Tax Deferred Annuities (TDA)
While CUNY provides a mandatory retirement and pension plan, many employees chose to supplement the mandatory plan with participation in one of the voluntary plans that is offered to CUNY employees. This allows for employees to grow their retirement savings as well as enjoy some current tax savings where applicable.
CUNY Voluntary Savings Plans - 2025 Universal Availability Notice
Tax Deferred Annuity (TDA) Percentage Change Form:
2025 Salary Reduction Agreement for TIAA (SRA)
TIAA One-on-One Counseling Schedule - Last meeting of the year is on December 5, 2024. An updated schedule for 2025 will be posted soon.
2025 TDA Pre-Tax Limits
Effective January 1, 2025, the annual pre-tax limit for the Tax Deferred Annuity (TDA) are as follows:
| Tax Deferred Annuity (TDA) Before-Tax Contribution Limits | ||
| Age Range | 2024 | 2025 |
| Under Age 50 | $23,000.00 | $23,500 |
| Age 50 or Over | $30,500.00 | $31,000 |
| Age 60-63 | $30,500.00 | $34,750 |
| Age 64 or Over | $30,500.00 | $31,000 |
In 2025, the 403(b) contribution limit is $23,500 for employee contributions. If you're between ages 50 to 59, or 64 and older, you're eligible for an additional $7,500 in catch-up contributions, raising your employee contribution limit to $31,000.
Note: Starting in 2025, those between 60 and 63 will be eligible for a catch-up contribution of up to $11,250.
In summary for 2025, individuals aged 50 to 59, or 64 and older can contribute up to $31,000. Those aged 60 to 63 will be able to contribute up to $34,750.
TIAA Financial Counseling 403b
TIAA representative, Christian Hawkinson will be available for virtual one-on-one counseling sessions as needed.
Christian Hawkinson
201.498.8303 – Ext. 258303
Christian.Hawkinson@tiaa.org
Click here to register for a virtual appointment. Also consider using the call center: TIAA is here for you. Please call 800-732-8353, weekdays, 8 a.m. – 8 p.m. (ET)
Register for TIAA's Live Education and Advice Webinars
You may register for an account at tiaa.org/cuny. TDA Access Code: CUNYGSRA. Once your account has been registered, you may set up payroll deductions by completing a salary reduction agreement and submitting it to Human Resources. All employees are eligible for this program, but you may not elect a TRS TDA and TIAA TDA deduction at the same time.
NYS Deferred Compensation 457b
The New York State Deferred Compensation Plan (457b) is a voluntary savings plan offered by CUNY to help you save for and live in retirement. The plan offers both traditional pre-tax and Roth 457(b) accounts to provide you with retirement savings choices.
As part of CUNY, you are in the unique position of having access to both the 457(b) and the 403(b) Plans. Call the number below for helping in choosing the plan that is best for you, toll free: 844-867-8197
Mr. Benjamin Levy, our NYS 457 Plan representative, will be available for consultations. To schedule an appointment with Mr. Levy, please send an email to levyb4@nationwide.com .
For immediate access to speak with an account executive with NYS 457 Plan, please call the AE Connect Line (844-867-8197). No appointment needed.
Learn more about planning for your retirement with the New York State Deferred Compensation Plan!
Webinars are available! To register for a webinar, please click here. You may register for an account and set up payroll online at nysdcp.com. All employees are eligible for this program.
529 College Savings Program
529 plans are a type of investment account that can be used for higher-education savings. Save for a child, grandchild, friend—or even yourself.
Any questions? Please contact the benefits team at benefits@ccny.cuny.edu
Last Updated: 12/20/2024 15:47