||New 403(b) After-Tax Deferred Annuity Plan (ROTH) for CUNY employees
||To notify CUNY agencies of a new deduction code for after-tax (ROTH) contributions to the 403(b) plan.
|All CUNY employees.
||On November 23, 2015 the CUNY Board of Trustees approved amendments to the Tax Deferred Annuity Plan. The resolution approves TIAA to be the sole investment provider for the Tax Deferred Annuity Plan. Furthermore, the resolution includes the creation of a new after-tax 403(b) ROTH option.
||Institution Paychecks dated February 16, 2017.
||OSC will create deduction code 400 (CUNY 403 ROTH) in PayServ. Agency update will be available for this deduction code.
Outbound vendor files will be updated to include deduction code 400 to ensure CUNY participants with the new ROTH deduction code are reported accurately and timely.
||CUNY staff should enter deduction code 400 for 403(b) ROTH participants on the General Deductions Panel after verifying the employee’s enrollment is complete.
Main Menu>Payroll of North America>Employee Pay Data USA>Deductions>Create General Deductions
Agencies may begin entering transactions on January 27, 2017 using the following effective dates:
- Institution Lag - 01/19/2017
- Institution Current - 02/02/2017
||Questions regarding the calculation process can be directed to the Payroll Retirement mailbox.