The New York State College Choice Tuition Savings Program provides individuals with the opportunity to save for a child’s future college expenses while gaining tax advantages. Participants may deduct up to $5000 of their contributions from their New York State taxable income. Contributions to the program may be made through payroll deductions or direct payment to the plan. If you want more information about the program, call the College Savings Program at 1-877-NYSAVES or visit the program website at www.nysaves.org. When applying for this program on-line, please bring a copy of your enrollment receipt to the Personnel Office in order to set up payroll deductions.
Enrollment Application (pdf)
The Health Care Flexible Spending Account Program (HCFSA)
HCFSA allows employees, through pre-tax payroll deductions, to set aside money to pay for eligible health care expenses that are not reimbursable under their health and welfare insurance coverage.
The Dependent Care Assistance Program (DeCAP)
The DeCAP program allows employees, through pre-tax payroll deductions, to set aside money to pay for qualified day care, child care or in-home care for a disabled spouse or parent enabling the employee to work. Enrollment must be made within 30 days of employment and each year you must re-enroll during the Fall open enrollment period.
There are two Long Term Care Plans available:
The City of New York offers a long-term care plan to all CUNY employees eligible for health insurance. New employees are guaranteed acceptance if they enroll within 30 days of employment. Thereafter, employees may enroll at any time but will be required to provide medical evidence of good health. This plan may be paid for through payroll deductions. Premiums are based on each individual’s age upon enrollment and the benefit option chosen. This plan is available to spouses, parents, parents-in-law, grandparents and grandparents-in-law. For information call 866-414-7076 or visit www.metlife.com/mybenefits.
The PSC/CUNY Welfare Fund plan can be purchased through the John Hancock Insurance Company through payroll deductions. Premiums are based on each individual’s age upon enrollment and the benefit option chosen. The plan is available to spouses, parents, and parents-in-law whether or not the employee enrolls. For more information, please visit
Please use username: psccuny and password: mybenefit
I Savings Bonds
EE/E Savings Bonds
EE/E Savings Bonds are a secure savings product that pays interest based on current market rates for up to 30 years. Electronic EE Savings Bonds are sold at face value in TreasuryDirect. Paper EE Savings Bonds are sold at 1/2 face value.
Bonds are available for purchase through payroll deductions. The phone number is 1-800-426-9314 and the school code is 464. For more information, please visit www.savingsbonds.gov.
TDA is a voluntary 403(b) investment plan that provides you with a convenient and flexible way to accumulate personal investments for your retirement, on a pre-tax basis subject to Internal Revenue Service (IRS) limits. You may enroll at any time during the calendar year. You may designate a contribution rate within IRS limits. You can change the amount you contribute to your TDA based on your financial situation. If you are age 50 or older may be eligible to make additional pre-tax contributions.If you have 15 years or more of full-time service in CUNY, you may be eligible for a catch-upcontribution not to exceed the $15,000 lifetime maximum. Tax deferred annuity funds may be used to purchase past service credit from governmental defined benefits plans such as the TRS and NYCERS. The University does not maintain individual member retirement account information. Members of the defined benefits plans wishing to use their TDA funds to buy back past service credit should contact their retirement system to obtain information. In addition, they should contact their TDA vendor/administrator to obtain information regarding their account balances. Monies used to buy back previous service will be treated as a rollover.
You may enroll in only ONE tax deferred annuity program. The IRS does not permit
retroactive participation to a prior year. The IRS sets calendar-year limits on the maximum amount of money you can contribute to a TDA. The IRS may adjust these limits from time to time.
Under the Age 50 and Over Catch-Up provision, you may be eligible to make additional pre-tax contributions. If you will become age 50 during the calendar year, it is not necessary to wait until your50th birthday to begin Age 50 and Over Catch-up contributions. Under the 15 Years-of-Service Catch-up provision, you may be eligible for a catch-up contribution not to exceed a $15,000 lifetime maximum if you have 15 years or more of full-time service in CUNY. You may begin catch-up contributions during the calendar year in which you obtain 15 years of service.
Halliday Financial, Metlife, TIAA CREF, TRS
The New York City Deferred Compensation Plan (DCP) is an employee benefit available to New York City employees. DCP is comprised of two programs: a 457 Plan and a 401(k) Plan. Eligible employees may choose to join the 401(k) only. For additional information including enrollment form, please visit:
The transit benefit program allows employees to save on transportation expenses through pre-tax payroll deductions.