New Employee Introduction to Benefits
2020 Benefits Information for Newly Hired Administrators and Professionals
Please note that the information provided below is a summary of the benefits offered to eligible employees by NYU New York. For more detailed information on your benefits, we strongly recommend that you review your Benefits Guide before you make any benefit elections.
|Benefit Plan||Coverage Start Date||Plan Information|
|Medical, Dental, and Vision||Medical, dental, and vision coverage is effective on your date of hire provided that enrollment is completed within 31 days of your date of hire.||
NYU provides comprehensive medical coverage for you and your family. You may choose from 3 medical plan options through UnitedHealthcare where participants automatically receive prescription drug coverage through CVS Caremark.
Dental coverage with MetLife allows freedom of choice to visit any dentist in or out of the MetLife network.
Vision coverage through VSP give you access to 24,000 private-practice doctors located throughout the U.S.
|Health Care Flexible Spending Accounts||Effective the first of the month following your date of hire. You must enroll within 31 days of your date of hire. To continue the Health Care Flexible Spending Account (FSA) in subsequent years, you must actively enroll each year during the Annual Enrollment period.||
The Health Care Flexible Spending Account (HCFSA), administered by HealthEquity | WageWorks, provides you with a way to pay for eligible health care for you and your eligible dependents with pre-tax dollars.
The maximum amount you can contribute to a Health Care FSA is $2,750. You are able to roll over up to $500 of unused money in your Health Care FSA to the following plan year. You will forfeit any remaining balance over $500.
|Dependent Care Flexible Spending Accounts||Effective the first of the month following date of hire. You must enroll within 31 days of your date of hire. To continue the Dependent Care Flexible Spending Accounts (DCFSA) in subsequent years, you must actively enroll each year during the Annual Enrollment period.||
A Dependent Care FSA may be used for eligible dependent care (day care, elder care) expenses incurred so that you (or you and your spouse or domestic partner) may work.
The maximum amount you can contribute to a Dependent Care FSA is $5,000 (up to $2,500 if you are married and file taxes separately).
If your compensation exceeds $125,000 annually, your contribution to the Dependent Care FSA will be limited to $2,600.
|Health Savings Account||If you enroll in the High Deductible Health Plan, a Health Savings Account (HSA) will automatically be opened for you.||The HSA is a bank account that allows you to save through pre-tax contributions to pay for eligible health care expenses. Depending on your annual salary, NYU may contribute to your HSA.|
|403(b) NYU Retirement Plan||
Upon hire, employees who work at least 20 hours per week and 1,000 hours per year can elect to make employee contributions to the NYU Retirement Plan up to the annual IRS limit through pre-tax salary deferrals.
You 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 within 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. In addition, 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:
• Your previous employer was a college, university, medical institution or practice, or tax exempt medical research institution;
• Your employment with that institution ended not more than 180 days before your employment with NYU; and
• You were employed with that institution for at least one year in a non-student capacity and you worked at least 1,000 hours in that one-year period.
|457(b) Deferred Compensation Plan||If you meet the annual salary threshold, you are eligible to participate in the 457(b) plan, and your contribution election will take effect at the start of the first pay period of the month following your chosen effective date in accordance with plan rules.||
NYU offers a 457(b) Deferred Compensation Plan for employees to take advantage of the additional tax-deferred savings in addition to the NYU Retirement Plan.
|Basic Life Insurance||Coverage is effective on your date of hire.||At no cost to you, NYU provides all eligible employees with basic life insurance coverage of $50,000, administered by The Prudential Insurance Company of America.|
|Supplemental Life Insurance||Coverage is effective on your date of hire, or if applicable, when Evidence of Insurability (EOI) is approved by Prudential.||For new hires, the maximum amount of guaranteed issue insurance under this supplemental schedule is three times your annual base salary. Additional coverage of up to eight times your annual base salary, up to a maximum of $1,000,000, is available with evidence of insurability (EOI) satisfactory to Prudential.|
|Dependent Life Insurance for Your Spouse/Domestic Partner and Child(ren)||Coverae is effective on your date of hire or, if applicable, when Evidence of Insurability (EOI) is approved by Prudential.||
If you have elected supplemental life insurance, you may also elect dependent life insurance for your spouse / domestic partner and child(ren).
New hires may elect spouse / domestic partner coverage in increments of $10,000 up to $250,000 (not to exceed 100% of your supplemental life insurance coverage) and coverage of $2,000 to $10,000 for your child(ren).
Evidence of Insurability (EOI) is not required for coverage up to $20,000 for your spouse / domestic partner. Child life insurance does not require EOI.
|Basic Long-Term Disability||
Coverage is effective on the first of the month coincident with or after your date of hire or when first eligible.
||If you are deemed totally disabled by NYU’s long-term disability insurance carrier, Lincoln Financial, you will receive 60% of your monthly base salary each month, up to a maximum of $6,000.|
|Optional Long-Term Disability||Coverage if effective on the first of the month coincident with or after your date of hire or when first eligibile.||
If you earn over $120,000 per year, you may purchase Optional LTD coverage on your salary above $120,000 per year, to a maximum covered salary of $300,000 per year, which provides a benefit of 60% of your monthly base salary up to a maximum of $15,000.
If you do not enroll when first eligible, you may enroll at a later date, however, you will be required to submit a medical questionnaire, and coverage is subject to approval by Lincoln Financial, the LTD insurance provider. Medical questionnaire form (PDF)
|Group Legal Plan||Coverage is effective the first of the month following your date of hire||Provides access to a nationwide network of more than 12,000 attorneys to help you and members of your family with vital legal matters such as wills, real estate, estate planning, financial matters, and more.|
|Commuter Benefit||You may enroll in commuter benefits at any time throughout the year. Elections / changes must be made by the 4th of every month for an effective date of the 1st of the following month.||The commuter benefit administered by HealthEquity | WageWorks offers a convenient opportunity to use pre- and post-tax payroll deductions to pay for your commuting expenses, such as transit and parking.|
|Voluntary Benefits: Auto / Home / Pet Insurance, Identity Theft||You may enroll in voluntary benefits at any time throughout the year.||All Voluntary Benefits offer discounted rates and the convenience of payroll deductions to pay your monthly premiums. For additional information, visit NYU Voluntary Benefits website or call 866-486-1945.|
|Health Advocate||Coverage is effective on your date of hire.||Health Advocate offers access to nurses, doctors, claims specialists, social workers, and other professionals who can help you navigate the intricacies of the health care system at no cost to you.|
|Employee Assistance Program||Coverage is effective on your date of hire.||Optum provides services and support for personal and family challenges, work-life challenges, life management, and wellness at no cost to you.|
|Backup Child and Adult Care||Coverage is effective on your date of hire. Pre-registration is required to access the benefit.||The benefit includes up to 10 days of subsidized back-up child and/or adult care per year.|
|Tuition Remission Benefits||Eligibility for this benefit begins after one (1) year of continuous, regular, full-time NYU employment in an eligible job category. Tuition benefits start with the semester after the 1-year waiting period is met.||
Undergraduate and Graduate Degree Programs
• If your annual base salary is above 100K: 90% tuition is waived / 50% registration fees are waived.
• If your annual base salary is 100K or less: 100% Tuition is waived / 50% registration fees are waived.
Non-Degree Courses (School of Professional Studies)
80% tuition is waived / 50% registration fees are waived for certificate / non-credit and non-work related courses
|Tuition Remission Benefits - Dependent Children||Eligibility for this benefit begins after one (1) year of continuous, regular, full-time NYU employment in an eligible job category. Tuition benefits start with the semester after the 1-year waiting period is met.||
Undergraduate Degree Programs
• If your annual base salary is above 50K: 90% tuition is waived.
• If your annual base salary is 50K or less: 100% Tuition is waived.
Dependent children are not eligible for graduate degree programs and non-degree courses.
|Tuition Remission Benefits - Spouse / Domestic Partners||Eligibility for this benefit begins after one (1) year of continuous, regular, full-time NYU employment in an eligible job category. Tuition benefits start with the semester after the 1-year waiting period is met.||
Undergraduate and Graduate Degree Programs
• 50% tuition is waived.
Spouses and domestic partners are not eligible for non-degree courses.
Effective Fall 2020, the spouse/ domestic partner tuition remission benefit plan for graduate degree programs will be phased out.
|Portable Tuition Benefit Plan for Dependent Children||Eligibility for this benefit begins after three (3) years of continuous, regular, full-time NYU employment in an eligible job category.||
The benefit level will increase annually at a rate consistent with NYU increases in undergraduate tuition.
Academic Year 2019 - 2020: $6,656
The maximum duration of the benefit is 4 years (8 semesters or the equivalent number of quarters or trimesters).
|Mortgage Program||Full-time Administrative and Professional Staff with 5 years of completed full-time service on the date of closing, and an annual base salary under $100,000 are eligible to apply.||You may apply for reimbursement of mortgage origination fees up to three "points" or a maximum of $5,000. This amount is a lifetime maximum.|
529 College Savings Program
||Eligibility for this benefit begins on your date of hire.||Those who would like to or are participating in New York State’s 529 College Savings Program, which allows savings designated for college to grow deferred from federal and state tax, will be able to make contributions via direct deposit. To enroll, visit www.nysaves.org. Once enrolled, you may set up your direct deposit in PeopleSync or by calling PeopleLink for assistance.|
|Adoption Assistance Program||Expenses incurred on or after your first day of NYU employment are eligible for reimbursement.||Receive reimbursement of up to $5,000 ($6,000 for a child with special needs) for qualified adoption expenses per adoption.|
|Benefit / Service||Contact||Phone|
|General Questions||NYU PeopleLink||212-992-5465|
|Prescription Drug Plan||
Group: NYUNV, Plan: 610029
|Staff Pension Plan||Aon||855-632-5016|
|Long-Term Disability||Lincoln Financial||888-339-6830|
||HealthEquity | WageWorks||877-924-3967|
|Flexible Spending Accounts (FSA)||HealthEquity | WageWorks||877-924-3967|
|Health Savings Account (HSA)||Optum Bank||866-234-8913|
|Auto, Home, Pet, ID Theft||Mercer||866-486-1945|
Access Code: 6120018
|Health Care Advocacy||Health Advocate||866-695-8622|
|LiveSmart Wellness Program||NYU PeopleLink||212-992-5465|
|Employee Assistance Program (EAP)||
|Working Family Solutions - Bright Horizons||
Register Online: User: NYU, Password: Benefits4You
|Adoption Assistance Program||NYU PeopleLink||212-992-5465|
|529 Savings Plan (PDF)||New York's 529 College Savings Plan||877-697-2837|
|Mortgage Program (PDF)||NYU PeopleLink||212-992-5465|