Retirement Plan Changes

May 13, 2013 | Uncategorized

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.  According to the Tier 6 legislation passed in 2012, effective April 1, 2013 the required employee contribution rate is based on the employee’s annual salary.  The new schedule of employee contribution rates is as follows:

 

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 your HR Office with any questions or concerns.