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Universal Availability Notice 2024 (PDF)

This explains the recent investment changes made to the plan in 2024. The 91��Ƶ Retirement Series is replacing the BlackRock Path Index Funds as the plan’s default investment option. Watch the presentation for more information and hear the questions asked by colleagues.

The 91��Ƶ 403 (b) Defined Contribution Retirement Plan is designed to provide faculty and staff with the opportunity to accumulate a source of retirement income in addition to Social Security and personal savings on a tax-deferred basis.

TIAA is the sole plan service provider for the 91��Ƶ 403(b) Retirement Plan. The 91��Ƶ Retirement Program allows you to electively defer monies from your payroll check on a tax-deferred basis, and if eligible University contributions, into the 403(b) plan. TIAA is the sole plan service provider of the 91��Ƶ Retirement Plan, effective January 1, 2011.

• Investment Carrier: TIAA
• Website:
• Telephone Number: 1 (800) 842-2776
• View current schedules for in person on campus sessions. Register early, as space is limited. or call 1 (800) 732-8353.

The Plan is a defined contribution plan in which specific contributions are made by the employee and the University once eligibility requirements are met. The requirements are based upon age and full time service criteria.

Summary Plan Description

• Summary Plan Description for 403 (b) Retirement Plan (PDF)
• Amendment #2 Signed and Restate 403 (b) Retirement Plan (PDF)
• 91��Ƶ 403(b) Amendment as of May 7, 2020 (PDF)
• 91��Ƶ 403(b) Amendment as of April 1, 2021 (PDF)

Eligibility for Employee Contribution

All employees are eligible to contribute to the plan except for students, visiting faculty* and those deemed to be independent contractors. Simply complete the online . For employees joining for the first time, please see the bottom of the form for instructions on setting up an account with TIAA.

*a visiting faculty member is a professor on a short-term (non-tenure track) contract to teach at 91��Ƶ and are expected to return to that University that generally employs them upon completion of the contract. Visiting faculty are generally paid through their originating college or university and maintain benefits from originating school.

Eligibility for University Contribution

All full time employees who meet the following age and full-time criteria are eligible to join the Plan:

Once you meet the eligibility requirements and have completed the necessary enrollment forms, the University will contribute a percentage of your base salary, up to $345,000 effective January 1, 2024. You will also be required to make contributions, which will be on a tax-deferred basis.

The percentages that you and the University contribute will differ based upon your full time date of employment and years of service with the University.

Note: Eligibility Criteria may be waived or credited upon establishing service requirements stated above at another institution of higher education or 501(c)3 organization. Employment with the former institution, organization must be within three years of employment with 91��Ƶ.

Enrollment Considerations

You must complete the necessary enrollment and payroll authorization forms to participate in the retirement program. Any contributions that you make are tax deferred and are subject to a statutory IRS annual limit.

Once you join the retirement plan, your contributions will continue and roll-over from year to year.

You decide how to allocate the investment of both your required contributions and those made on behalf of the University. Any changes to your investment strategies can be addressed directly with your investment carrier.

Contribution Limits

Contributions are expressed as a percentage of pay and made on a pre-tax basis by payroll deduction only. Federal law limits the total amount a participant can contribute in one year to all Retirement Savings Plans (such as this plan and other 403(b) plans offering tax-deferred annuities), depending on your age and; in some cases, years of service to your employer.

Year: 2024

• Employee Contribution Schedule: $23,000
• Additional Age 50 Catch-up Limit: $7,500

Year: 2025

• Employee Contribution Schedule: $23,500
• Additional Age 50 Catch-up Limit: $7,500

*Each year in October, these limits are adjusted by the IRS for the following year, according to a formula based on the inflation rate (linked to “COLA”) in the third quarter vs. the previous year’s quarter.

The maximum contribution percentage allowed is 90%. However, it is the employee's responsibility to ensure that the contribution percentage elected will result in an allowable amount; other deductions, such as FICA tax, NYS Paid Family Leave, and union dues (where applicable) as well as voluntary deductions such as medical, dental, life, FSA, HSA, and commuter benefits, take precedence over the 403(b) contribution. If the elected contribution is greater than the net after deductions, no amount will be withheld. University Benefits is not able to provide payroll modeling and will not be responsible for errors that do not produce a contribution as a result of the other deductions.

Contribution Schedule

The 91��Ƶ Retirement Plan accepts both employee and employer contributions:

1. University Contributions: For required contributions made by the University.
2. Employee Contributions: For additional voluntary contributions made by the Employee.

The following depict the contribution schedules available under the 91��Ƶ Retirement Plan:

For Employees hired prior to October 2, 2000

For Employees hired or rehired on or after October 2, 2000

91��Ƶ Target Retirement Series

TIAA has been selected by 91��Ƶ as the investment provider for your Plan contributions. The Plan lets you invest your account in a number of different investment funds. Unless you choose a different investment fund or funds, as of January 31, 2024, your Plan account will be invested in the default investment option for the 91��Ƶ Defined Contribution Retirement Plan, which is the age-based 91��Ƶ Target Retirement Series that corresponds to your estimated date of retirement. The 91��Ƶ Target Retirement Series model provides a ready-made diversified portfolio which includes a combination of investment options that offer a specific balance of financial risk and reward, and takes into account your current age and your projected retirement date. The investment allocation adjusts to become more conservative as you near and enter retirement. Over time, the 91��Ƶ Target Retirement Series automatically rebalances your account to help keep you on track with your retirement goals. If the default investment fund changes at any time in the future, you will be notified.

The fact sheet for the 91��Ƶ Target Retirement Series (PDF) provides additional information, including the investment objectives, risk and return characteristics, and fees and expenses of the funds.

As required by the Department of Labor, please see the Summary Annual Reports (SAR) for the 91��Ƶ Defined Contribution Retirement Plan (PDF).

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