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SUMMARY PLAN DESCRIPTION - New York University - nyu

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The document outlines the Employee Term Life Coverage for retired employees of New York University, specifically detailing the benefits, eligibility criteria, and procedures related to basic and optional life insurance plans. It includes important information for residents of specific states, a schedule of benefits, eligibility requirements, coverage details, and instructions for claims and appeals. The booklet serves as a comprehensive guide for retirees regarding their life insurance options and rights under the plan.

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How much does NYU Langone match a 401k?

After you become a match-eligible participant, NYU will make a matching contribution for each pay period in the amount of your employee contributions up to 5% of your base salary. You must make an employee contribution in a pay period to receive an NYU matching contribution in that same pay period.

Do Harvard professors get a pension?

The Faculty Plan For those age 40 and over, the University contributes an amount equal to 10% of your salary up to the Social Security wage base, and 15% of salary above the Social Security wage base.

Do teachers in NYC get a pension?

For members retiring under Tiers 4 and 5, the pension for 30 years of service is 60% of final average salary. Each year beyond 30 years adds 1% to their pension factor, and there is no maximum pension. Tier 6 members retiring prior to age 63 will, without exception, receive a reduced benefit.

Do University professors get pensions?

Faculty members employed at most colleges and universities in the United States are provided with pension cover- age.

Does NYU give a pension?

To receive benefits from the NYU Staff Pension Plan, you must submit an application to Aon, which will provide you with the forms you need. You will be notified of the amount of your benefit and your payment options no later than 90 days after you request a pension.

What is New York University known for?

NYU ranks among the top universities in the world in the QS World University Rankings by Subject for: Accounting and finance. Mathematics. Law and legal studies. Psychology. Philosophy.

What is included in a summary plan description?

A summary plan description is a document that tells participants what the plan provides and how it operates. It provides information on when an employee can begin to participate in the plan and how to file a claim for benefits.

Do NYU professors get a pension?

If you are eligible for and elect this option, you will receive a lump-sum payment equal to two times (2x) your annual base faculty salary (subject to tax withholdings and other deductions) upon retirement.

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