Purpose

To notify CUNY of the elimination of TDA deduction codes 417 (Halliday) and 419 (Metlife).

Affected Employees

Employees who currently have any of the following TDA deductions:

Background

Pursuant to the CUNY Board of Trustees Resolution dated November 23, 2015 and January 25, 2016:

• The CUNY Board of Trustees approved amendments to the Tax Deferred Annuity Plan that authorizes TIAA as the sole investment provider. Metlife (deduction code 419) and Halliday (deduction code 417) will be eliminated.
• Employees participating with deduction code 417 or 419 are eligible to contribute to deduction code 403 (TIAA TDA).

Effective Date(s)

Institution Paychecks dated January 5, 2017

Agency Actions

CUNY has requested OSC inactivate deduction codes 417 and 419.

CUNY will provide OSC with a one-time detailed file for all employees switching from deduction code 417 or 419 to deduction code 403.

OSC Actions

At CUNY’s request, OSC will run a program to automatically end date deduction code 417 (Halliday) and 419 (Metlife) for all employees, regardless of job status.

OSC will load the file provided by CUNY to start deduction code 403 for employees included on the file.

To help prevent employees from making excess 403 (b) deferrals in 2017, OSC will insert a new effective-dated row for deduction code 403 based on the first day of the pay period for payroll checks issued on 1/5/2017. These effective dates are as follows:

• 11/24/2016 Inst Extra Lag (1/05/2017 check date)
• 12/08/2016 Inst Lag (1/05/2017 check date)
• 12/22/2016 Inst Current (1/05/2017 check date)

The new effective-dated row will reflect:

• The employee’s biweekly deferral election submitted by CUNY.
• The regular maximum contribution amount submitted by CUNY for 2017 in the Goal Amount field.
• A beginning contribution balance of zero (0) for 2017 as reflected by the blank Goal Balance field.

Questions

Questions regarding the calculation process can be directed to the Payroll Retirement mailbox.