Basic

The Basic Retirement plan is a defined contribution plan in which specific contributions are made by the employee and the University once eligibility requirements are met. The requirements are based upon age and full time service criteria.

Once you meet the eligibility requirements and have completed the necessary enrollment forms, the University will contribute a percentage of your base salary, up to $245,000 effective January 1, 2011. You will also be required to make contributions, which will be on a tax-deferred basis.

The percentages that you and the University contribute will differ based upon your full time date of employment and years of service with the University.

 

Eligibility

All full time employees who meet the following age and full-time criteria are eligible to join the Pace University's Basic Retirement Plan:

          Age Service
         21-25 years 2 years
         26 + years 1 year

Note:
Eligibility Criteria may be waived or credited upon establishing service requirements stated above at another institution of higher education or 501(c)3 organization. Employment with the former institution, organization must be within three years of employment with Pace.

 

Contribution Schedule

The Pace University Retirement Plan accepts both employee and employer contributions:

1.University Contributions: For required contributions made by the University.
2.Employee Contributions: For additional voluntary contributions made by the Employee.

The following depict the contribution schedules available under the Pace University Retirement Plan:

Basic Retirement Account
Contribution Schedule
For Employees hired prior to October 2, 2000
Service University Contribution Employee Required Contribution Investment Options
0-9 Years 5% 5 TIAA/CREF Fidelity Investments
10-19 Years

10%

 0 TIAA/CREF Fidelity Investments
20+ Years 12% 0 TIAA/CREF Fidelity Investments
T.Rowe Price

 

Basic Retirement Account
Contribution Schedule
For Employees hired on or after October 2, 2000
Service University Contribution Employee Required Contribution Investment Options
0+ Years 9% 3% TIAA/CREF Fidelity Investments