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Date: December 15, 2016

Bulletin Number: 1533

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Subject Maximum Salary Limit for Teachers Insurance and Annuity (TIAA) Retirement Tiers 1 through 5 (Plan Type 7Z) for Calendar Year 2017

Purpose To notify agencies of the 2017 maximum salary limit for members of TIAA (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) will increase to $270,000 for the 2017 calendar year.

Affected Employees

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

Effective Date January 1, 2017.

Eligibility Criteria Members of TIAA, 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 2017.

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