Dear Colleagues:
I am writing today to address some questions I have received about Syracuse University’s retirement benefits, specifically how future employees will be encouraged to contribute to their retirement accounts.
First, and most importantly, the forthcoming retirement changes ONLY apply to employees hired on or after Jan. 1, 2022. No one currently employed at Syracuse University will be impacted by this prospective change. Here’s what the change means:
- Beginning Jan. 1, 2022, new employees will be encouraged to contribute to their retirement.
- This change provides an incentive for all faculty and staff to save more for a secure retirement.
- Employees hired on or after Jan. 1, 2022, will have the ability to receive a 10% contribution from the University.
- Employees hired on or after Jan. 1, 2022, will receive an automatic 5% contribution to their retirement plan after one year of service. This does not require any employee contribution.
- These employees can receive a dollar-for-dollar match from the University up to an additional 5% of their salary. This match enables employees to save at least 15% of their salary toward their retirement each year, subject to the IRS contribution limits.
This change is consistent with how retirement plans are administered at more than two-thirds of our peer institutions. Nevertheless, based on extensive conversations with academic leaders, faculty and staff, we made the very intentional decision not to apply this change to current employees and we have no intention to apply it to current employees in the future.
I want to extend my gratitude to the members of the Benefits Advisory Council and the Senate Committee on Services to Faculty and Staff, both of which provided invaluable feedback during the benefits planning process. Together, their input strongly informed and influenced the final design of this year’s benefits package.
If you have questions or concerns, please don’t hesitate to reach out to me, your senior HR business partner or HR Shared Services at 315.443.4042.
Sincerely,
Andrew R. Gordon
Senior Vice President and Chief Human Resource Officer