New York University is committed to helping you plan and save for a secure retirement. NYU offers a generous, defined contribution plan to which you and the University contribute.
Upon hire, eligible employees can elect to contribute to the NYU Retirement Plan for Members of the Faculty, Professional Research Staff, and Administration up to the annual IRS limit through pre-tax salary deferrals. New employees will be automatically enrolled in the Plan to make employee contributions of 5% of your pay, unless you opt not to contribute or to contribute a different amount during the 60-day period beginning on your date of eligibility.
After a year of service, NYU provides a non-elective contribution of 5% of your base salary and, if you make employee contributions, NYU will make a matching contribution of up to 5% of your base salary.
You may waive the one-year of service requirement if:
*NYU determines whether a prior employer meets this requirement. If you believe you are eligible for service credit with your previous employer, it is your obligation to contact NYU PeopleLink at email@example.com or 212-992-LINK (5465), Monday through Friday, 8 am to 6 pm. Please include the name of your previous eligible employer along with a contact name and phone number so that NYU can verify your employment.
For detailed plan information, including information on eligibility, loans, withdrawals, and distributions, please read the Summary Plan Description (PDF). See below for FAQs about contributions, eligible compensation, rollovers and transfers, investments, and investment advice.
You may make an employee contribution on a per pay period basis up to the IRS annual contribution limit. In 2020, this limit is $19,500 if you are under age 50 and $26,000 if you are or will be at least age 50 during 2020. If your employee contributions reach the IRS contribution limit during the year, they will be suspended for the remainder of the year. Your NYU match will also be suspended.
NYU will make a non-elective contribution of 5% of your base salary on a per pay period basis up to the IRS annual compensation limit. In 2020, this limit is $285,000. NYU will also make a matching contribution equal to your employee contributions that do not exceed 5% of your base salary on a per pay period basis up to the IRS annual compensation limit (PDF).
If you contribute more than 5% of your base salary for some pay periods and less than 5% of your base salary for other pay periods, you could receive less in matching contributions than you would have received if you had made employee contributions at an even rate throughout the year. Beginning with the 2018 plan year, to enhance NYU’s matching contributions for match-eligible participants whose employee contributions may vary over the course of the plan year, the Plan provides for a “true-up” matching contribution. After the end of the plan year, NYU will review your employee contributions and matching contributions for the plan year and “true-up” your account as needed so that your total matching contributions for the plan year match your employee contributions for the plan year up to a maximum of 5% of your base salary for the plan year (up to the IRS compensation limit).
For the employee contribution, it is your total cash compensation for the pay period, which includes base salary, additional compensation, activity pay, overtime pay, cash bonuses, summer compensation, and any additional compensation for duties performed. Your employee contribution election does not apply to any imputed income, allowances, subsidies, stipends, or other amounts that you did not earn for services performed.
Unlike employee contributions, NYU matching and non-elective contributions are made based on your “base salary” for the pay period, which generally means the base salary paid as an employee for services rendered to the University in your primary appointment position while you are a match-eligible participant. For faculty members, base salary means the base salary for your primary appointment position, plus compensation for any administrative assignment which carries a title and summer compensation paid up to 3/9 of the academic base year salary. See NYU Retirement Plan Eligible Compensation for more details.
You may make a rollover contribution to the NYU Retirement Plan. The rollover contribution must meet applicable IRS requirements. The Plan does not accept rollovers of Roth 401(k), Roth 403(b), or other non-qualified plan accounts.
If you are an eligible employee, you may transfer your account balances from your NYU Supplemental Tax Deferred Annuity Plan or NYU Polytechnic Defined Contribution Retirement Plan accounts into the Plan.
You can choose investments through the TIAA website or by contacting the NYU Retirement Plans Helpline at TIAA at 844-NYU-TIAA (844-698-8422). The Plan offers a range of TIAA and Vanguard investment funds, so that you can choose the investments that are right for you.
Before making any investment decision, you should read The Vanguard Group and TIAA booklets and the prospectuses for each fund in which you may wish to invest. You can order booklets and prospectuses directly from the TIAA website or by contacting the NYU Retirement Plans Helpline at TIAA at 844-NYU-TIAA (844-698-8422).
If you do not provide affirmative investment directions, your account will be invested in the Plan’s default investment fund, which is currently the Vanguard Target Retirement Fund appropriate to you at age 65. Target retirement funds automatically adjust your investment allocation, determined by your age and date of retirement.
Yes, investment advice from TIAA (PDF) is available with respect to the TIAA and Vanguard investments offered on the Plan’s investment menu. Advice is available online, by phone, or through a one-on-one counseling session. To schedule a consultation, visit TIAA.org/schedulenow or by calling the NYU Retirement Plans Helpline at TIAA at 844-NYU-TIAA (844-698-8422).
|IRS Employee Contribution Limits:||2020|
|Under age 50||$19,500|
|Age 50 or older||$26,000|
Login to NYUHome and select Go on the NYU Retirement Plans card or login to TIAA.org/nyu to manage your employee contribution amount, investments, and beneficiary information. If you need help accessing or navigating the retirement site, contact the NYU Retirement Plans Helpline at 844-NYU-TIAA (844-698-8422).
You can elect an employee contribution appropriate for you based on a percentage of pay, flat dollar amount, or maximum amount that allows you to contribute up to the IRS annual limit (see the illustration below).