Purpose

To notify agencies that TIAA–CREF (Teachers Insurance and Annuity Association – College Retirement Equities Fund) has requested the elimination of Deduction Code 405 and the continuation of deductions under Code 404.

Affected Employees

Employees who have an active Deduction Code 405 as of paychecks dated December 24, 2008

Effective Date(s)

Paychecks dated January 7, 2009

OSC Actions

On December 18, 2008, close of business, OSC will insert a new row to automatically cancel Deduction Code 405. A new row will be inserted into the affected employees’ deduction record to start Code 404. The biweekly deduction amount from Code 405 will be used as the biweekly deduction amount for Code 404.

For employees who currently have an existing Deduction Code 404, OSC will add the deduction amount from Code 405 to the existing Code 404 amount to determine the new Code 404 biweekly deduction amount. The goal amount will be the maximum amount per Payroll Bulletin No. 866.

Agency Actions

Agencies should review Control-D report NBEN749 as described in Payroll Bulletin No. 866 (Instructions for Entering Supplemental Retirement Annuity and Tax Deferred Annuity Deductions for 2009). The report will not include Deduction Code 405.

If an employee has chosen to not participate in the Supplemental Retirement Annuity Program (Code 404), the agency must end date the deduction.

TIAA-CREF

TIAA-CREF will send a letter to affected employees.

Questions

Questions about this bulletin may be e-mailed to the Payroll Deductions mailbox.