Your Retro Pay and Deferred Compensation

Management is in the process of distributing a Memorandum to all TA, OA and MTA Bus members covered by the recent 4-year contract with the MTA. The Memorandum explains options for your deferred compensation plan (if you have one) on your retroactive pay.

Here are two takeaways from the Memorandum concerning the MTA Deferred Compensation Plan (401 (k) and/or 457:

• If you do nothing, your normal percentage deferral election amounts will be applied to the retroactive pay. So, for example, if you currently defer 5 percent of pay into your 401 (k) or 457, then that same 5 percent will be deferred into your plan from your retroactive pay.

• If you wish to defer a larger percentage (a good option for many) into your plan, you can do so by logging into the BSC Self-Service Portal at www.mymta.info.

Retroactive pay is coming in April 2020.

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Prometheus Labor Union Websites

New York's Public Transit Union • Transport Workers Union Local 100 • 195 Montague St 3rd floor, Brooklyn, NY 11201