What is the NYU Section 457(b) Deferred Compensation Plan and what are the eligibility requirements?
The NYU Section 457(b) Deferred Compensation Plan is a deferred compensation plan for eligible faculty, professional research staff, and administrative and professional staff that allows additional tax-deferred savings under Section 457(b) of the Internal Revenue Code. In order to participate, you must have elected to contribute the maximum permissible amount under the NYU Retirement Plan and/or the NYU Supplemental Tax-Deferred Annuity Plan. Each year, eligible employees will be mailed an enrollment package with the forms necessary to enroll. Participation is not automatic and in order to participate, you must make an election each year. Note: 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
