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Cornell Retirement Plans
Article Series (4-part)
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Gordon Barger, current Benefits Director and
Paul Bursic, retired Benefits Director, are partnering to provide you this informative four part series on the retirement plans offered at Cornell.
From now until August, the newsletter will feature a 'refresher' article on the retirement plans offered through Cornell, clarification on how they are administered/operated, and your options. We will include some additional thoughts/information for your consideration and encourage you to submit questions that we will answer in the final article.
We hope that you find this information helpful and that you’ll read through each of the four articles as they are published.
- Part 1 - May: see below for the first article, providing an overview of the various plans offered at Cornell – covering both contract college faculty and staff, and endowed faculty and staff.
- Part 2 - June: we will share details on how the plans operate and are administered – covering topics such as oversight of investment selection, accessing funds, etc.
- Part 3 - July: we will provide additional reminders on the plans and resources detailing where you can get more information.
- Part 4 - August: we will answer your questions about the retirement plans (please submit questions by the end of July)!
Cornell Retirement Plans - An Overview
Your Plans and Your Information
Regardless of the plan or plans in which you are enrolled, as a retiree, we want to ensure that you are receiving information on your retirement plan(s) and on your plan options. Some plans send you quarterly statements with your plan information and balances, while other plans allow you to access your plan information from their website, or by telephoning their customer service number. Some allow you access in all three ways!
Even if you are not yet accessing your funds or income from these plans, it is important that you receive timely updates about your accounts and that your information at the plan is as accurate as can be (investments, mailing addresses, beneficiary, etc). We encourage you to check on your plan information at least annually to ensure that it continues to match your wishes.
We’ve included contact information for the vendors at the end of this article. In each of the next installments, we’ll share more information about the design and operations of the plan and remind you of your options during retirement. In the meantime, please see the short summary descriptions of each plan below:
Endowed Plans
Cornell University Retirement Plan of Endowed Colleges at Ithaca (CURP)
For eligible faculty and staff, Cornell contributes an amount equal to 10% of annual base salary to a vested, employer-funded retirement account with TIAA and/or Fidelity, subject to an IRS maximum contribution amount established each year. Participants decide how to allocate contributions using a variety of funds administered through TIAA and Fidelity Investments.
Cornell University 457(b) Deferred Compensation Plan (457b)
The 457(b) Plan is an unfunded plan providing eligible faculty and staff the opportunity to voluntarily defer compensation from paychecks, in addition to the TDA plan (above). NOTE: This plan requires a ‘pay-out’ of the plan within 60-days of retirement, OR allows an optional deferral of that payout to the future date, but before age 70 ½.
Cornell University Tax-Deferred Annuity (TDA)
The TDA plan allows faculty and staff to voluntarily contribute additional retirement dollars to a separate retirement account, using pre-tax payroll deductions. Maximum TDA contributions are subject to an IRS maximum contribution amount established each year. Participants decide how to allocate contributions using a variety of funds administered through TIAA and Fidelity Investments.
Contract College Plans
New York State Employees’ Retirement System (NYSERS)
NYSERS is a defined benefit pension plan that provides retirement, disability and death benefits as legislated under New York State retirement law. Participation is mandatory for contract college nonexempt employees working full time or in a fixed-term position for at least 12 months. Over the years, there have been established a number of tiers which dictate participation conditions, contributions, employer contributions, etc. Currently, new members are in Tier VI with a 10-year vesting period, and they make contributions that vary based on their level of pay.
SUNY Optional Retirement Plan (ORP)
The ORP program is a defined contribution plan that allows for contributions to be made to retirement plan investments as an alternative to earning credit in the NYSERS pension plan. Over the years, there have been established a number of tiers which dictate participation conditions, contributions, employer contributions, etc. Currently, new participants are enrolled in Tier VI with a 366-day vesting period, and they have mandated contributions based on their level of pay. Participants choose to direct contributions among four investment vendors: TIAA, Voya, VALIC and Fidelity. The vesting period is waived if the faculty or staff member has a vested employer-funded retirement account with one of the vendors from a previous employer.
Cornell University Tax-Deferred Annuity (TDA)
The TDA plan allows faculty and staff to voluntarily contribute additional retirement dollars to a separate retirement account, using pre-tax payroll deductions. Maximum TDA contributions are subject to an IRS maximum contribution amount established each year. Participants decide how to allocate contributions using a variety of funds administered through TIAA and Fidelity Investments.
Contact Information – For Each Plan/Vendor
Endowed Plans
Contract College Plans
Questions?
We look forward to sharing more information on these plans and plan operations/oversight in the June article! If you have questions on these plans after reading this article and/or the next two, please submit them to us at
cornellretirees@cornell.edu. Questions that may be beneficial for others to know the answers to may be featured in the August article!
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Last chance to register for the Spring Celebration of Cornell Retirees on Saturday, June 15, 2019 at the College of Veterinary Medicine. Enjoy a free breakfast (retirees plus one guest) by Hope's Catering with prizes/giveaways!
We will welcome special guest lecturer, Dr. Thomas Seeley, as he discusses
The Lives of Bees. The Untold Story of the Honey Bee in the Wild.
Event begins at 9:00 am. Don't miss out on the fun!
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You've Been Meaning to Write a Will - How to Get the Ball Rolling
Thursday, June 13, 2019
12:00 – 1:00 pm
140 East Hill Office Building
We know that everyone needs a Last Will and Testament (and other documents too). So, why is it one of the easiest things to add in our "to do list" and then put off for the future? Explanations vary, but some common reasons include:
- Legal documents can be intimidating.
- I don't like lawyers.
- I need to prepare a lot of information before I meet with my lawyer, and I don't have time.
- I am embarrassed by my financial situation.
- I want privacy, and do not want to share my information with anyone.
- I worry that it is going to be expensive.
- Why even prepare a Will, if I'll be dead by the time someone needs it?
- I don't plan on dying soon, so why would I need a Will?
If you need to focus on your estate planning, please join us for this session. Local attorney, Emilee Lawson Hatch, will discuss how to remove the intimidation factor, review specific steps in order to get move forward, discuss privacy concerns, and even talk about how much it may cost.
We often have the best of intentions for getting legal paperwork completed. The time is now!
Remote option also available.
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Monday Night Seminar at the Lab of Ornithology
Monday, May 20, 2019
7:30 pm
Cornell Lab Auditorium
Speaker: Dr. Alan Poole, Retired Editor: Birds of North America, Cornell Lab of Ornithology
Ospreys Across the Pond–A European Osprey Tour
The extraordinary revival in Osprey numbers that we are witnessing here in North America has not been restricted to our shores. Nearly eliminated from most of Europe half a century ago, Ospreys are staging a remarkable comeback there as well—from Scotland to Spain and from France to Finland. Follow local Osprey expert Alan Poole as he leads us along on a 3-week summer trip through Europe, visiting Osprey researchers and gathering material for his recently published book: Ospreys: The Revival of a Global Raptor. Part travelogue, part natural history—this beautifully illustrated lecture will give us glimpses of Europe through an Osprey lens. Come celebrate the revival of a global raptor! This event is free and open to the public. Join us in person in the Cornell Lab of Ornithology's auditorium, or
watch online
.
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Events at Cornell Botanic Gardens
Mindful Monday Garden Walks
Monday, May 20, 2019
12:00 to 1:00 pm
Join Cornell Botanic Gardens staff to observe the beauty and drama of nature unfolding on monthly nature walks. While exploring various paths and gardens each month, we will practice mindfulness by dedicating our attention to the present moment and fully observing and appreciating the amazing plant transformations that take place throughout the year. Walks will be held rain or shine on the third Monday of each month, beginning May 20
th
and ending October 21st.
Ancient Beauty: The Iris and the Peony
Wednesday, June 12, 2019
7:00 - 8:00 pm
Join horticulturist Mitja Stragapede on this evening walk in the Martha Young Flower Garden for an in- depth look at two remarkable flowers: the iris and the peony. Both of these plants have been grown since ancient times for their beauty, medicinal properties, and powerful symbolism. We’ll learn about the cultivation and care of these popular garden favorites, as well as their rich cultural significance and lore throughout history.
$5-10 suggested donation
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Appropriate Yoga Practice for Cancer Patients
Tuesday, May 21, 2019
5:30 - 7:00 pm
Cancer Resource Center
612 West State Street
Ithaca, NY
Yoga poses that ease fatigue, relax and deepen the breath, support the immune system, and foster peace of mind during treatment.
Please join us with certified instructor Kathy Morris!
Invite your friends, family and neighbors.
Light refreshments provided.
Cancer Resource Center 3rd Annual Dinner
Sunday, May 19, 2019
11:30 am – 9:00 pm
719-25 S. Meadow St.
Ithaca, NY
Present the flyer (you can pick up one at CRC,
print this flyer,
or show your waiter on your phone), and CRC will receive 10% of your total food purchases.
All food is home-cooked and delicious with vegetarian options available.
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Cancer Support Group at Cornell
Work/Life and the Cancer Resource Center of the Finger Lakes began a monthly support group for members of the Cornell community who have or have had cancer. Meetings are on the second Wednesday of every month, from Noon – 1:00 in Weill Hall, Room 321.
Faculty, staff, students, and retirees who have been diagnosed with cancer are welcome. It’s an opportunity to meet one another, create a community of support, and learn about the resources available on campus and in Ithaca.
The group is facilitated by Monica Vakiner, the Cancer Resource Center’s Director of Client Services (
monica@crcfl.net
). Bob Riter, Patient Advocate for the Physical Sciences Oncology Center, is helping with logistics. (
rnr45@cornell.edu
).
Note that this group is not for cancer caregivers. The Cancer Resource Center offers a
caregiver group
on the second Tuesday of each month from 5:30 to 7:00 pm at its office (612 West State St.). Work/Life also offers a
Caregiver Support and Education Network
that meets monthly on campus.
Additional cancer support groups are available at the Cancer Resource Center and are
listed
here
.
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Cornell Cooperative Extension
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Master Food Preserver Training
Tuesday, May 21, 2019
8:30 am - 4:40 pm
Hidden Valley 4-H Camp
2860 Hidden Valley Camp Rd
Watkins Glen, NY
A 3-day training in Watkins Glen on May 21, 22 & 23 from 8:30 am - 4:30 pm each day for those who would like to go beyond the basics of home food preservation - either for your own use of to help others learn how to safely preserve food. This course is the first step toward becoming a Cornell Cooperative Extension Master Food Preserver. Limit to 21 participants.
Using the safest, most updated information available, participants will:
- Learn the science of food preservation including food safety
- Gain hands-on experience with:
- Boiling water bath canning, pressure canning, jellied products, quick pickling
- Observe demonstrations of freezing and drying, plus fermentation
This 3-day intensive course includes a comprehensive food preservation notebook. Nightly study is suggested for the post-test. A score of 85 is required, as well as experience with all food preservation methods and teaching others, to become a Cornell Cooperative Extension certified Master Food Preserver. No prior experience in food preservation is required. Cost: $325.
Registration required.
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Being a Wise Consumer in the Utility Market
Thursday, June 13, 2019, 11:00 am - 1:00 pm
CCE-Tompkins Education Center
615 Willow Avenue
Ithaca, NY
In this month's Consumer Issues Program, "Being a Wise Consumer in the Utility Market", Mike Danaher, New York State Assistant Attorney General, will share information on how consumers can protect themselves from problems and what to do if a problem occurs. Issues to be covered include electric and gas utilities, internet service, telephones, telemarketing scams, and related consumer concerns.
Following the presentation, attendees will have the opportunity to consult individually with Attorney Danaher regarding any type of consumer problem they have been unsuccessful at resolving locally. Individuals should arrive by 12:30 pm for a consultation.
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Skin Cancer, Take a Hike
Saturday, May 25, 2019
8:30 to 11:00 am
Myers Park, Lansing NY
Come to Myer's Park in Lansing NY for a 3 mile hike to fight skin cancer. There will be free skin cancer screenings with Dr. McAllister, arts and crafts, food and drinks, and giveaways.
Every dollar raised at the event will support the American Academy of Dermatology's efforts to educate, prevent, and detect skin cancer.
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Community Free Day at Cayuga Nature Center and Museum of the Earth
Saturday, May 25, 2019
10:00 am to 4:00 pm
1420 Taughannock Blvd
Ithaca, NY
Enjoy complementary admission to the Museum of the Earth and Cayuga Nature Center on Saturday, May 25, during our Community Free Day!
Our “Survivors: Up Close with Living Fossils” special exhibit is now on display at the Museum of the Earth, which features live animals and plants interspersed with their distant fossilized ancestors, plus a touch tank where you can touch live horseshoe crabs and sea stars.
At the Museum of the Earth you can explore the history of our planet--how the first life evolved from the earliest creatures in the sea to the evolution of life into more complex and amazing creatures. Learn about the rise of dinosaurs and mammals, and the shaping of the very landscape of our region by enormous glaciers. Visit Steggy the Stegosaurus and Amelia the Quetzalcoatlus, and marvel at the size of the Hyde Park Mastodon and the Right Whale #2030. Hunt for fossils in our Fossil Lab and view the beautiful living corals and fish in our Coral Reef exhibit.
The Cayuga Nature Center is alive this Spring with exhibits, live animals and programs. There are more than 30 species of live animals — from hawks and foxes to trout and turtles at the Nature Center. You can see favorites Daisy the red fox, Oakley the owl, the squirrels Buddha and MJ, Ace the red-tailed hawk, Jaws the snapping turtle, and Ichabod the turkey vulture, among many others. Outside enjoy miles of trails and our six-story tree house, and inside the Nature Center see the "Cayuga Lake: Past and Present" exhibit with its two 650-gallon aquaria, and the “Layers of Life” exhibit on forest ecology, along with other fascinating and informative displays.
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Feeling Crafty? Join the Open Art Hive
Come meet new people! Each session will feature example creative projects made from recycled materials. Other supplies and tools available for use.
All ages and abilities welcome. Free for all - no Ithaca Generator membership required. Children under 18 must be accompanied by an adult.
Made possible by a grant from the Wolf Kahn & Emily Mason Foundation.
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Stargaze at Stewart Park
101 E State St # 222
Ithaca, NY
Join us for a family friendly, hands-on stargaze at Stewart Park on Saturday nights starting at 8:00 pm. Look for us by the tennis courts!
No experience necessary! They will show you how to use the telescopes for yourselves, so you can explore on your own! Their telescopes are very easy to use and very hard to break.
Hosted by Ithaca Astronomy for All.
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Montezuma Audobon Center Events
Saturday, May 25th, 2019
8:00 – 10:30 am
Howland’s Island Birding Tour
Spring songbird migration and breeding season is underway so join us for an early morning tour behind the locked gates of Howland’s Island. We’ll drive onto the island and make stops along the way listening and looking for migrants like the Warbling Vireo, Scarlet Tanager, and nearly two dozen Warbler species. We will also highlight the 10,000-year cultural and natural history of this unique island habitat. PRE-PAID RESERVATIONS REQUIRED. Binoculars and bird guides will be provided. Fee: $8/child; $15/adult.
Saturday, June 1st, 2019
9:00 – 11:30 am
Howland’s Island Paddle Tour
Calling all paddlers- first timers to those with experience. Join us for our first paddle of the season, exploring the edge of Howland’s Island which is rich with birds, other wildlife and history. We will look and listen for breeding warblers, like the Prothonotary and the Cerulean. The route is up to 3 miles, round trip, and is on calm, flat water. Tandem canoes, solo kayaks, paddles, and PFDs can be rented or you can bring your own. Fee: $10/child without rental, $15/adult without rental, $25/solo kayak rental, $40/canoe rental (maximum 2 adults plus 1 child). PRE-PAID RESERVATIONS REQUIRED.
Wednesday, June 5th, 2019
1:30 – 4:00 pm
Northern Montezuma Birding Tour
Leave the driving to us as we explore the Northern part of the Montezuma Wetlands Complex. We will take the Audubon van to several locations looking and listening for nesting birds including marsh birds and songbirds. Nearly two dozen Warbler species could be present, as well as Sandhill Cranes, Bald Eagles, Osprey, and more. We will also highlight the 10,000-year cultural and natural history of this unique area. PRE-PAID RESERVATIONS REQUIRED. Binoculars and bird guides will be provided. Fee: $8/child; $15/adult.
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Employment & Volunteer Opportunities
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Part-Time/Casual Dining Workers Needed
Looking for a flexible part-time position for up to 19 hours a week? Cornell Dining is a Top 10 Nationally Ranked Dining program, which prides itself on serving safe, high quality and ethnically diverse cuisine. Cornell Dining is looking for customer focused, high energy, inspired, and ready-to-learn individuals who have a passion for food!
Apply below!
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Cornell University | 607-255-0388 | hr.cornell.edu/retirees | cornellretirees@cornell.edu
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