HR Policies: 6.8.3
Cornell University Retirement Plan for Endowed Employees (CURP)
Subject: Providing Benefits
Number: 6.8.3
Issued: 3/1/82
Revised: 6/30/98
Purpose
This plan provides retirement accounts that are fully and immediately
vested. This benefit provides retirement accumulation accounts for
eligible members of the endowed colleges.
Upon retirement an eligible participant shall be entitled to receive a retirement income under various options. The amount of such income will depend on the total dollars contributed by the university plus earnings. Faculty and staff may allocate between various funds and change the allocation for future contributions, if desired.
Eligibility/Participants
Endowed employees participate in the Cornell
University Retirement Plan as employees of the endowed colleges at
Ithaca appointed on a regular basis. Participation dates vary according
to eligibility. Eligibility is determined by employment status in one
of five defined groups as defined by the official plan document. You may
view the official plan document by contacting Benefit
Services, visiting the Benefit Services office at 130 Day Hall,or
telephoning Benefit Services (607) 255-3936.
Contributions by the University
Contributions made by the university are allocated to individual
accounts in the manner designated by each participant. Currently,
the university contributes an amount equal to ten percent of the
employee's budgeted annual salary.
Under this plan, budgeted annual salary is the salary paid to the employee from the funds of the endowed colleges at Ithaca. It does not include other professional fee income or special payments for work outside of that required as part of the regular employment arrangement.
Leave of Absence
University contributions will continue during approved leaves of
absence with pay. There will be no university contribution during
leaves of absence without pay.
Long Term Disability
During a Long Term Disability
leave (defined by and subject to the provisions of the Long Term Disability
policy), the university will continue to make contributions to the employee's
contracts. Such contributions shall be based on the budgeted annual salary
in effect at the time disability began. (Refer to Policy
6.8.12, Long Term Disability Plan (LTD)).
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.
Please refer to the plan summary booklet, or contact your local hr representative or designee or Benefit Services (607) 255-3936 in the Office of Human Resources for more information.