As a CUNY employee, you have an option to supplement your retirement savings by enrolling in the CUNY-sponsored 403(b) Tax Deferred Annuity Plan (TDA). For more information and to view the Universal Availability Notice regarding CUNY’s Voluntary Savings Plans, please see the online CUNY Universal Availability Letter.
Federal law allows tax-deferred contributions of up to $23,000 in 2024 if you are under 50 years of age. If you will be age 50 or over in 2024, you may contribute an additional $7,000 for a maximum of $30,500.
If you are a current CUNY-sponsored 403(b) (TIAA) participant and would like to change your 2024 contribution amount beginning on the Thursday, Jan. 11, 2024 check, you will need to fill out a 2024 Salary Reduction Agreement (SRA) form (online) and return it to Human Resources no later than Thursday, Dec. 21, 2023. For questions on how to complete the SRA, please call TIAA at 866.277.7957.
If you are a participant in the New York City Teachers’ Retirement System (TRS) 403(b) Tax Deferred Annuity Plan (TDA) and would like to change your percentage for 2024, please go online to change it. Changes will be reflected in payroll as early as administratively possible in 2024.
Current participants in the New York State Deferred Compensation Plan 457(b), may also make changes to their contributions online. Changes will be reflected in payroll as early as administratively possible in 2024.
There are presently no coordination of limits between the 457(b) and the 403(b) plans. Therefore, you can contribute the maximum allowed to each plan.
If you are enrolled in any of the plans above and do not wish to make any changes to your contributions for 2024, no action on your part is necessary at this time.
If you have any questions, please do not hesitate to email me at anne.alarcon@csi.cuny.edu .
By Anne Alarcon
