This last year has been difficult in innumerable ways. Here at Pace University, we were able to get through it successfully thanks to the hard work and commitment of our faculty and staff. Along with the Board of Trustees and our senior leadership, I am deeply grateful for your dedication to the University and our students, and I appreciate the tremendous sacrifices and efforts that enabled our success.
I am therefore pleased to announce that we will make a contribution to your 403(b) retirement accounts that will restore the employer match you would have received during its suspension. You should expect to see a lump-sum payment representing the full 10 months of University contributions on the payroll dated June 30. We recognize that fully reinstating the 403(b) underscores the importance of the crucial contributions you have made and will continue to make.
This is applicable to every faculty and staff member who currently participates in the 403(b) plan. As you know, we previously reinstated the employer match starting April 1, 2021. More details will be provided by Human Resources regarding your actual amount and eligibility, based on applicable retirement plan regulations.
We still have many challenges ahead of us. There are a range of contingencies for which we must be prepared, including the possibility that New York’s safe reopening does not proceed as planned. We are also still confronting the headwinds facing all of higher education. Although our financial situation appears to have stabilized, we must work together to be responsible and prudent.
I know we can and will meet these challenges. With our entire University community committed to and engaged with our current strategic planning process, we will build a strong vision and a thriving future. Let’s all work together to make that happen.
We’ve been through a lot in the past 14 months. But the health situation is improving. New York is reopening. We are poised for a vibrant and optimistic new academic year. I look forward to joining with all of you to chart our way forward and continue creating opportunities for our students, and I look forward to seeing you in person again this fall. Thank you for all that you do.