Purpose

To notify agencies of the 2016 maximum salary limit for members of TIAA-CREF (Plan Type 7Z) in Tiers 1 through 5.

Background

In accordance with Section 415 of the Internal Revenue code, which provides for dollar limitations on benefits and contributions under qualified retirement plans, the annual compensation limit under Section 401(a), 404(I), 408 (k) (3) (C), and 408 (k) (6) (D) (ii) remains at $265,000 for calendar year 2016.

Affected Employees

Employee who are members of TIAA-CREF in Tiers 1-5

Effective Date

January 1, 2016

Eligibility Criteria

Members of TIAA-CREF, Retirement Plan 7Z in the following benefit plans: TSYEDA, T5CNYB, T6CNYA, T6CNYB, T7CNYB, T5SNYB, T6SNYB and T7SNYB.

OSC Actions

OSC has updated PayServ to reflect the Maximum Salary Limit for 2016.

Questions

Questions regarding this bulletin may be directed to the Payroll Deductions mailbox.