What is the NYU Retirement Plan and what are the eligibility requirements?
The NYU Retirement Plan is a defined contribution plan, authorized under Section 403(b) of the Internal Revenue Code. You contribute 5% of your base salary each month on a pre-tax basis. NYU then contributes an amount equal to 10% of your base salary, up to the IRS maximum compensation limit. The maximum recognizable compensation for 2008 is $230,000. You can join the NYU Retirement Plan if you are in an eligible job category at NYU (see Retirement Plan SPD), you normally work at least 20 hours per week, and you have completed one year of service. Shortly before your eligibility date, you will be mailed an enrollment package with the forms that need to be completed and information about available investment options. You have completed one year of service if you have worked: • One year at NYU in which you worked at least 1,000 hours; or • One year with your immediately previous employer provided that: • Your immediately previous employer was a college, university, medical institution or
