Endowed Retirement Plan
The Cornell University Retirement Plan (CURP) benefit is designed to provide retirement income to endowed employees during their retirement. Eligible Cornell employees receive a discretionary 10% contribution deposited into a 403(b) retirement plan.
The university discretionary contribution is 10% (up to $330,000 of base pay for 2023, and up to $345,000 of your base pay for 2024; overtime is not eligible for CURP contributions).
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.
The university makes contributions each pay period, and employees may select how the contributions are allocated between Fidelity Investments and/or TIAA and the type of investment funds in which to invest.
Endowed employees are eligible to participate in CURP based upon job position and scheduled hours of service. If eligible for CURP, a waiting period may apply:
- Exempt (salaried) - immediately upon employment
- Non-Exempt (paid hourly) - eligible after 2 years of benefits-eligible service, or immediately if there was prior participation in an employer-funded retirement plan with Fidelity Investments and/or TIAA with their employer prior to Cornell; the prior employer-funded retirement account must contain vested employer contributions.
Enrollment and Investment Management
Use Workday to select how the contributions are allocated between Fidelity Investments and/or TIAA. Failure to make an allocation selection between Fidelity Investments and TIAA will result in contributions being split evenly, 50-50, between Fidelity Investments and TIAA.
Cornell contributions made on an employee’s behalf will automatically be defaulted to target date funds, with Fidelity Investments and/or TIAA, if an employee does not make investment selections directly with Fidelity Investments and/or TIAA. Target date funds are based on an employee's date of birth and the year they turn 65.
An employee is eligible to withdraw from their CURP 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 CURP account(s). Cornell University does NOT sign off on distribution/withdrawal forms.
While employed by Cornell
- 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 Fidelity Investments 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: Not available
You may not rollover other retirement plans into CURP.
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.
- Appointments: 1-800-642-7131
- Customer Service: 1-800-343-0860
- Online Account (Register first)
- Investment Policy Statement (pdf)
- Fidelity Performance Summary
- TIAA Performance Summary
- CURP Restatement (pdf)
- July 1, 2020 CURP Amendment (pdf)
- CURP Basic Document (pdf)
- CURP Summary Annual Report (pdf)
*Note: If you require accessibility assistance with any of the above documents, please contact the HR Services & Transitions Center, (607) 255 - 3936; (TTY) 711.
Electronic Delivery Notice
Department of Labor regulations require Cornell University to provide you with a very large package of information about your retirement plan, which can be provided to you electronically by TIAA and Fidelity Investments if you sign up for electronic delivery.
Electronic delivery is a fast and efficient way for you to receive this important retirement plan information via email, and it helps reduce paper and clutter for you at home and at work.
Electronic delivery is easy and ensures you have:
- secure access to important plan information you need to know
- the ongoing ability to download information and print documents
- access to your delivery options that you can update at any time and/or revert to paper if necessary.
For TIAA: Log into TIAA at www.tiaa.org. Select My Account; select Update Profile & Settings; select Your Communication Preferences, select “Email” for the types of communications that you want to receive electronically.
For Fidelity Investments: Log into Fidelity NetBenefits® at www.fidelity.com/atwork. Select Profile, select E-mail address and verify it is correct, select Mail Preferences and then Update the types of communications that you want to receive electronically.
To access the Fee Disclosure document, follow the steps below. Please note that the Fee Disclosure Document includes both Fidelity and TIAA information.
If you have a TIAA account, you can access the Plan and Investment Notice, as well as current investment performance, at TIAA.org.
- Log in to your TIAA account
- Go to "Resources."
- Select "Retirement investments" within the "Research, performance & news" section.
- Select your plan name and click on the Plan and Investment Notice button.
If you have a Fidelity account, or do not have either a Fidelity OR TIAA account, you can access the notice online at TIAA.org/performance and enter Plan Number 101161. You’ll be able to access the Fee Disclosure by clicking on Plan & Investment Notice.