East Hill Office Building, First Floor
395 Pine Tree Road
Ithaca, NY 14850
**Update: Check out the new tiered retirement plan structure effective Oct. 1, 2014.**
The CURP Plan is designed to provide retirement income to endowed employees during their retirement.
Endowed employees based upon job position and scheduled hours of service. Contact Benefit Services for your individual eligibility date.
Currently, the university pays the full cost of the retirement provided from this plan by contributing 10% of the eligible employee’s base pay. Base pay is limited to $265,000 for 2015. 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.
These contributions are currently deposited with TIAA-CREF and/or Fidelity Investments on a per pay period basis for each participant. Each participant selects the investment funds into which these contributions are deposited. TIAA-CREF and Fidelity Investments offer many 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 online 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 online to move money from one fund to another within the same investment vendor. A participant may also change their investment vendor allocation for future contributions by entering a Workday election.
|Retirement||Age 55 and 10 years of credited service|
|Minimum Distribution||Age 70 1/2 and has not begun benefit|
|Death||Paid to designated beneficiary|
|Other||Termination of employment|
|Minimum Distribution||Age 70 1/2 (Optional)|
|Disability||Receiving university long-term disability benefits and/or receiving Social Security disability benefits. Distribution is limited to 99% of participant's account balance once a year.|
|Phased Retirement||Available for faculty and staff|