If you are not presently contributing to or receiving a pension from a New York City or New York State retirement system, as an adjunct you are eligible to join the New York City Teachers' Retirement System (TRS) which provides retirement, disability and death benefits.
A three percent deduction from your salary combines with the City's contribution to provide a pension. Vesting occurs after the equivalent of five full-time years of service in the plan. TRS will prorate part-time teaching service based on one year of service credit for 360 hours worked per year. For part-time, non-teaching service, TRS will prorate the service based on one year of service credit for 900 hours worked per year.
Under Section 219(g) of the Internal Revenue code, as amended by the Tax Reform Act of 1986, any individual who is an active participant in such a plan is not allowed a deduction for contributions to an individual retirement account (IRA) if their adjusted gross income exceeeds certain limits. The income limit is $40,000 in the case of individuals filing jointly and $25,000 in the case of an individual return. This can change from time-to-time, check with your accountant for the latest limits.
Under this IRS ruling, CUNY employees who are eligible to participate in TRS are deemed to be active participants in a pension plan whether or not they actually electe to participate. Therefore the City of New York is obligated to check the box on each employee's W-2 form indicating to the IRS that they are a participant.
NOTE: If you are a retiree of NYC, NYS, or TIAA, please be advised that there is a retiree earnings limitation. The College is not responsible if you exceed you limit.
For more information, see TRS Tier VI Information Guide.