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The CURP is designed to provide retirement income to endowed employees during their retirement. Eligible Cornell employees receive contributions of 10% of their base pay (up to $280,000 for 2019) deposited into a 403(b) retirement plan with TIAA and/or Fidelity. The university makes contributions each pay period, and employees may select how the funds are allocated between TIAA and/or Fidelity and the type of funds in which to invest. All eligible employees are fully and immediately vested in their account balance once enrolled, meaning the money is yours to keep when you separate from Cornell. Contact HR Services & Transitions Center for your eligibility.
Visit Fidelity or TIAA to learn more about your investment options and how to enroll.
Use Workday to select the percentage of the university contributions you want to invest with TIAA and/or Fidelity.
What if an employee fails to set up an account? Cornell contributions made on an employee’s behalf will automatically be split evenly between a TIAA lifecycle fund and a Fidelity Freedom lifecycle fund, both based on the employee’s date of birth on file.
Contributions are deposited with TIAA and/or Fidelity Investments on a per pay period basis for each eligible employee. The employee selects the investment funds into which these contributions are deposited. Currently, TIAA and Fidelity Investments offer a number of funds. Quarterly statements are mailed directly to the employee’s home or sent electronically by the vendor.
An employee may change their investment selection for their current account balance at any time by contacting either TIAA or Fidelity by phone or online. An employee may also change their investment vendor allocation for future contributions in Workday (see How to Enroll section above).
You may choose to invest your funds in one or more of the following tiers:
Tier One: Lifecycle Funds |
Also known as target date funds, lifecycle funds are designed to be a one-stop solution for retirement investing. Their investment strategy is linked to the employee’s date of birth and expected date of retirement and grows more conservative over time. Lifecycle funds will be the default selection for employees who do not make an investment election when they enter the CURP plan. Cornell monitors these funds. |
Tier Two: Core Funds |
Core funds are building blocks for employees interested in creating their investment strategies. Cornell monitors and reviews these funds to help ensure they remain competitive and cost-effective. Cornell may modify the funds in the core menu based upon the results of these reviews. |
Tier Three: Non-Core Funds |
These funds are currently available to employees for investment but will not be monitored or reviewed by Cornell. It will be the employee's responsibility to determine if these funds are appropriate for his or her retirement account. From time to time Cornell may modify or remove non-core funds to the fourth tier described below. |
Tier Four: Self-directed mutual fund brokerage account |
Allows confident and knowledgeable employees to build a customized investment strategy using a broad array of mutual fund choices that are appropriate to retirement plan investing. Cornell will not monitor investments held in a self-directed brokerage account. |
You may not rollover other retirement plans into CURP. See Tax Deferred Annuity (TDA) for rollovers.
An employee is eligible to withdraw from their CURP accounts upon one of these events:
In-service distributions
Endowed employees are eligible to participate in CURP based upon job position and scheduled hours of service. Contact HR Services & Transitions Center for your individual eligibility date.
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