Qualified Transportation Expense Plans
In 2023, the pre-tax limit was $300. If you currently participate, your 2022 elections will continue into 2023. You can enroll or make changes at any time during the year by initiating a Benefit Event in MyDay. We've created this guide for Changing Your Transit and Parking Amounts to help you navigate MyDay. Use the event date of January 1, 2023, to increase your contributions for January.
For additional information regarding these plans, visit the Qualified Transportation Expense page on our website.
Tax Deferred Annuity Retirement Plan
You can choose to contribute a percentage of your base annual salary or a flat dollar amount per paycheck. The maximum annual contribution for 2023 is not known at this time, but the 2022 limit was $20,500. Employees age 50 and older (and those who will attain age 50 by December 31) are eligible to contribute an additional $6,500 annually, as set by the IRS (referred to as the "Age 50+ Catch-Up").
Your current elections will continue in 2023, but if you'd like to increase or change your contributions, you can do so by initiating a Benefit Event in MyDay. We've created this guide for Changing Your Retirement Savings Amounts to help you navigate MyDay. Use the event date of January 1, 2023, to change your contributions for January.
What You Can Do Today
Review your account. Were you automatically enrolled in the plan at a 3 percent contribution rate upon hire? If so, your contributions are being invested in the plan’s qualified default investment alternative, a TIAA Lifecycle Fund, assuming a retirement age of 65. You owe it to yourself to review your investment allocation and contribution rate.
If you’re not already enrolled in The New School Tax Deferred Annuity plan (TDA), consider enrolling today. Saving for retirement is an important step in planning for your financial future.
Personalized advice is included with your retirement plan at no additional cost to you. Don’t let another year slip by without checking in on your retirement plan! Schedule an appointment today for an individual counseling session at TIAA.org/schedulenow or call 800.732.8353 weekdays from 8:00 a.m. to 8:00 p.m. ET.