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: www.tiaa-cref.org
- Telephone Number: (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, 2017, employees will be able to contribute a maximum of $18,000 per year, which includes your contributions to other retirement plans sponsored by other employers. You may be eligible to contribute an additional $3,000 if you have 15 or more years of service. If you are over the age of 50, you may also be eligible to contribute an additional $6,000. 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, and return it to the University Benefits at email@example.com (or via the helpdesk at https://help.pace.edu). 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:
- Summary Plan Description for 403 (b) Retirement Plan
- Amendment #2 Signed and Restate 403 (b) Retirement Plan
- 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- Investment earnings that accumulate are tax deferred, until withdrawn.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)
- 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).
As required by the Department of Labor, please see the 2012 Summary Annual Reports (SAR) for the Pace University Defined Contribution Retirement Plan.