In each newsletter we answer common questions. In this issue we focus on the NYU adjunct retirement plan.

Q: Does NYU offer a retirement plan for adjuncts?
A: Eligible adjuncts have been able to participate in a retirement plan offered through the Teachers Insurance and Annuity Association of America (TIAA). This plan is called the NYU Supplemental Tax Deferred Annuity Plan (STDA).

Q: Does NYU offer a matching contribution?
A: Up until now, NYU has made a “non-elective” contribution to a participating adjunct’s retirement account every December. This contribution has amounted to 6% of the compensation that the adjunct received in the previous academic year. December 2023 was the last time that NYU made the 6% contribution.

This current academic year, there is a new set of parameters governing employer contributions NYU will now make both a “non-elective” contribution and a “matching” contribution to a participating adjunct’s retirement account. It will contribute: (a) an amount equal to 5% of the adjunct’s compensation from the previous academic year plus (b) an amount that matches the adjunct’s own contributions up to 5% of the adjunct’s compensation from the previous academic year. 

NYU’s first contribution under these new parameters  will be made on or around December 1, 2024. The individual contributions an adjunct makes during the 2023-2024 academic year will determine the university’s December 1, 2024 contribution. 

Q: How do I take full advantage of the NYU adjunct retirement plan?
A: To receive the maximum 5% matching contribution next year, on or around December 1, 2024, you must contribute at least 5% of your academic year 2023 - 2024 salary to the NYU STDA Plan. Once you start contributing to the NYU STDA plan, NYU will open the NYU Retirement Plan for Adjunct Faculty Members (“Adjunct Retirement Plan”), which is also part of your account. Your contributions go into the STDA part of your account; NYU’s contributions will go into the “Adjunct Retirement Plan” part.  

Q: I received an email stating that there was an administrative error that resulted in an overpayment of an NYU non-elective contribution to my account under the NYU Retirement Plan for Adjunct Faculty Members. What’s that about?
A: Apparently, NYU included the administrative payment received on 9/15, 10/1, and 10/15 as part of the non-elective contribution that they contributed to the Adjunct Retirement Plan on December 1, 2023. Instead, this amount should have been included in the non-elective contribution that NYU makes on December 1, 2024, since the earnings are from Academic Year 2023 - 2024. To correct for this error, NYU calculated the overpayment and removed it from the account, adjusted for investment gains and losses.

Q: I have questions about this corrective action. Who should I speak to?
A: If you have any questions about the details of this corrective action, please contact PeopleLink NYU's HR, benefits, and payroll service center, at askpeoplelink@nyu.edu or 212-992-LINK (5465).

Q: How do I get help or more information about the NYU Retirement Plans?
A: For more information, contact the NYU Retirement Plans Helpline at TIAA by calling 844-NYU-TIAA (844-698-8422) or visiting www.tiaa.org. Speak with a TIAA retirement account officer for information on signing up, arranging a one-on-one consultation, and structuring your retirement portfolio. Make sure to ask about the maximum permissible yearly contribution and to request guidance on navigating the site.