NYU 457(b) Deferred Compensation Plan
If eligible per the salary minimum, you may take advantage of additional tax-deferred savings in addition to the NYU Retirement Plan. There are no employer contributions to the 457(b) Plan.
Under Section 457(b) of the Internal Revenue Code, this Plan must be considered “unfunded”, which means that your deferrals of salary (including any earnings on those deferrals) must be part of NYU's general assets. This means that in the unlikely event that NYU ever became insolvent, your deferrals under the Plan and any investment earnings that have accrued would be subject to the claims of NYU's general creditors and you might lose part or all of your benefits. You should consider this in deciding whether to participate in the Plan.
For detailed information on the Plan including a Special Catch-up Limit, withdrawals, and distribution options, please review the Summary Plan Description (Google Doc: 25 KB).
Who is eligible to participate in this Plan?
You will be eligible to participate in the Plan if:
- you are employed in an eligible job category, and
- your annual base salary for your primary appointment and secondary appointment with title equals or exceeds the applicable salary threshold amount in effect for the year.
Eligible job categories include full-time:
- Tenured and Non-Tenured Faculty,
- Professional Research Staff, and
- Administrative and Professional Staff.
See page 5 of the Summary Plan Description (Google Doc: 25 KB) for the salary threshold used to determine your eligibility to participate in the Plan.
How much may I defer under the Plan?
Generally, you may defer up to the IRS allowed annual maximum under the 457(b) Plan (see the IRS Annual Contribution Limits for the 457(b) Plan - Google Doc: 12 KB). Please note that your deferrals under the Plan may be limited if deferrals have been (or will be) made on your behalf under another employer’s eligible 457(b) deferred compensation plan during the year.
How do I change my salary deferral election?
You may change your salary deferral election at any time during the year via the TIAA retirement website.
Using your NYU Net ID and password information, login to NYUHome, select the NYU Retirement Plans card and then Go. You may also access the TIAA retirement site directly at www.tiaa.org/nyu.
Contribution changes will be processed in the next available pay cycle in the month following the month in which you submit your change; reflection of deferral election changes is contingent upon payroll. Please note: IRS rules do not permit your salary deferral election change to take effect until the calendar month following the calendar month in which you submit the change.
How do I choose or change my investments?
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 prospectuses for each fund in which you may wish to invest. You can order prospectuses directly from the TIAA website or by contacting the NYU Retirement Plans Helpline at TIAA at 844-NYU-TIAA (844-698-8422).
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).