You can now contribute to the NYCE IRA with automatic payroll deductions. This makes saving for your retirement through the NYCE IRA even easier. The NYCE IRA includes both a traditional and Roth IRA. 

There are three ways to fund your NYCE IRA account:

1. payroll contributions (IRA contributions made via payroll deductions are automatically renewed each year unless you change or cancel),
2. check, or
3. rollovers/conversions.

Please note: Payroll deductions are applied to the calendar year in which they are contributed. You will still have up until the tax deadline in April to make contributions to the NYCE IRA. However, contributions for the prior year must be made by check or money order. 

Contributions made to an IRA are after-tax. Generally, you can deduct the contributions to your traditional IRA on your federal income tax return. Whether your contributions into the Traditional NYCE IRA will be deductible or non-deductible depends on your (or, if married, you and your spouse’s) modified Adjusted Gross Income (modified AGI) and whether or not you are covered by another retirement plan at work. The contributions you make during the calendar year to the NYCE IRA will be reported on Form 5498 which you will receive from the Plan’s recordkeeper, Voya.

Contributions can also be made in the form of a check or money order to be deposited into your NYCE IRA account.  You can also roll over assets, which are generally tax-free, as a distribution from a previous retirement plan or IRA.

Funding your Traditional NYCE IRA with regular contributions

Funding your Roth NYCE IRA with regular contributions 

Funding your Traditional NYCE IRA using a rollover 

Funding your Roth NYCE IRA using a rollover/conversion