Hello York PSC Community
Sending a reminder about the TRS TDA
TRS TDA:
· Employees who wish to increase their contribution for the August 7, 2025 paycheck, must log in to their TRS Account and change their deduction percentage by no later than July 6, 2025.
· When employees log in to their TRS Accounts – they will have the option to have the percentage change effect the retroactive paycheck only. The deduction percentage will then automatically revert to the original percentage.
· TRS will then send the cert to the campus for the specific payroll.
From: Carmel Boyle
Sent: Monday, June 23, 2025 11:33 AM
To: staff-ft@PROTECTED; faculty-ft@PROTECTED
Subject: PSC Contract Implementation - FAQs
Dear York Community
In anticipation of the PSC retroactive payment in early August, those receiving retroactive payments may wish to increase their TDA or Deferred Compensation contribution for their retroactive payment. The retroactive payments will take place - Senior Colleges on August 7, 2025. Here are the deadlines for employees to make the contribution changes for the different plans:
Retirement Plan | Senior College Deadline |
TIAA TDA* | July 21, 2025 |
TRS TDA | July 6, 2025 |
Deferred Comp 457 | July 22, 2025 (3PM) |
Senior Colleges:
TIAA TDA:
· Employees who wish to increase their contribution for the August 7, 2025 paycheck must submit a Salary Reduction Agreement to Benefits Officers by July 21, 2025.
· As in the past, we recommend that employees provide two SRAs, one to increase for the retroactive paycheck and one to decrease on the subsequent paycheck. Employees should indicate on the top of the SRA, “Please process this increase for the retroactive paycheck only”.
TRS TDA:
· Employees who wish to increase their contribution for the August 7, 2025 paycheck, must log in to their TRS Account and change their deduction percentage by no later than July 6, 2025.
· When employees log in to their TRS Accounts – they will have the option to have the percentage change effect the retroactive paycheck only. The deduction percentage will then automatically revert to the original percentage.
· TRS will then send the cert to the campus for the specific payroll.
Deferred Compensation 457 Plan:
· Employees must call the Nationwide Helpline (1-800-422-8463) to change their deduction for a specific pay period. Please note – if they go online to change their deduction, they will not be able to choose which paycheck date the updated deduction amount will take effect.
· Employees must contact Nationwide to make this change no later than 3pm on July 22, 2025.
TIAA Salary Reduction Agreement (SRA) - Limit of 3 changes in a year:
Changes related to the retroactive payment should not be counted towards the limit outlined in the Salary Reduction Agreement. In other words, even if an employee has changed their contribution rate 3 times this year, you should still allow them to make changes related to this retroactive payment.
Maximum Contribution %:
There is no set maximum contribution percentage of the retroactive paycheck. However, it is important that employees understand that there must be enough earnings to pay required taxes and benefit deductions. If after the contribution, there is not enough earnings to pay required taxes and benefit deductions, the TIAA 403(b), or TRS 403(b) and/or NYSDCP 457(b) will fail and the employee will not be able to make the contribution.