Endowed Retirement Plan
Information:
Cornell University Retirement Plan (CURP)
The CURP Plan is designed to provide retirement income to employees during their retirement.
Eligibility
Endowed employees based upon job position and scheduled hours of service.
Contact Benefit Services for your
individual eligibility date.
Contributions
Currently, the University pays the full cost of the retirement provided
from this Plan by contributing 10% of the eligible employee’s base
pay. Effective January 1, 2008, base pay is limited to $230,000.
You are not required, nor permitted, to contribute to this Plan. In certain
circumstances, the University also makes contributions on summer salaries
of research grants for academic employees when approved by the principal
investigator of the grant.
Investments
These contributions are currently deposited with either TIAA-CREF or Fidelity
Investments on a per pay period basis for each participant. Each participant
selects the investment funds into which these contributions are deposited.
Currently, TIAA-CREF and Fidelity Investments offer 200+ investment funds
for investment of these contributions. If a participant fails to submit
a completed application to Benefit Services (to select investment funds),
then contributions made on their behalf will automatically be deposited
50% into a TIAA-CREF lifecycle fund and 50% into a Fidelity Freedom lifecycle
fund, both based on the participant's date of birth. Quarterly statements
are either mailed directly to the participant’s home or sent on-line
to the participant by the investment vendor. The quarterly Vendor
Performance Summary is available on line for your convenience.
A participant may change their investment selection for their current account balance at any time by contacting either TIAA-CREF or Fidelity by phone or on line to move money from one fund to another within the same investment vendor, or by contacting Benefit Services for the appropriate forms to transfer money from one investment vendor to the other vendor. A participant may also change their investment selection for future contributions by contacting Benefit Services for the appropriate forms.
TIAA-CREF (800) 842-2776
Fidelity Investments (800) 343-0860
To set up a personal appointment with the investment vendors, call:
TIAA-CREF (877) 209-3144
Fidelity Investments (800) 642-7131
Vesting
All eligible participants are fully and immediately vested in their account
balance under the Plan. The participant’s account balance is nonforfeitable
at all times.
Distributions
Normal Retirement: Age 65
Early Retirement: Age 55
Minimum Distribution: Age 70 1/2 and has not begun benefit
Death: Paid to designated beneficiary
Other termination of employment: Age 55
In-service Distributions
Phased Retirement: Available to tenured faculty
Minimum Distribution: Age 70 1/2
Disability: Receiving university long-term disability benefits and/or receiving Social Security disability benefits