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 these plans for more information.
You are eligible to make voluntary contributions to The New School's Tax Deferred Annuity (TDA) plan beginning the first of the month following your hire date. You can make new TDA enrollments and changes to existing elections at any time by completing a TDA Salary Reduction Agreement Form (found in the Benefits Forms and Documents section of this site) and submitting it to 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 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 $17,500. Employees age 50 and older (and those who will attain age 50 by December 31) are eligible to contribute an additional $5,500 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).
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 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.
The New School will make contributions to a retirement plan on your behalf once you have met both of the following requirements:
Once the eligibility criteria are met, you begin to receive university contributions on the first of the month following completion of one full year of employment.
The one-year waiting period will be waived if you were previously employed at any time in your career by a 501(c)(3) organization, public college or university, not-for-profit private college or university, or governmental entity as a full-time employee for at least 12 consecutive months. It is your responsibility to request written verification from your previous employer stating
Once you are enrolled in the plan, the university will contribute 7 percent of your base annual salary if you are under the age of 40 or have less than six years of service. The contribution amount is 10 percent of your base annual salary if you are age 40 or older or if you have completed six or more years of service. Contributions are made to your account each pay period. Upon enrollment in the plan, you are 100 percent vested and have a nonforfeitable right to all contributions made to your 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. Select investment options and name beneficiaries for this plan online directly with TIAA-CREF (select "The New School Retirement 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 (multi-asset 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 at any time online with TIAA-CREF by logging into your account.
You have the option of opening a TIAA-CREF Self-Directed Brokerage Services Account (PDF) within your retirement plan, giving you an opportunity to divide your retirement plan contributions among a variety of investment choices beyond the investments offered through The New School's plans.
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