The New School offers two retirement plans, both administered by TIAA-CREF. Once enrolled in either plan, you can access your account online or call the TIAA-CREF Telephone Counseling Center at 800.842.2252 for account information. You can also meet with a TIAA-CREF consultant for an individual counseling session on campus by calling 800.732.8353 to schedule an appointment.
Review the Summary Plan Description (PDF) for more information about these plans.
You are eligible to make voluntary contributions to the Tax Deferred Annuity (TDA) plan beginning the first of the month following your hire date. New TDA enrollments and changes to existing elections can be made at any time by completing the TDA Salary Reduction Agreement Form (found in the Benefits Forms and Documents section of this site) and submitting it to the Office of Human Resources/Benefits. Forms can also be scanned and emailed to firstname.lastname@example.org. Your election will take effect on the first of the month following receipt of your completed form.
A variety of investment choices are offered by TIAA-CREF. You can select investment options and name beneficiaries for this plan online directly with TIAA-CREF (select "Tax-Deferred Annuity Plan" in the "Enroll Online" section of the page). If you do not make an investment choice, your contributions will be automatically invested in a qualified default investment alternative (PDF), which is a TIAA-CREF Lifecycle Fund, on the basis of your expected year of retirement, assuming age 65. Review the fact sheet (PDF) for Lifecycle Funds and the investment performance and fee information. You can change your investment choices online with TIAA-CREF at any time by logging in to your account.
You can choose to contribute either a percentage of your base annual salary or a flat dollar amount per paycheck. The minimum contribution is $25 per paycheck. The maximum annual contribution as set by the IRS is $18,000. Employees age 50 and older (or who will attain age 50 by December 31) are eligible to contribute an additional $6,000 annually as set by the IRS (referred to as the "Age 50+ Catch Up"). If you have made or are making contributions to more than one employer's retirement plan, it is your responsibility to ensure that your total calendar year contributions do not exceed the maximum annual basic contribution amount and the Age 50+ Catch-Up contribution amount (if applicable).
Contributions are made on a pre-tax basis, which lowers your taxable income. Upon enrollment in the plan, you are immediately 100 percent vested and have a nonforfeitable right to your contributions and earnings. Your account grows on a tax-deferred basis until a distribution is made to you.
Please contact the Benefits Staff at email@example.com or call TIAA-CREF at 800.842.2252 for additional information.
Unless you decline to participate or otherwise make a separate election, you will be enrolled automatically in the TDA plan at a 3% contribution rate on the date indicated in the enrollment notification email you will receive. If you are automatically enrolled and do not make an investment choice, contributions will be invested in a qualified default investment alternative (see information above). If you have been automatically enrolled and you subsequently decline the enrollment or make a new election, the change will take effect on the first of the month following your change request. If you decline the automatic enrollment, you can elect to contribute at any time in the future by completing and submitting a Salary Reduction Agreement form, as detailed above.
You must work at The New School a minimum of two consecutive academic years to be eligible for the university's retirement plan for part-time faculty.
Once you become eligible and have been enrolled, the university will automatically contribute 10 percent of your base annual salary to a TIAA-CREF account set up for you. Contributions are made to your account each pay period. Upon enrollment in the plan, you are immediately 100 percent vested and have a nonforfeitable right to all contributions made to the account and all earnings. Your account grows on a tax-deferred basis until a distribution is made to you.
A variety of investment choices are offered by TIAA-CREF. You should select investment options and name beneficiaries for this plan online directly with TIAA-CREF (select "The New School Retirement Plan for Part-Time Faculty" in the "Enroll Online" section). If you do not make an investment choice, your contributions will be automatically invested in a qualified default investment alternative, which is a TIAA-CREF Lifecycle Fund based on your expected year of retirement, assuming age 65. Review the fact sheet (PDF) for Lifecycle Funds and the investment performance and fee information. You can change your investment choices at any time online with TIAA-CREF by logging in to your account.
TIAA-CREF offers a Self-Directed Brokerage Services Account within your retirement plan, giving you an opportunity to allocate your retirement plan contributions among a variety of investment choices beyond the investments offered through The New School.
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