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 go online.
Federal law allows tax-deferred contributions up to $19,000 in 2019 if you are under 50 years of age. If you will be age 50 or over in 2019, you may contribute an additional $6,000 for a maximum of $25,000.
If you are a current CUNY-sponsored 403(b) (TIAA) participant and would like to change your contribution amount for the Jan. 03, 2019 check, you will need to fill out a 2019 Salary Reduction Agreement (SRA) and return it to Human Resources no later than Monday, Dec. 10, 2018. To print a 2019 Salary Reduction Agreement (SRA) please go online. 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) TDA program and would like to change your percentage for 2019, please go online to change it. Changes will be reflected in payroll as early as administratively feasible in 2019.
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 feasible in 2019. 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 wish to contribute the same bi-weekly amount in 2019, no action on your part is necessary at this time.
If you have any questions, please do not hesitate to contact me at 718.982.2371 or via email anne.alarcon@csi.cuny.edu.
