Committee Chair, 2012-2013: Mary Ann Jones
The Faculty Benefits Committee reviews and makes recommendations with regard to faculty benefits.
Loans, hardship withdrawals, and in-service withdrawals are allowable per NYU plan design rules. Once a participant requests a loan or withdrawal, ERISA and IRS rules apply.
Withdrawals may be made when you:
Age 59½ Withdrawals:
In order to request a withdrawal after age 59½,
Hardship withdrawals made prior to age 59½ are subject to the 10% penalty tax for certain early withdrawals.
A serious financial hardship is defined as an immediate and heavy financial need arising from
Inquiry regarding funds:
Morningstar gives the first three stars and the second four stars. Although the overall Morningstar rating for the funds differs, if you compare the rating over the last three years, both funds are four stars.
Also, since there are over 100 funds available to participants, although TIAA CREF does not list this specific fund (TILIX), Vanguard has two funds that are comparable:
Inquiry regarding NYU Employer Contribution:
As the NYU retirement plan is a qualified plan under ERISA, if you are eligible for the plan, you are eligible for all the features and benefits of the plan. Under federal law, an employer cannot discriminate based on the age of a participant.
Read the Presentation by members of the HR Office at the February Benefits Committee meeting.
Alison Leary, Executive Vice President for Operations
Andrew Gordon, Vice President, Human Resources
Ann Kraus, Senior Director, Global Compensation and Benefits
Trish Halley, Director, Health and Welfare Benefits
The Benefits Committee met with members of the HR Office this fall to discuss the 2013 Benefits updates, including the new High Deductible Health Plan (HDHP) with Health Savings Account (HSA).
Read the Presentation on Annual Enrollment 2013 presented by Ann Kraus (Senior Director, Global Compensation and Benefits) and Trish Halley (Director, Health and Welfare Benefits)