Anyone who is not maxing out their TDA could up their contribution temporarily to lower their taxable income for 2017 and add to their TDA. Remember to switch back to the lower rate for the next payroll or the new rate will continue.
Here is the email from TRS:
Dear TRS Member:
As you may know, a retroactive payment under the United Federation of Teachers contract is scheduled for the October 16, 2017 payroll. According to our records, you may be receiving this retroactive payment.
TRS is contacting you because we know that members receiving such a payment often choose to increase their contributions to TRS' Tax-Deferred Annuity (TDA) Program in advance. The retroactive payment provides a rare opportunity to make a larger one-time deposit into their TDA account.
If you are interested in increasing your TDA contribution rate for the October 16 payroll, TRS must receive your rate election by this Saturday, September 16. To change your TDA contribution rate, log in to the secure section of our website, choose "TDA" in the main menu bar, and use the "Change Rate" feature by September 16.
Remember, your new TDA contribution rate will remain in effect until you change it, so you'll probably want to make another online rate change in time for the following payroll.
10 comments:
This is a no brainer for all members of TRS. This information provided to our members is very valuable. Someone is finally looking out for us!
TRS, not the UFT sent it out.
To comment #1:
Yes its a no brainer, but 70% of UFT membership do not understand money, as evidenced by the passage of the last SHAM of a contract.
77%.
Violin time in st louis. And yes, teachers are fuckin idiots.
Any one notice the salary schedule has been changed? For the 2018 raises, it had been originally 1 page, with the raise scheduled for May, now the raises are scheduled May 1, than a new page for June, Where's the union? (silence)
The time for when the last raise will be given was changed by an arbitrator because the city didn't put enough money aside to pay for all of the people who retired in 2014 to get the retro monoey up front and not have to wait until 2020 to receive it. UFT agreed to arbitration.
im maxed so cant increase, but when ive had to reset in the past there wasnt an issue. maybe check your spam.
You can go above Max until you have reached your full contribution amount.
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