Retirement and Savings

Cornell University provides two types of retirement savings plans, depending on the job you hold: Endowed and Contract College (New York State).

Endowed

Endowed Retirement Plans Snapshot

Plan

Plan Type

Eligibility

Cornell Contribution

Employee Contribution

Vesting Schedule

Annual Contribution Amount

Investment Vendors

Cornell University Retirement Plan (CURP)

 

403 (b)

Endowed; salaried or hourly meeting certain requirements (contact Benefit Services)

Yes

No

100% upon enrollment

10% of base salary (up to $270,000) for 2017

TIAA and  Fidelity

Tax-Deferred Annuity Plan (TDA)

403 (b)

Endowed; salaried or hourly with FICA deductions

No

Yes

100% upon enrollment

Up to $18,000 for 2017 (may be more for employees over age 50, and/or with 15 consecutive years of service)

TIAA and

Fidelity

Contract College

Contract College Retirement Plans Snapshot

Plan

Plan Type

Eligibility

New York State and/or Cornell Contribution

Employee Contribution

Vesting Schedule

Annual Contribution Amount

Investment Vendors

New York State Employees’ Retirement System (NYSERS)

Defined Benefit Pension

Contract College; salaried or hourly

NYS funds this plan based on formula

Yes for certain Tiers (3, 4, 5, and 6).

Vesting schedule depends upon Tier.

Depends on length of service and other factors determined by NYS actuaries

N/A

(plan assets are invested by NYS Comptroller)

SUNY Optional Retirement Program (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

TIAA, Fidelity, Voya, MetLife, VALIC

Tax-Deferred Annuity Plan (TDA)

403 (b)

Contract College; salaried or hourly with FICA deductions

No

Yes

100% upon enrollment

Up to $18,000 for 2017 (may be more for employees over age 50, and/or with 15 consecutive years of service)

TIAA and Fidelity

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 NYSERS. If you are a salaried Cornell Contract College employee, you have the option of choosing between the NYSERS and ORP.  If you have chosen 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 NYSERS and your job status changes to salaried, you have the option of electing ORP or remaining in NYSERS.

If you are a County Cooperative Extension Association employee you are only eligible for NYSERS, 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 TDA to supplement their retirement savings. Review the snapshot above.