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Phased Retirement Plans

Retirement plan details while on phased retirement.

Endowed CURP

Phased program participants may access their retirement account accumulations in CURP as if they were fully retired from the University. Contract College participants accepted into the Phased program will receive some of the university retirement contributions deposited in CURP accounts. (See Contract College SUNY ORP and Contract College ERS sections below). All participants may choose the investment funds within Fidelity Investments and/or TIAA to invest the CURP contributions.

Contract College SUNY ORP

The State of New York does not recognize Cornell's phased retirement plan for staff. Thus, SUNY-ORP contributions will be based on actual earnings in the phased period and assets in SUNY-ORP accounts cannot be accessed until full retirement at the end of the phased agreement term.

You will also receive CURP contributions which will be a percentage of phantom earnings in the phased period. Phantom earnings are computed by subtracting actual phased period earnings from earnings based on full-time equivalent amount of actual earnings.

An employee can receive a distribution from their CURP account during the Staff Phased Retirement Program period as if they were fully retired.

Contract College ERS Pension Benefit

The State of New York does not recognize Cornell's phased retirement plan for staff. Thus, ERS pension benefit credit will be based on actual earnings and service during the phased period. ERS retirement income payments cannot begin until full retirement at the end of the phased agreement term, or if you elect to retire your ERS pension benefit (see note below*).

If you need to begin your ERS benefit payment during your phased retirement period, then you must work with your department to retire first, then be rehired in the phased position. If you do this, you cannot receive any additional credit under ERS during the phased period. You must be off the payroll for the required two-day break at the end of a pay period, then rehired as a staff phased retirement employee with active benefits except ERS. *You will be retiring for ERS purposes only. Employees should not be off payroll for a full biweekly pay period because they may jeopardize their ability to continue health and dental benefits in an active/phased retirement status in accordance with the NYSHIP rules. Your pay will be limited to $35,000 per year based on New York State regulations.

CURP contributions will be 10% of phantom earnings in the phased period. Phantom earnings are computed by subtracting actual phased period earnings from earnings based on full-time equivalent amount of actual earnings.

CURP accumulations may be accessed during the phased period.

Tax-Deferred Annuity (TDA)

Phased retirement participants may continue making voluntary pre-tax contributions to their accounts in the TDA Plan based upon their actual phased retirement salary. These contributions are subject to regulatory limits.

Participants who are at least age 59 1/2 may elect to receive distributions from any and all TDA retirement accounts during the phased retirement period. Participants who are younger than age 59 1/2 may only elect to receive distributions paid out over 10 or more years or over their life expectancy. Loans and financial hardship withdrawals are available at any age.