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.
For 2025, Federal law allows tax-deferred contributions of up to $23,500, with an additional $7,500 if you become age 50 at any point in the 2025 calendar year. Also, if you are age 60, 61, 62, or 63 (but not age 64) by the end of the 2025 calendar year, your maximum catch-up contribution limit is increased to $11,250 for a total allowed deferral of $34,750.
- If you are a current CUNY-sponsored 403(b) (TIAA) participant and would like to change your 2025 contribution amount starting on the Thursday, Jan. 9, 2025 check, you will need to fill out an online 2025 Salary Reduction Agreement (SRA) form and return it to Human Resources no later than Wednesday, Dec. 18, 2024. 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 2025, please go online to change it. Changes will be reflected in payroll as early as administratively possible in 2025.
- 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 2025.
There is 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 you do not wish to make any changes to your contributions for 2025, 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
