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Cornell University provides two types of retirement savings plans, depending on the job you hold: Endowed and Contract College.
Plan |
Plan Type |
Eligibility |
Cornell Contribution |
Employee Contribution |
Vesting Schedule |
Discretionary Contribution Amount |
Investment Service Providers |
Cornell University Retirement Plan (CURP)
|
403(b) |
Endowed; salaried or hourly meeting certain requirements (contact HR Services and Transitions Center) |
Yes |
No |
100% upon enrollment |
The University’s discretionary contribution is 10% (up to $305,000 of base pay for 2022 and up to $330,000 of base pay for 2023). |
Fidelity Investment and/or TIAA |
Cornell University Tax-Deferred Annuity Plan (CUTDAP) |
403(b) |
Endowed; salaried or hourly whose wages are subject to FICA deductions |
No |
Yes |
100% upon enrollment |
An employee age 49 years or younger in 2023 can contribute up to $22,500; an employee who will be age 50 or older in 2023 can contribute up to $30,000. Also, any employee who has 15 consecutive years of service with the University AND meets other conditions required by IRS, may be eligible to contribute an additional amount up to $3,000. |
Fidelity Investment and/or TIAA |
Plan |
Plan Type |
Eligibility |
New York State and/or Cornell Contribution |
Employee Contribution |
Vesting Schedule |
Annual Contribution Amount |
Investment Service Providers |
Employees' Retirement System (ERS) with New York State and Local Retirement System (NYSLRS) |
A cost-sharing, multiple employer, defined benefit pension plan |
Contract College; salaried or hourly |
The Fund’s assets come from three main sources: Cornell's |
Yes for certain Tiers (3, 4, 5, and 6). |
Vesting schedule depends upon Tier. |
Depends on length of service and other factors determined by New York State actuaries |
Plan assets are invested by New York State Comptroller and held in the New York State Common |
State University of New York Optional Retirement Program (SUNY ORP) |
401 (a) |
Contract College; salaried |
Yes (depends on Tier level) |
Yes for certain tiers (3, 4, 5, and 6) |
Vesting schedule depends upon Tier. |
Depends upon tier |
Corebridge Financial (formerly AIG Retirement Services), Fidelity Investments, TIAA, and/or Voya |
Cornell University Tax-Deferred Annuity Plan (CUTDAP) |
403 (b) |
Contract College; salaried or hourly whose wages are subject to FICA deductions |
No |
Yes |
100% upon enrollment |
An employee age 49 years or younger in 2023 can contribute up to $22,500; an employee who will be age 50 or older in 2023 can contribute up to $30,000. Also, any employee who has 15 consecutive years of service with the University AND meets other conditions required by IRS, may be eligible to contribute an additional amount up to $3,000. |
Fidelity Investment and/or TIAA |
New York State requires that all regular full-time employees and employees working full-time for at least 12 months, enroll in a New York State retirement plan. You can only waive enrollment if you are a part-time or temporary employee.
If you are an hourly Cornell Contract College employee, you are only eligible for NYSLRS. If you are a salaried Cornell Contract College employee, you have the option of choosing between the NYSLRS and SUNY ORP. If you have chosen SUNY ORP you may not switch to another plan even if you job status changes unless you moved to an endowed position. If you are an hourly employee enrolled into NYSLRS and your job status changes to salaried, you have the option of electing SUNY ORP or remaining in NYSLRS.
If you are a County Cooperative Extension Association employee you are only eligible for NYSLRS, unless you are salaried and have a SUNY ORP contract from prior employment.
Both hourly and salaried employees have the option of also enrolling in a Cornell TDA plan to supplement their retirement savings. Review the table above.
Planning to retire? Take a look at what Cornell retirees are doing!