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Universal Availability Notice 2024 (PDF)

ÌÒñ«ÉçÇø offers a retirement program to assist you in building financial security. The retirement plan provides you with an opportunity to make contributions to tax sheltered investments for the purpose of accumulating retirement income.

Employees may direct their own contributions to

• Investment Carrier: TIAA
• Website:
• Telephone Number: 1 (800) 842-2776
• View current schedules for in person on campus sessions. Register early, as space is limited. or call 1 (800) 732-8353.

Participation in the plan begins on the first of the month following meeting the eligibility criteria and meeting completion of necessary enrollment forms.

The maximum that you can contribute is subject to IRS statutory limitations. Effective January 1, 2024, employees will be able to contribute a maximum of $23,000 per year, which includes your contributions to other retirement plans sponsored by other employers. If you are over the age of 50, you may also be eligible to contribute an additional $7,500. Please contact the University Benefits office to determine your maximum contribution.

Participants in the plans should maintain their ID and password information in a secure manner. Participants should also review confirmation letters and statements from the selected investment carriers in a timely manner for accuracy and completeness.

Eligibility for Employee Contribution

All employees are eligible to contribute to the plan except for students, visiting faculty and those deemed to be independent contractors. Simply complete a . For employees joining for the first time, please see the bottom of the form for instructions on setting up an account with TIAA.

Summary Plan Description:

• Summary Plan Description for 403 (b) Retirement Plan (PDF)
• Amendment #2 Signed and Restate 403 (b) Retirement Plan (PDF)

Tax Advantage

• Your contributions to the retirement plan are not subject to federal state and local income tax, as governed under section 403(b) of the Internal Revenue Code.
• Investment earnings that accumulate are tax deferred, until withdrawn. Your investment returns grow faster because they are not taxed each year.
• Your contributions are based upon earnings from teaching only. It excludes additional compensation received (i.e., substitution, proctoring)

Enrollment Considerations

• You must complete the necessary enrollment and payroll authorization forms to participate in the retirement program. Any contributions that you make are tax deferred and are subject to a statutory IRS annual limit.
• You are responsible to ensure that all contributions that you make to any employer sponsored retirement programs outside of ÌÒñ«ÉçÇø are accounted for when computing your maximum allowable contributions under IRS statutory limitations.
• Once you join the retirement plan, your contributions will continue and roll-over from year to year as long as you are teaching. However, it is recommended that you complete a new Salary Reduction Agreement form prior to the start of each applicable semester.
• You decide how to allocate the investment of your contributions. Any changes to your investment strategies can be addressed directly with your investment carrier(s).
• The maximum contribution percentage allowed is 90%. However, it is the employee's responsibility to ensure that the contribution percentage elected will result in an allowable amount; other deductions, such as FICA tax, NYS Paid Family Leave, and union dues (where applicable) as well as voluntary deductions such as medical, dental, life, FSA, HSA, and commuter benefits, take precedence over the 403(b) contribution. If the elected contribution is greater than the net after deductions, no amount will be withheld. University Benefits is not able to provide payroll modeling and will not be responsible for errors that do not produce a contribution as a result of the other deductions.

ÌÒñ«ÉçÇø Target Retirement Series

TIAA has been selected by ÌÒñ«ÉçÇø as the investment provider for your Plan contributions. The Plan lets you invest your account in a number of different investment funds. Unless you choose a different investment fund or funds, as of January 31, 2024, your Plan account will be invested in the default investment option for the ÌÒñ«ÉçÇø Defined Contribution Retirement Plan, which is the age-based ÌÒñ«ÉçÇø Target Retirement Series that corresponds to your estimated date of retirement. The ÌÒñ«ÉçÇø Target Retirement Series model provides a ready-made diversified portfolio which includes a combination of investment options that offer a specific balance of financial risk and reward, and takes into account your current age and your projected retirement date. The investment allocation adjusts to become more conservative as you near and enter retirement. Over time, the ÌÒñ«ÉçÇø Target Retirement Series automatically rebalances your account to help keep you on track with your retirement goals. If the default investment fund changes at any time in the future, you will be notified.

The fact sheet for the ÌÒñ«ÉçÇø Target Retirement Series (PDF) provides additional information, including the investment objectives, risk and return characteristics, and fees and expenses of the funds.

As required by the Department of Labor, please see the Summary Annual Reports (SAR) for the ÌÒñ«ÉçÇø Defined Contribution Retirement Plan (PDF).

Benefits Disclaimer
_{The HR/Benefits website is intended only to provide information for the guidance of ÌÒñ«ÉçÇø employees. The writers of the content have exercised their best efforts to ensure accuracy of the information, but accuracy is not guaranteed. If there are any discrepancies between the information on the website, verbal representations and the Plan documents, the Plan documents will always govern. The information is subject to change from time to time, and the University reserves the right to change or terminate these Plans at any time. The information contained on the website is not intended to replace the plan documents, nor is the information in any way intended to imply a contract.}