Retirement Plan Changes

May 2013

Employees enrolled in a CUNY retirement plan under the new Tier 6 may have noticed a higher retirement contribution rate on their April 4, 2013 check date. As you may recall, due to the 2012 Tier 6 legislation, effective April 1, 2013, the required employee contribution rate is now based on the employee’s annual salary.  The schedule of employee contribution rates is provided in the following table.

Wages Contribution Rate
$45,000 or less

3%

$45,000.01 to $55,000

3.5%

$55,000.01 to $75,000

4.5%

$75,000.01 to $100,000

5.75%

More than $100,000

6%

Please contact Jing.Wu@cuny.edu with any questions or concerns.