You have an option to supplement your retirement savings by enrolling in your employer-sponsored Tax-deferred Annuity (TDA) plan. Your TDA contributions are deducted biweekly from your paycheck on a pretax basis, allowing you to reduce your current federal and New York State income taxes. You may elect to enroll in the plan at any time and change your deferral percentage two times per year, or three times if the third change is to stop deductions, by completing a new Salary Reduction Agreement form. You may not contribute to more than one 403(b) TDA plan at a time.
- You elect the amount of your contributions, up to federal limits, and where to invest these contributions among the many available investment funds.
- Federal law allows tax-deferred savings up to $17,000 in 2012.
- If you will be age 50 or over in 2012, you may contribute an additional $5,500, for a maximum of $22,500.
- If you have 15 or more years of full-time service in CUNY, you may be eligible for a catch-up contribution up to an additional $3,000 in 2012. You must obtain a calculation from your plan provider regarding eligibility for this provision.
- If you also contribute to another 403(b) plan from another employer during the year, your combined contributions to all the plans in 2012 cannot exceed $17,000. You are responsible for tracking and reporting the amounts of your contributions to all your employers.
Please keep in mind that your classification and job title determines which TDA plan you are eligible to join.
Executive Instructional Staff and Classified Managerial Staff Compensation Plan
- Teachers Insurance Annuity Associate-College Retirement Equities Fund (TIAA-CREF), 800.842.2776.
- Halliday Financial Group, 800.786.1598, is the broker representing the following funds:
- American Century
- American Funds
- Lincoln Life & Annuity Co.
Classified Civil Service Staff Employees Compensation Plan
- MetLife, 800.MET.LIFE
Members of the TRS Pension Plan
- New York City Teachers' Retirement System (TRS), 888.869.2877
You may elect to take one of the following actions:
- If you are currently contributing to any of the TDA plans and would like to change your deferral percentage, you must complete a new Salary Reduction Agreement form and submit it to your college benefits officer for processing.
- If you are enrolling in a TDA plan for the first time, contact your college benefits officer for enrollment and a Salary Reduction Agreement form or online instructions.
- If you are currently enrolled and wish to contribute the same biweekly amount in 2012, no action on your part is necessary unless you are currently contributing additional monies under the 15-year rule.