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

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

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

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 
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 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.