Cornell University Tax-Deferred Annuity Plan (TDA)
The Cornell University Tax-Deferred Annuity Program (TDA) benefit offers eligible employees a way to save more for their retirement income. Both endowed and contract college employees are eligible to participate in the plan.
Employees elect the amount or percentage that will be contributed to their account directly from their paycheck, before tax. Participating employees may select how the contributions are allocated between Fidelity Investments and/or TIAA, and the type of investment 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 Cornell.
Contributions
Employee contributions cannot exceed the annual dollar limitation ($22,500 for 2023, and $23,000 for 2024). This limitation is determined by the IRS and may change annually.
If an employee will be age 50 any time during the year, additional money may be contributed based on the IRS determined limit.
2023 Annual IRS Limits
| Age | Maximum Contribution |
|---|---|
| Under age 50 | $22,500 |
| Age 50 and over | $30,000 |
2024 Annual IRS Limits
| Age | Maximum Contribution |
|---|---|
| Under age 50 | $23,000 |
| Age 50 and over | $30,500 |
Enroll or Change Contributions
Employees use Workday to select the amount or percentage they wish to contribute to their TDA account per paycheck, and what investment service provider to invest with, either with Fidelity Investments and/or TIAA .
Rolling Over Other Retirement Plans
Employees in the TDA plan may be able to rollover their account balances from other retirement plans. Rollovers can be accepted from 401(k), 401(a), 403(a), 403(b), non-governmental 457(b), profit sharing, stock plans, and traditional IRAs. For more information or to obtain a rollover application, contact Fidelity Investments and/or TIAA directly.
Withdrawals
An employee is eligible to withdraw from their TDA account(s) upon one of these events:
Separation from Cornell
- Retirement: At least age 55 and at least 10 years of credited service
- Minimum Distribution: 72 and has not begun benefit distributions (mandatory).
- Death: Paid to designated beneficiary(ies)
- No longer employed by Cornell. A separated employee must work directly with Fidelity Investments and/or TIAA to take a distribution/withdrawal from their CUTDAP accounts(s). Cornell University does NOT sign off on distribution/withdrawal forms.
While employed by Cornell
- In-service withdrawal: Age 59 1/2
- Minimum Distribution: Age 72 (optional)
- Disability: Receiving university long-term disability benefits and/or receiving Social Security disability benefits.
A disability distribution is limited to one (1) distribution, up to 99% of the employee’s vested account balance, per plan, per calendar year (NOT per investment provider). When on an approved long-term disability with Cornell, an employee is considered an active employee. When contacting FidelityInvestments and/or TIAA, please do not indicate a status of terminated. Please let them know your request is for a long-term disability distribution. - Phased Retirement: Available for faculty and staff
- Loans: Available
- Hardship: Withdrawals only available for certain financial hardships
Resources
Free Individual Consultations
Fidelity Investments and TIAA representatives are available for one-on-one individual counseling appointments on campus, by phone, email and/or Zoom. Financial representatives can educate/assist on your contributions, balances, investments, your withdrawal/payment options, or other general retirement account-related information.
Contact
Fidelity Investments
Schedule an Appointment with a Fidelity Rep
- Appointments: 1-800-642-7131
- Customer Service: 1-800-343-0860
- Online Account (Register first)
TIAA
Schedule an Appointment with a TIAA Rep
- Appointments: 1-800-732-8353
- Customer Service: 1-800-842-2776
- Online Account (Register first)