To inform agencies of two new fields on the TIAA/CREF Suspense/NRI page in PayServ: Previous Projected 366 Day Completion Date and Previous Projected 7 Year Completion Date
Employees enrolled in the Optional Retirement Program (ORP) – Retirement Plan Type 7Z (TIAA/CREF)
A program is run weekly to remove the Projected 366 Day Completion Date and/or the Projected 7 Year Completion Date fields where applicable (for those employees who incur a break in service prior to meeting the 366 day vesting requirement and/or completing seven (7) years of service).
Previously, upon an employee’s rehire, agencies were required to account for all breaks in service prior to the employee’s enrollment in the ORP in order to accurately calculate the new projected date(s).
The new fields will retain the previous projected dates in effect at the time of the employee’s termination thus requiring agencies to account for only the most recent break in service when calculating the new projected date(s).
New Fields in PayServ and Agency Actions
In the example below, the employee’s election date was 9/1/06. As indicated by the information on the page, the employee was subsequently terminated from the payroll prior to meeting the 366 day vesting requirement, but has been rehired as shown by the Employee Status field of “Active.”
The agency must review the employee’s record to determine the number of days the employee was terminated from the payroll during the most recent break in service in order to calculate the new Projected 366 Day Completion Date.
The agency must then add that number of days to both Previous Projected Completion Dates in order to determine the new Projected Completion Dates. The new dates must be faxed to the Production Processing and Review Team at (518) 486-3099 for review and page updating.
In the example below, the employee’s election date is 4/12/08. As indicated by the information on the page, the employee terminated from the payroll prior to meeting the vesting requirement and has not returned to the payroll. The Employee Status field is “Terminated.”
No agency action is required in this example. New projection dates should be calculated only upon the employee’s rehire.
Agencies must continue to review the weekly Control-D report NBEN742 (TIAA/CREF Employee with Active Jobs and No Projected Dates). New Projected 366 Day Completion and/or Projected 7 Year Completion Dates to be entered on the TIAA/CREF Suspense/NRI page by OSC must be faxed to the Production Processing and Review Team at (518) 486-3099.
Questions regarding this bulletin may be directed to the Payroll Deductions mailbox