Choate House on the Pace Pleasantville campus

Part Time Faculty: 403(b) Defined Contribution Retirement Plan

Pace University offers a retirement program to assist you in building financial security. The retirement plan provides you with an opportunity to make contributions to tax sheltered investments for the purpose of accumulating retirement income.

Employees may direct their own contributions to

  • Investment Carrier: TIAA
  • Website:
  • Telephone Number: 1 (800) 842-2776

Participation in the plan begins on the first of the month following meeting the eligibility criteria and meeting completion of necessary enrollment forms.

The maximum that you can contribute is subject to IRS statutory limitations. Effective January 1, 2023, employees will be able to contribute a maximum of $22,500 per year, which includes your contributions to other retirement plans sponsored by other employers. If you are over the age of 50, you may also be eligible to contribute an additional $7,500. Please contact the University Benefits office to determine your maximum contribution.

Participants in the plans should maintain their ID and password information in a secure manner. Participants should also review confirmation letters and statements from the selected investment carriers in a timely manner for accuracy and completeness.

Eligibility for Employee Contribution

All employees are eligible to contribute to the plan except for students, visiting faculty and those deemed to be independent contractors. Simply complete a Salary Reduction Agreement Form. For employees joining for the first time, please see the bottom of the form for instructions on setting up an account with TIAA.

Summary Plan Description:

Tax Advantage

  • Your contributions to the retirement plan are not subject to federal state and local income tax, as governed under section 403(b) of the Internal Revenue Code.
  • Investment earnings that accumulate are tax deferred, until withdrawn. Your investment returns grow faster because they are not taxed each year.
  • Your contributions are based upon earnings from teaching only. It excludes additional compensation received (i.e., substitution, proctoring)

Enrollment Considerations

  • You must complete the necessary enrollment and payroll authorization forms to participate in the retirement program. Any contributions that you make are tax deferred and are subject to a statutory IRS annual limit.
  • You are responsible to ensure that all contributions that you make to any employer sponsored retirement programs outside of Pace University are accounted for when computing your maximum allowable contributions under IRS statutory limitations.
  • Once you join the retirement plan, your contributions will continue and roll-over from year to year as long as you are teaching. However, it is recommended that you complete a new Salary Reduction Agreement form prior to the start of each applicable semester.
  • You decide how to allocate the investment of your contributions. Any changes to your investment strategies can be addressed directly with your investment carrier(s).
  • The maximum contribution percentage allowed is 90%. However, it is the employee's responsibility to ensure that the contribution percentage elected will result in an allowable amount; other deductions, such as FICA tax, NYS Paid Family Leave, and union dues (where applicable) as well as voluntary deductions such as medical, dental, life, FSA, HSA, and commuter benefits, take precedence over the 403(b) contribution. If the elected contribution is greater than the net after deductions, no amount will be withheld. University Benefits is not able to provide payroll modeling and will not be responsible for errors that do not produce a contribution as a result of the other deductions.

BlackRock LifePath Target Date Funds

TIAA has been selected by Pace University as the investment provider for your Plan contributions. The Plan lets you invest your account in a number of different investment funds. Unless you choose a different investment fund or funds, your Plan account will be invested in the default investment option for the Pace University Defined Contribution Retirement Plan, which is the age-based BlackRock LifePath Target Date Fund that corresponds to your estimated date of retirement. The BlackRock LifePath Target Date Funds provide a ready-made diversified portfolio emphasizing cash and fixed income elements as the funds approach their target date. The allocation strategy for the underlying equity, fixed-income and short-term mutual funds is based on the number of years expected to reach the target retirement date. These funds seek to provide high total returns until the target retirement date. Each fund’s goal will be to seek high current income and, as a secondary objective, capital appreciation. Each fund’s target asset allocation percentages will automatically change over time to become more conservative by gradually reducing the allocation to equity funds and increasing the allocation to fixed-income and short-term funds. If the default investment fund changes at any time in the future, you will be notified.

The fact sheet (PDF) for the BlackRock LifePath Target Date Fund provides additional information, including the investment objectives, risk and return characteristics, and fees and expenses of the funds. You can obtain updated information on fee expenses and a more detailed explanation of the TIAA Lifecycle Funds, or by contacting TIAA at 1 (800) 842-2776.

As required by the Department of Labor, please see the Summary Annual Reports (SAR) for the Pace University Defined Contribution Retirement Plan (PDF).