HR Policies: 6.8.2
Retirement Plan for Nonexempt Employees of the Endowed Colleges at Ithaca (NERP)
Subject: Providing Benefits
Number: 6.8.2
Issued: 3/1/82
Revised: 6/30/98
Eligibility
Regular full-time or regular part-time members of the nonexempt staff
hired prior to January 1, 1983 were eligible to participate in the Retirement
Plan for Nonexempt Employees of the Endowed Colleges at Cornell University.
After January 1, 1983 members of this plan and eligible employees hired
after that date participate in the Cornell University Retirement Plan
(CURP). (Refer to Policy
6.8.3, Cornell University Retirement Plan.)
Description
This plan provides a retirement income to supplement Social
Security for participants hired prior to January 1, 1983.
Procedure
Employees are encouraged to request a pension estimate when they are approaching retirement age. An appointment should be scheduled with a benefits consultant to discuss in detail the retirement calculations and options and the impact, if any, on other retirement benefits.
Plan Guarantee
Employees who are age 50 or older or have 10 years of service on
December 31, 1982 are guaranteed a combined benefit from this plan
and the Cornell University Retirement Plan.
Normal Retirement Date
The normal retirement date is the July 1st immediately following
the employee's 65th birthday. Effective January 1, 1986, there is
no mandatory retirement age for endowed nonacademic employees. Early
retirement benefits may be available at age 55.
Pension Options
Several payment options are available to both the retiree and to
survivors upon the employee's death. These options will be explained
to you by Benefit Services. Employees should make an appointment
with a benefits consultant prior to retirement.
Disclaimer
While every attempt has been made to ensure the accuracy of the
above summary, the legal documents, policies, or certificates pertaining
to this benefit prevail in the event of any discrepancy. This description
does not constitute a legal document. The university reserves the
right to alter this or any other employee benefits program by action
of the Board of Trustees.
Contact your local hr representative or designee or Benefit Services (607) 255-3936 in the Office of Human Resources for more information