Retirement Savings Plans

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

Endowed

Endowed Retirement Plans Snapshot

Plan

Plan Type

Eligibility

Cornell Contribution

Employee Contribution

Vesting Schedule

Annual 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

10% of base salary (up to $285,000) for 2020

Fidelity Investment and/or TIAA

Cornell Univeristy Tax-Deferred Annuity Plan (CUTDAP)

403(b)

Endowed; salaried or hourly whose wages are subject to FICA deductions

No

Yes

100% upon enrollment

As of December 31 of the calendar year, employees age 49 years or younger can contribute $19,500; age 50 or over $26,000; also any employee who has 15 consecutive years of service with the university and meets other conditions required by IRS may be eligible for an additional amount up to $3,000. 

Fidelity Investment and/or TIAA

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 Service Providers

New York State  and Local Employees’ Retirement System (ERS)

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 
contributions, investment income, and employee (or member) contributions, if required 

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
Retirement Fund (the Fund)

State University of New York (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

AIG, 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

As of December 31 of the calendar year, employees age 49 years or younger can contribute $19,500; age 50 or over $26,000; also any employee who has 15 consecutive years of service with the university and meets other conditions required by IRS may be eligible for 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 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 Cornell TDA plan to supplement their retirement savings. Review the table above.