Waive 12 Month Retirement Wait Period

This tip sheet provides steps for HR Advisors to allow an employee to waive one-year NYU Retirement Plan wait period.

Employees become eligible for the NYU employer contribution once they reach one year of employment with NYU. In some cases, a newly hired employee can waive the one-year (12 months) wait period if their previous employer was a college, university, medical institution or practice, or tax-exempt medical research institution and their employment with that institution ended not more than 180 days before their employment with NYU. For details on employee eligibility requirements for retirement benefits, please refer to the SPD (Summary Plan Description).

All newly hired NYU employees eligible for the retirement plan will receive an optional task in their onboarding checklist to determine eligibility to waive the NYU Retirement Plan wait period.

To do this, the following tasks must be completed prior to initiating a process in PeopleSync:

  • Review the Summary Plan Description with information on eligible job categories and to determine eligibility to waive the one -year of service requirement.
  • PeopleLink contacts previous employer to verify prior work experience.
  • If verified, the HR Advisor will initiate the process in PeopleSync. This process is initiated by HR Advisors.

First, the HR Advisor will initiate the Edit Other IDs Process. Next, the system will flag the employee as eligible to waive the 12 month waiting period. Last, the employee will receive notification from TIAA.

Steps

  1. Enter the name of the employee that is eligible to waive the 12-month NYU Retirement Plan wait period in the Search bar.
  2. Select the name of the employee from the search results.
    • Make sure to select the Employee option.
  3. Click the Actions ellipse button next to the name of the employee.
  4. Select the Edit Other IDs task within the Personal Data menu.
  5. The Edit Other IDs for Worker screen displays. To flag the employee as eligible to waive the 12- month wait period, click the plus (+) icon to add arrow and input ID information.
  6. Click the dropdown arrow for the Other ID Type column and select Waive 12 Month Wait Period.
  7. Enter 1 in the Identification column.
  8. Click Submit.

The employee will receive an email from TIAA within 3 business days to notify them that they are receiving the employer match if already contributing to the Retirement Plan. They are also eligible to receive the employer match and how to enroll, if not already contributing to the Retirement Plan.

Last updated in May 2018.