Faculty Benefits

The Faculty Benefits Committee reviews and makes recommendations with regard to faculty benefits.

Committee Chair: Mary Ann Jones

 

Withdrawals/Distributions from the NYU Supplemental Tax Deferred Annuity Plan (STDA)

The Benefits Committee was contacted regarding questions on withdrawals and distributions from NYU retirement plans. The Benefits Office provided the following information:

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:

  • reach age 59½,
  • terminate employment at NYU,
  • are certified as permanently disabled,
  • die, or
  • suffer a serious financial hardship.* (Serious financial hardship will be determined by the Plan Administrator of the New York University STDA Plan in accordance with current IRS regulations.

Age 59½ Withdrawals:

In order to request a withdrawal after age 59½,

  • TIAA-CREF requires participant to call them at 800-732-8353 to start the withdrawal process.
  • Vanguard provides a withdrawal form

Hardship Withdrawals:

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

  • uninsured medical expenses incurred by the Participant, his or her spouse, or any of his or her dependents;
  • costs directly related to the purchase of a principal residence of the Participant (excluding mortgage payments);
  • the payment of tuition, educational fees, and room and board expenses for the next 12 months of post-secondary education for the Participant, his or her spouse, children or dependents;
  • payments necessary to prevent the eviction of the Participant from, or foreclosure on the mortgage on his or her principal residence;
  • payments for burial or funeral expenses for the Participant's deceased parent, spouse, children or dependents; or
  • expenses for the repair of damage to the Participant's principal residence that would qualify for a casualty deduction (without regard to whether the loss exceeds 10% of adjusted gross income).

Inquiry regarding funds:

  • TILVX TIAA-CREF Large-Cap Value Idx Inst (offered)
  • TILIX TIAA-CREF Large-Cap Gr Idx Instl (not currently offered)

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:

  • Vanguard® 500 Index Fund Investor Shares
  • Vanguard® Growth Index Fund Investor Shares

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.

 

 

2012 Wellness Update & 2013 Annual Enrollment Results

Read the Presentation by members of the HR Office at the February Benefits Committee meeting.

Presented by:
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

 

2013 Benefits Enrollment

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)