Purpose
To notify agencies of the 2017 maximum salary limit for members of TIAA (Plan Type 7Z) in Tiers 1 through 5.
Background
In accordance with Section 415 of the Internal Revenue code, which provides for dollar limitations on benefits and contributions under qualified retirement plans, the annual compensation limit under Section 401(a), 404(I), 408 (k) (3) (C), and 408 (k) (6) (D) (ii) will increase to $270,000 for the 2017 calendar year.
Affected Employees
Employee who are members of TIAA in Tiers 1-5
Effective Date
January 1, 2017
Eligibility Criteria
Members of TIAA, Retirement Plan 7Z in the following benefit plans: TSYEDA, T5CNYB, T6CNYA, T6CNYB, T7CNYB, T5SNYB, T6SNYB, and T7SNYB.
OSC Actions
OSC has updated PayServ to reflect the Maximum Salary Limit for 2017.
Questions
Questions regarding this bulletin may be directed to the Payroll Retirement mailbox.