NYU Retirement Plan
Learn more about the NYU Retirement Plan for Members of the Faculty, Professional Research Staff, and Administration below.
You can elect to contribute to the Plan up to the annual IRS limit through pre-tax salary deferrals. 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 on your behalf with respect to your employee contributions up to 5% of your base salary.
The compensation eligible for calculating the NYU matching and non-elective contributions to the NYU Retirement Plan is your base salary only. 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 and overtime pay. If you receive any form of additional compensation, your employee contribution will increase on a per paycheck basis.
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.
How much can I contribute to the Plan?
You may make an employee contribution on a per pay period basis up to the IRS annual contribution limit. In 2019, this limit is $19,000 if you are under age 50 and $25,000 if you are or will be at least age 50 during 2019. 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.
How much will NYU contribute to the Plan?
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 2019, this limit is $280,000. 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).
Will NYU “true-up” my matching contributions?
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).
What compensation is eligible for employee and employer contributions?
For the employee contribution, it is your total cash compensation for the pay period, which includes base salary and overtime pay. 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.
Are rollover or transfer contributions allowed?
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.
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 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).
Does the Plan have a default fund?
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.
Can TIAA provide me investment advice?
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).