Eligible Compensation for Calculating Contributions
Eligible compensation for calculating NYU contributions (matching and non-elective) = base salary only.
The compensation eligible for calculating the NYU matching and non-elective contributions to the NYU Retirement Plan is your base salary only.
Note: For faculty, base salary includes salary for primary position, plus compensation for any titled administrative assignment, and summer compensation paid up to 3/9 of faculty base salary. (See Faculty benefits.)
Eligible compensation for calculating employee contributions = total cash compensation.
The compensation eligible for calculating an employee contribution to the NYU Retirement Plan is your total cash compensation for the pay period. Your total cash compensation includes:
- base salary,
- additional compensation for teaching,
- activity pay,
- overtime pay,
- cash bonuses,
- summer compensation, and
- any additional compensation for academic and administrative duties performed.
Note that 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.
If you receive any form of additional compensation, your employee contribution will increase on a per paycheck basis. As shown in the chart below, the employee contribution increases due to additional compensation being included in eligible compensation for calculating the employee contribution.
How to Enroll / Manage Your Account
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).
|Example of Additional Compensation|
|Employee contribution election||5%|
|Pay period base salary / academic pay||$10,000|
|Pay period additional compensation||$1,500|
|Total pay period compensation||$11,500|
|Results in contributions of:|
|Employee contribution (based on total cash compensation)||$575|
|NYU Non-elective contribution (based on base salary / academic pay)||$500|
|NYU Matching contribution (based on base salary / academic pay)||$500|
|Total NYU and Employee Contributions||$1,575|
What compensation is eligible for employee contributions to the NYU Retirement Plan?
Eligible compensation for the employee contribution 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.
What is the Maximum Amount option for my employee contributions to the NYU Retirement Plan?
Choosing the Maximum Amount option enables you to contribute up to the IRS allowed annual maximum over the course of the plan year (see the IRS Annual Contribution Limits and Maximum Allowable Compensation Levels - Google Doc: 12 KB)..
Your contribution amount is systematically determined by dividing the applicable IRS maximum by the remaining pay periods in the calendar year, taking into account your year-to-date pre-tax contributions. Whereas a percentage of pay election may result in employee contributions fluctuating depending on total cash compensation for the pay period, the Maximum or flat dollar amount elections provide a predictable and steady contribution throughout the year.
Three options for your contributions:
Elect an employee contribution based on a percentage of pay, flat dollar amount, or maximum amount (to contribute up to the IRS limit).