Retirement Program Changes
NYU strives to offer a retirement program that helps you build long-term financial security. As part of this commitment, the NYU Retirement Plan Investment Committee and the NYU Retirement Plan Administration Committee respectively review the program’s investment fund menu and the program design, plan services, and fees to provide you with a variety of options to help you meet your personal saving and investment goals.
The Committees, working with NYU’s independent investment advisor and plan consultant, Cammack Retirement Group, have decided to make changes to the NYU retirement program, effective April 1, 2021.*
Investment Menu (see pages 2 - 4 of the Guide)
NYU is removing some funds that have duplicate investment objectives or similar underlying portfolios. Consolidating the number of options will help you to select investments while providing choices to build a diversified, low-cost portfolio. The new investment menu will include 29 carefully selected fund options:
- Twenty-five funds currently offered in the NYU retirement program will remain in the core investment menu.
- The core investment menu will continue to include TIAA and Vanguard funds, as well as new options from other fund families.
- Most of the current funds no longer offered in the menu generally will have a replacement fund from the same asset category with similar investment objectives and risk / return characteristics.
These investment changes will be completed automatically (see pages 5 - 7 of the Guide):
- If you are currently invested in a mutual fund that is being removed from the menu, the balance in that fund, as well as future contributions, will be transferred to a replacement mutual fund.
- If you are invested in one of the annuity accounts that will no longer be offered in the new menu, only your future contributions will be transferred to a replacement mutual fund. (Note: Your existing balance will remain in the annuity account(s) until you take action to move the balance to a fund in the new core menu.)
You do not need to take any action as the transfers described above will occur automatically on or about April 1, 2021. If you prefer to have the assets from a discontinued fund invested in a fund other than the designated replacement fund, you may choose to do so. You may continue to make updates to your account before and after these changes take effect.
A Self-Directed Brokerage Account option (see page 8 of the Guide) will also be available for individuals who wish to have the opportunity to invest a portion of their account balances in a wide range of mutual funds outside of the retirement program’s core investment menu. The brokerage account will provide access to some of the funds being removed from the core investment menu. Some brokerage fees will apply. See the Self-Directed Brokerage Account Guide (PDF) for more information.
Loan Program (see page 9 of the Guide)
New features will be added to the NYU loan program.
Fee Methodology (see pages 10 - 14 of the Guide)
A new “fee-leveling” approach for the cost of administrative services provided by TIAA will be assessed consistently for all plan participants and clearly displayed on participant statements.
Investment advice from TIAA will continue to be available by phone or online. To schedule a consultation, visit TIAA.org/schedulenow, or call 844-NYU-TIAA (844-698-8422), weekdays, 8 am to 10 pm (ET).
NYU Retirement Program Changes Video
* Read the Summary Plan Description (SPD) in PDF format for each plan that will be affected by these changes:
- NYU Retirement Plan for Members of Faculty, Professional Research Staff, and Administration: SPD (current); SPD (effective 4/1/21)
- NYU Supplemental Tax Deferred Annuity Plan: SPD (current); SPD (effective 4/1/21)
- NYU Section 457(b) Deferred Compensation Plan: SPD (current); SPD (effective 4/1/21)
- NYU Retirement Plan for Adjunct Faculty Members: SPD (current); SPD (effective 4/1/21)
- Local 1 Security Officers Union Money Purchase Pension Plan & Trust
Manage Your Account
Login to NYUHome and select Go on the NYU Retirement Plans card or 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).