let your literacy begin!!

The following links are of particular interest:

https://www.livingto100.com/
How do you know how much to save if you don't know how long you might live? Use the Life Expectancy Calculator to help figure this out!

http://www.choosetosave.org/
Okay, now you have an idea how long you will live....but now how do you know how much money you will need to maintain your lifestyle for this period of time?  Use the Ballpark E$timate┬« easy-to-use interactive tool!

 

STILL FEEL QUEASY ABOUT SAVING MONEY?

If you are like most people, you don't feel financially "stable" enough to save money. You worry that if you save for one purpose, you won't have money for another purpose. Right? Well, guess what? Most people rarely feel completely financially "stable". If you are waiting for that to happen then you may never save and you may not be able to have the things you want or to do the things you want.

Here are some tips for overcoming that queasy feeling:

1.  Start small! Save just $5 or $10 per week or per month.
2.  Save all your coins or $1 bills or $5 bills - put them in an opaque container so you don't see how much is accumulating on a regular basis and you won't be tempted to "raid" it!
3.  Similarly, direct money (again, it can be a small amount) from your paycheck to a separate account, or better yet, to an account at a financial institution you don't usually frequent. Again - so you are less likely to "raid" it. Click here for direct deposit form and start saving today!
4.   More tips coming soon!

 

                                                         

PREPARING FOR RETIREMENT

Retirement planning begins on your first day of employment! And should occur regularly thereafter! Depending upon your age when you are hired, you should review your short and long term plans every 3 - 5 years. Save as much as possible as early as possible. In addition to discussing retirement benefit options with your Benefits Administrator at the College, ALWAYS consult a tax expert and an investment expert.

As you get closer to actually retiring, review your plans every 1 - 3 years.

 

VOLUNTARY TAX DEFERRED RETIREMENT SAVINGS PLANS

Participate in a tax-deferred voluntary savings plan to simultaneously build your retirement savings and reduce your current income tax liability! All employees who receive a W-2 from SUNY are eligible to participate.

For general information click here: UNIVERSAL AVAILABILITY NOTICE.

For specific information about annual contribution limits click here.

Two plans are available:

SUNY Voluntary 403(b) Savings Plan

Contact information for campus representatives of 403(b) vendors:

ING Stephen Donella 315-682-3532 stephen.donellajr@ingfp.com
  Courtenay Tresco 315-682-3957 courtenay.tresco@ingfp.com
FIDELITY Kenneth Woods 1-718-916-8354 kenneth.woods@fmr.com
METLIFE Ken Walcyk 888-883-6320 kwalcyk@metlife.com
TIAA-CREF Peter Crehan 518-321-8203 pcrehan@tiaa-cref.org
VALIC Paul Mastroieni  518-955-7315 paul.mastroieni@valic.com


NYS Deferred Compensation Plan 457(b)

Contact information for campus representative of 457(b):

NYS DCP Gene Nescott 1-518-496-7284 nescotg@nationwide.com

View a side-by-side comparison of 403(b) and 457(b) here.

 

OTHER SAVINGS PLAN

Whether you're a parent, grandparent, or someone with a special child in your life, New York's 529 College Savings Program Direct Plan can make saving for childrens' education easier! Find out all about it here.

 

RETIREE HEALTH INSURANCE

Generally, employees who have accumulated 10 years of benefits-eligible service with one or more employers that participate in the New York State Health Insurance Program (NYSHIP), are 55 or older and are enrolled in a health insurance plan offered by NYSHIP are eligible to continue their health insurance coverage when they retire.

The cost for retirees is the same as it is for employees except it is a monthly rate instead of a bi-weekly rate. Additionally, the cost may be reduced by a "sick leave credit". At the time of retirement, the employee's unused sick days are converted to a monthly amount which is applied toward the cost of the insurance. Go to nyshiponline for more information.