aka: Tax Shelter Annuity (TSA), Tax Deferred Annuity, 403b
Check stub codes: TSA for TIAA CREFF; TSB for Voya; TSH for Fidelity; TSK for Met Life and TSJ for Valic
In April of 2015, SUNY implemented an online Multi-Vendor Coordinator (MVC) using the TIAA-CREF web platform to manage individual payroll deductions and annual goals. With this online system, changes can be made throughout the year. The following questions and answers share what will happen and what you need to do to manage your deduction and annual goal in the new calendar year. Please read through all the information below as there are many factors to consider regarding your 2016 election.
What happens with my current payroll deduction in 2016; will it rollover (continue)? The most current 2015 payroll deduction amount will rollover to 2016.
Do I need to do anything for 2016? Yes. You should verify your annual goal amount. Voluntary deductions such as retirement savings are taken based upon your personal number of pay periods annually (if you are paid over 26 pay periods then 24 deductions; and over 21 pay periods then 20 deductions). The maximum annual dollar amount is $18,000 but $24,000 is allowable for individuals over age fifty. For 2016, perform the math:
Per Pay Period Deduction Amount x 24 (or 20) = Annual Goal
If the annual goal is less than or equal to $18,000, you will be all set for 2016.
If the annual goal is greater than $18,000, you must be eligible for the over age fifty “catch-up” (maximum of $24,000). If your annual goal is greater, please verify this information with your financial planner.
How do I access and make changes on the TIAA-CREF platform? At the time of the online implementation, your current payroll deductions and annual goals were established in the system to continue your retirement savings deduction.
You will need to gain access to the TIAA-CREF platform by creating a User ID, Password and Security questions. Mike Spogli from TIAA-CREF will be on both the Brighton and Damon Campuses to facilitate this process. Please register through the following links to meet with Mike Spogli for a 15 minute to establish your access.
Damon Campus: Thursday, December 3, 2015 Human Resources Office 9 a.m. – 4 p.m.
https://publictools.tiaa-cref.org/public/publictools/events/eventswelcome?eventId=1-3DX8Q1X
Brighton Campus: Friday, December 4, 2015 Room 1-305 9 a.m. – 5 p.m.
https://publictools.tiaa-cref.org/public/publictools/events/eventswelcome?eventId=1-3DX8Q2N
If you are unable to schedule a 15-minute meeting at this time, there will be other opportunities to meet with TIAA-CREF.
What if I have accessed the TIAA-CREF platform during 2015? If you have gained access during the year and made changes, it is extremely important to verify your annual goal. The annual goal changes each time you change the payroll deduction amount. Many individuals who have made changes to their payroll deduction in 2015 have tended to increase the deduction. This increase may not lead to contributions equal to the maximum allowable by law before the end of 2015 but could quickly force you to reach the limit before the end of 2016. Any annual goals reaching the limits will automatically end a payroll deduction for the remainder of a calendar year.
What if I started a payroll deduction during 2015? It is again very important to review your annual goal for 2016. Perhaps, by starting during 2015, your payroll deduction may have been set high to reach a specific annual goal by the end of the year. By rolling over the current payroll deduction, you may reach the maximum limit before the end of 2016.
If you have any questions, please feel free to contact the Human Resources Department staff for basic information. For full rules and regulations concerning retirement savings accounts, annual maximums and individual savings goals, please contact your financial planner.