As a reminder, in 2008 legislation was passed that amended the State Education Law to eliminate the mandatory contribution for employees participating in the Optional Retirement Program (TIAA-CREF) over a three-year period. New York State assumed payments of individual
contributions for Senior College employees with ten or more years of membership in TIAA-CREF; New York City remits payments on behalf of Community College employees.
The final phase of the plan became effective on April 1, 2010.
The following changes will be reflected in the paycheck dated April 8, 2010:
Employees who joined TIAA-CREF on or before July 16, 1992, have ten or more years of CUNY service, and who initially contributed 3%, will have their total 3% employee contribution assumed by the State or the City.
Employees who attain ten years of TIAA-CREF membership on or after April 1, 2010 will have their entire 3% employee contribution made by the State or the City.