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Retirement and Beyond

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					Retirement and Beyond
         Benefits and programs available to retired
                Contract College Faculty and Staff
Table of Contents
Introduction ........................................................................................................................3

Before You Retire ...............................................................................................................3
         Unused Vacation and Sick Days ....................................................................................................................3
         Beneficiaries...................................................................................................................................................3

Benefit Plans and Policies after Retirement ....................................................................3
    Health ........................................................................................................................................3
         Health Insurance Eligibility ...........................................................................................................................3
             Sick Leave Conversion Program .............................................................................................................4
             Estimate of Sick Leave Credit .................................................................................................................4
             Dual Annuitant Sick Leave .....................................................................................................................4
             Retiring Under Age 65 ............................................................................................................................4
             Retiring At Age 65...................................................................................................................................4
             Retiring After Age 65 ..............................................................................................................................5
             Medicare Part D—Prescription Drug Coverage......................................................................................5
             All Retirees, Regardless of Age ..............................................................................................................6
         Dental Insurance ............................................................................................................................................6
             Retiring Under Age 65 ............................................................................................................................6
             Retiring Over Age 65 ..............................................................................................................................7
         Select Benefits................................................................................................................................................7
    Retirement Plans ......................................................................................................................7
         New York State Employees’ Retirement System (NYSERS) ........................................................................7
             Requesting Benefit Distributions ............................................................................................................7
             Payment Options .....................................................................................................................................8
         Optional Retirement Plan (ORP) ...................................................................................................................9
             Payment Options .....................................................................................................................................9
             Personal Appointments ............................................................................................................................9
         Survivors’ Benefit Program............................................................................................................................9
         Tax Deferred Annuity (TDA) Plan ................................................................................................................9
             Requesting Benefit Distributions ..........................................................................................................10
             Payment Options ...................................................................................................................................10
             Personal Appointments ..........................................................................................................................10
         457(b) Deferred Compensation Plan ...........................................................................................................10
         Social Security .............................................................................................................................................10
    Life Insurance in Retirement .................................................................................................11
         Basic Life Insurance .................................................................................................................................... 11
            $3,000 Retiree Life Benefit ................................................................................................................... 11
            Decreasing Retiree Life Benefit ............................................................................................................ 11
         Group Universal Life Insurance (GUL)....................................................................................................... 11


                                                                                                                                   Continued on next page
    Other Plans and Policies ........................................................................................................12
        Personal Accident Insurance (PAI) Conversion ...........................................................................................12
        Cornell Children’s Tuition Scholarship (CCTS)..........................................................................................12
        NY College Savings Plan.............................................................................................................................12
        Faculty and Staff Assistance Program (FSAP) ............................................................................................12
        Auto/Home/Pet Insurance ............................................................................................................................12
        Long Term Care ...........................................................................................................................................12
    Benefits No Longer Available .................................................................................................12

Other Retiree Benefits/Programs/Services ....................................................................12
        Cornell Retirees Association (CRA) ............................................................................................................12
        Encore Cornell .............................................................................................................................................13
        Elder Care/Caregiving Services/Programs ..................................................................................................13
        Cornell Association of Professors Emeriti (CAPE) .....................................................................................13
        Other Opportunities to Connect ...................................................................................................................13
        Identification Cards ......................................................................................................................................13
        CFCU Community Credit Union .................................................................................................................13
        Retiree Transit and Parking Privileges.........................................................................................................14
        Taking Courses for Credit ............................................................................................................................14
        Computer Access .........................................................................................................................................14
        Libraries .......................................................................................................................................................14
        Intercollegiate Athletics and Athletic Facilities ...........................................................................................14
        Facilities and Events ...................................................................................................................................14
        Cornell News ...............................................................................................................................................15
        Statler Club ..................................................................................................................................................15
        Cornell Club .................................................................................................................................................15
        Cornell Club-New York ...............................................................................................................................15
        Wellness Program for Health and Fitness ....................................................................................................15

For More Information .....................................................................................................16
Introduction                                               Beneficiaries
                                                           You should keep the listing of your beneficiaries
Cornell offers a wide variety of benefits and
                                                           for your life and personal accident insurances
programs to contract college faculty and staff
                                                           and retirement fund accounts up-to-date. This
during their employment at the university. While
                                                           information is highly confidential. Only you can
some of these benefits will be discontinued upon
                                                           check to see who is listed as your beneficiary
retirement, others will continue throughout the
                                                           and only you can change your beneficiary. Con-
retirement years.
                                                           tact CIGNA Group Insurance at (800) 231-1193
The information in this brochure has been pre-             to check your life insurance and personal acci-
pared for you, a contract college faculty or staff         dent insurance beneficiaries. Contact the invest-
member, to assist in your planning for retire-             ment vendors to check your retirement plan ben-
ment. It describes the benefits that are available         eficiaries: TIAA-CREF (800) 842-2776; Fidelity
to you when you retire and answers some of                 (800) 343-0860; ING (800) 677-4636; VALIC
the questions you may have about your future               (800) 448-2542; MetLife (800) 560-5001; NYS-
relationship with Cornell.                                 ERS (866) 805-0990.

There is no mandatory age for retirement for
Cornell faculty or staff. To receive certain               Benefit Plans and Policies after
benefits, however, you must be at least age 55             Retirement
and have at least ten years of credited service
at the university. An employee who meets the               Health
requirements to retire under any New York State
early retirement incentive program adopted by              Health Insurance Eligibility:
Cornell and who elects to retire under this pro-           Contract college employees must satisfy three
gram will be considered a Cornell retiree.                 eligibility requirements in order to continue
                                                           health insurance benefits as a retiree.
Before You Retire                                          1. You must have had at least ten years of
                                                              state service, or ten years combined service
You need to notify your department in writing at
                                                              with the state and one or more Participating
least 21 days in advance of your anticipated re-
                                                              Agencies. The Participating Agency must
tirement date. You need to contact the Division
                                                              have been a part of NYSHIP (New York
of Human Resources at least 45 days ahead of
                                                              State Health Insurance Program) at the time
your retirement date. This advance notice allows
                                                              of your employment. Cornell University is a
your department time to adequately address
                                                              participating Agency.
succession planning. It’s not easy to replace
long-term employees! When you retire, your                 2. You must be qualified for retirement as a
department will process your retirement status,               member of a retirement system administered
including accrued vacation days and sick leave.               by New York State. If you are not a member
It is important that you confirm this information             of a retirement system administered by New
with your department.                                         York State, you must satisfy one of the fol-
                                                              lowing conditions: you must meet the Em-
Unused Vacation and Sick Days                                 ployee Retirement Systems tier age require-
Staff will be reimbursed for unused vacation                  ment in effect at the time you last entered
days, not to exceed 30 days. Sick leave will be               state service or you must be qualified to
turned into a credit against future premiums for              receive Social Security disability payments.
your contract college retiree health care plan, as
described below.

                                                     -3-
3. You must be enrolled in NYSHIP either as                 4. Determine your monthly credit: Divide the
    an enrollee or a dependent at the time of                  total dollar value of your sick leave by your
    your retirement.                                           life expectancy from the following table:
Your health insurance continues in the same                 Hypothetical Example
plan as an active faculty or staff member. This             Faculty member retires at age 65. Salary at the
is converted to a monthly figure and is further             time of retirement is $60,000.
reduced by unused sick leave credit.
                                                            1. Hours worked in a day: 40/5 = 8
Contract college employees who have not met the
10 years of service requirement to be eligible for          2. Determine Hourly Rate of Pay:
NYSHIP as a contract college retiree may be eli-                $60,000/2088 = $28.73
gible for the Endowed health plan in retirement.            3. Determine total dollar value of sick leave:
In order to be eligible for the Endowed health                  $28.73 x 1320 hours = $37,923.60
insurance plan as a Cornell retiree, you must               4. Determine your monthly credit:
have worked in a benefits eligible position at the              $37,923.60/192 = $197.51
University for at least 10 years and be age 55 or           5. Monthly credit amount will be deducted
older. In other words, any combination of benefits              from the amount that you owe for health
eligible service in an endowed unit, a contract                 insurance, if any.
college unit or a unit of the Weill Cornell Medical
                                                            Approximately three months after your retire-
College may fulfill the 10 year service require-
                                                            ment date, the New York State Department of
ment in the Endowed health plan. You may be
                                                            Civil Service will send you a letter verifying
required to show proof of a denial of eligibility
                                                            the amount of the credit. It will also confirm the
from the NYS Department of Civil Service.
                                                            amount of health insurance owed, if any.
Sick Leave Conversion Program
                                                            Dual Annuitant Sick Leave
Contract college faculty and staff receive credit
                                                            The Dual Annuitant Sick Leave Credit allows
for unused sick leave when they retire. A maxi-
                                                            you to specify that you want your dependent
mum of 200 days can be used. This program al-
                                                            survivors to be able to use your monthly sick
lows eligible contract college retirees to convert
                                                            leave credit toward their NYSHIP premium
unused sick leave into a dollar credit.
                                                            if you die. If you want this option, you must
Estimate of Sick Leave Credit                               choose it before your last day on the payroll.
1. Determine hours worked in a day: Divide                  If you choose the Dual Annuitant Sick Leave
   the number of hours in a workweek by 5.                  Credit, you will use 70% of your sick leave
2. Determine HRP (Hourly Rate of Pay):                      credit towards your premium for as long as you
   Divide your annual salary at the time of                 live. Your eligible dependents who outlive you
   retirement by one of the following: 2088 for             may continue to use 70% of the monthly credit
   jobs that are 8 hours a day; 2035.8 for jobs             for their NYSHIP premium. Please refer to the
   that are 7.8 hours a day; 1957 for jobs that             previous example. If the Dual Annuitant Credit
   are 7 1/2 hours a day; 1827 for jobs that are            was selected prior to retirement, the amount of
   7 hours a day; and 1044 for jobs that are 4              the sick leave credit would be $138.26 (70% of
   hours a day.                                             $197.51).
3. Determine the total dollar value of your sick            If you do not indicate a choice before your
   leave: Multiply your hourly rate of pay by               retirement, all of your sick leave credit (up to a
   the number of sick leave hours you have ac-              maximum of 200 days) will be applied to your
   cumulated up to a maximum of 1600 hours                  premium automatically. No sick leave credit will
   (200 days @ 8 hours per day).                            be applied to your dependent survivors’ cover-

                                                      -4-
Age in Retirement 50       51    52    53   54       55    56   57   58    59    60    61    62    63   64

Life Expectancy       308 301 293 286 279 271 264 256 248 240 232 224 216 208 200
(in months)

Age in Retirement 65       66    67    68    69      70    71   72   73    74    75    76    77    78   79

Life Expectancy       192 184 176 169 161 154 147 140 133 126 119 113 106 100 94
(in months)



age. (The credit cannot be applied toward a                apply for Medicare when eligible, your benefits
COBRA premium or conversion contract.) Once                in the Empire Plan or your HMO will be drasti-
a choice has been made, it cannot be changed.              cally reduced.

Retiring Under Age 65                                      The New York State Department of Civil Service
If you are under age 65 when you retire, your              automatically reimburses you the Medicare Part B
health insurance continues in the same plan,               premium at age 65. However, if you become eli-
either with the Empire Plan or with an HMO                 gible for primary Medicare coverage before your
that services the area in which you live. If your          65th birthday, or your enrolled dependent becomes
dependent spouse/domestic partner is age 65                eligible for primary Medicare coverage before his/
or turns 65 after your retirement, he/she should           her 65th birthday due to disability, you must notify
contact Social Security Administration to enroll           the New York State Department of Civil Service
in Medicare Parts A and B.                                 Employee Benefits Division in writing. Be sure to
                                                           include a copy of the Medicare identification card
Retiring At Age 65                                         along with your name and identification number
If you or your dependent spouse/domestic                   on the photocopy.
partner is age 65 or over at the time of your              It is important that you enroll in Medicare Parts
retirement, or turn age 65 after your retirement,          A and B three months prior to eligibility to
be sure to contact the Social Security Admin-              insure that you continue to receive complete
istration three months prior to let them know              health insurance under NYSHIP. Medicare will
that you are retiring. They will assist you and/           become your primary insurer and NYSHIP your
or your spouse in enrolling in Medicare Parts A            secondary insurer. Medical claims are filed first
and B. Medicare Part A is at no cost, but Medi-            with Medicare and then with NYSHIP.
care Part B does require a premium, and higher
income beneficiaries will pay more. Retirees               If you are retired and you or your covered
eligible to continue health insurance in retire-           dependent will turn age 65 soon, you should
ment also receive a great financial benefit to             contact the Social Security Administration to
offset the cost of Medicare Part B. The state will         register for Medicare. You can reach the Social
reimburse you an amount equal to the usual cost            Security office by calling (800) 772-1213, or
of Medicare Part B coverage when Medicare                  use their local number in the Ithaca area, (866)
becomes your primary coverage unless you are               706-8289.
receiving reimbursement from another source.
If you have family coverage, you will also be              Retiring After Age 65
reimbursed for your Medicare-eligible depen-               If you are age 65 or over and retire, you need to
dents. If you or your eligible dependents do not           contact the Social Security Administration Of-

                                                     -5-
fice three months prior to your retirement date            If you choose to enroll in Medicare Part D, your
to inform them that you are retiring, as Medi-             prescription drug benefits under NYSHIP may
care will become your primary payor for health             be reduced.
insurance.
                                                           Although most NYSHIP enrollees SHOULD
If you and/or your covered spouse/domestic                 NOT enroll in Medicare Part D, you should con-
partner are eligible for Medicare coverage due             sider enrolling in Medicare Part D if:
to age, the state will automatically reimburse
you the usual cost of Medicare Part B coverage             •   You are eligible for the Medicare Part D
after you retire. Higher income beneficiaries                  Low Income Subsidy; or
will be reimbursed the usual cost of the Part B            • You choose to enroll in a NYSHIP Medicare
premium.                                                       Advantage Plan.
                                                           If you have questions about eligibility for the
Medicare Part D—Prescription Drug                          Low Income Subsidy, call Social Security at
Coverage                                                   (800) 772-1213 or visit <www.socialsecurity.
Starting January 1, 2006, everyone with Medi-              gov>. If you have questions about Medicare
care was eligible for Medicare Part D prescrip-            benefits, call Medicare at 800-633-4227 or visit
tion drug coverage. The New York State Health              <www.medicare.gov>.
Insurance Plan (NYSHIP) provides your pre-
scription drug coverage through The Empire                 All Retirees, Regardless of Age
Plan or a NYSHIP health maintenance organiza-              If you receive your retirement benefit from the
tion (HMO).                                                New York State Employees’ Retirement System
                                                           (NYSERS), your remaining premium, if any, will
The new Medicare law requires NYSHIP to
                                                           be deducted from your retirement check, once
provide an independent, actuarial certification
                                                           New York State completes the final calculation
of the health plan’s prescription drug coverage.
                                                           of your retirement benefit. Until then, you will be
The point of this requirement is to assure partic-
                                                           billed monthly by the New York State Department
ipants that their NYSHIP coverage is at least the
                                                           of Civil Service for any premium due. If you are
equivalent of the new Medicare Part D offering.
                                                           receiving your retirement benefit from the Op-
NYSHIP has passed the comparison test and
                                                           tional Retirement Plan through TIAA-CREF, or
will be sending Notices of Creditable Coverage
                                                           you are receiving your retirement benefit from the
annually to members.
                                                           Federal Retirement System, you will be billed on
As a NYSHIP enrollee or covered dependent                  a monthly basis from the New York State Depart-
eligible for Medicare in 2011, you will con-               ment of Civil Service Employee Benefits Division
tinue to be able to receive the full prescription          for any premium due.
drug benefits available under The Empire Plan
                                                           As a retiree, you are able to make changes to
or a NYSHIP HMO. In addition, there will be
                                                           your health insurance option at any time, but
no change in your NYSHIP drug benefits just
                                                           only one change is allowed in a 12-month pe-
because of your (or your dependent’s) eligibil-
                                                           riod. You can make these and other health insur-
ity for Medicare. You are not required to enroll
                                                           ance changes by contacting the New York State
in Medicare Part D and we have been advised
                                                           Department of Civil Service Employee Benefits
by the New York State Health Insurance Plan to
                                                           Division. A waiting period may apply to certain
advise members not to enroll. Finally, the State
                                                           changes. To make any changes regarding your
will not reimburse you for your Medicare Part D
                                                           health insurance coverage, call the New York
premium if you choose to enroll.
                                                           State Department of Civil Service Employee
                                                           Benefits Division at (800) 833-4344.


                                                     -6-
If you are receiving a retirement check from              If you elect to continue coverage under CO-
NYSERS, the Medicare Part B premium refund                BRA, and do so for the full 36-month period,
will be added to this check and will be reflected         you will again receive a GHI Retiree Dental
as a Medicare credit on your retirement check             Plan application at the end of the 36-month
stub.                                                     period.
If you are making direct payments to the Em-              Retiring Over Age 65
ployee Benefits Division, the reimbursement for           If at the time of retirement, you are over the
the Medicare Part B premium for you and your              age of 65, you will be eligible to continue your
dependents enrolled in Medicare will be applied           dental insurance through COBRA for the full
to reduce your monthly premium payments. Any              36-month period.
excess will be refunded to you on a quarterly
basis.                                                    Select Benefits
Dental Insurance                                          If you retire and there is a balance left in your
                                                          medical care reimbursement account, you can
Retiring Under Age 65                                     continue to receive reimbursement of medical
Preferred Dental Insurance with GHI terminates            expenses incurred prior to your date of termina-
28 days past the last day of the biweekly pay             tion. Federal regulations permit you to continue
period in which you work. You will receive a              to receive reimbursement of medical expenses
COBRA (Consolidated Omnibus Budget Rec-                   incurred after your date of termination only if
onciliation Act) continuation of coverage notice          you continue to participate in Select Benefits
from the New York State Department of Civil               by making after-tax contributions during the
Service Employee Benefits Division. Under CO-             remainder of the same calendar year of your
BRA you may continue the same dental cover-               retirement. You can continue your coverage by
age you had as an active employee on a month-             enrolling in COBRA administered by Aetna.
to-month basis for up to 36 months. You will              Aetna will send you COBRA materials.
remit your payments for the coverage directly to
the New York State Department of Civil Service            You can continue to remit dependent care ex-
Employee Benefits Division. If you are under 65           penses incurred during the plan year against any
and continue dental insurance through COBRA,              unused balance until the funds in your account
and you turn 65 before the 36-month continua-             are exhausted or the plan year ends, whichever
tion period is completed, your COBRA cover-               comes first.
age will terminate when your Medicare benefits            All claims must be received by the administrator
start. Once you are eligible for Medicare, you            within the time frame for claims submission for
will only be able to continue dental benefits             that year, which is generally April 30 following the
through the GHI Retiree Dental Plan.                      calendar year of participation. Contact Benefit Ser-
                                                          vices at (607) 255-3936 for additional information.
You will also receive a conversion notice from
GHI offering dental coverage with the GHI Re-
tiree Dental Plan. Be sure to review this infor-          Retirement Plans
mation carefully as the level of benefits through
this plan is not the same as the benefits through         New York State Employees’ Retirement System
the GHI Preferred Dental Plan. If you wish to             (NYSERS)
enroll in the GHI Retiree Dental Plan, you will           You are eligible for a service retirement benefit
need to complete the application and remit pay-           from your NYSERS plan if you have reached
ments directly to GHI.                                    age 55 and have five or more years of credited
                                                          member service as a Tier 1, 2, 3, or 4 member,
                                                          or if you have ten or more years of credited

                                                    -7-
member service as a Tier 5 member, and your                 For Tiers 1 and 2 only: Benefit cannot exceed
contract college employment has terminated or               75% of FAS (once your years of service reach
you have retired. Other policies may be in effect           37 ½ years). Benefit Enhancement (Article 19)
for state-sponsored early retirement incentives.            provides one month of additional service credit
If you begin distributions from NYSERS and re-              for each year of credited service, up to a maxi-
turn to a contract college or state position, there         mum of 24 months. This is a permanent benefit
are limits to the amount you can earn. If you               addition. Age reductions still apply. Years of
exceed the limits without approval, your retire-            Service Cap is lifted to 79%. Full benefits are
ment distributions will be affected.                        available at age 55 for Tier I members with 20
                                                            years of credited service.
Requesting Benefit Distributions
You can obtain an Application for Service Re-               Benefit Formula with 20 or more years of ser-
tirement Form from Benefit Services at Cornell              vice for Tiers 3, 4, and 5:
University at 130 Day Hall, the Retirement Sys-                 2% * Final Average Salary * Years of Ser-
tem’s office in Albany, from one of NYSERS’                     vice up to 30 years, plus
information representatives at sites throughout
                                                                1.5% * Final Average Salary * Years of Ser-
New York State, or at their web site: <www.
                                                                vice greater than 30 years =
osc.state.ny.us/retire>. Applications MUST be
on file with the Comptroller at least 30 days,                  Pension paid at retirement (less any age
but not more than 90 days, before the date on                   reductions)
which your retirement will occur. Any document
mailed to the Retirement System by “Certified               For Tiers 2, 3, 4, and 5 only: Full benefits are
Mail-Return Receipt Requested” and received                 available at age 62, with 20 years of credited
by the Retirement System will be deemed filed               service and reduced benefits are available for
on the date of mailing. You can not be paid the             ages prior to 62, but at least age 55 for Tiers
day you retire. Your last day on payroll must be            2, 3, and 4. Retirees with less than 30 years of
the day before your retirement date.                        service will have their benefits reduced by 6%
                                                            for each of the first 2 years prior to age 62, then
Benefit Formula                                             reduced 3% for each year prior to age 60. Tier
NYSERS benefits are based upon your Final Av-               5 members will have their benefits reduced by a
erage Salary (FAS) and Years of Service (YOS).              schedule that has increased reductions based on
Final Average Salary: Best (highest) consecu-               early retirement age. This reduction is prorated
tive 36 months of salary averaged together.                 for partial years of service.
Years of Service: Full time years as a member of
NYSERS.                                                     Payment Options
                                                            At retirement, you must decide how you want
Benefit Formula with less than 20 years of ser-             your retirement allowance paid. All of the options
vice for all Tiers:                                         provide you with a monthly benefit payable for
   1.66% * Final Average Salary * Years of                  your lifetime. Many payment options are available
   Service = Pension paid at retirement (less               to you. You should study these options thoroughly
   any age reductions)                                      before finalizing your retirement plans. You will
                                                            receive a list of options after you request an esti-
Benefit Formula with 20 or more years of ser-               mate from NYSERS or after you submit the retire-
vice for Tiers 1 and 2:                                     ment application to the Comptroller. A list of these
   2% * Final Average Salary * Years of Ser-                options is also available from Benefit Services.
   vice = Pension paid at retirement (less any              These payment options include:
   age reductions)


                                                      -8-
• Single Life Annuity                                       You should contact your investment vendor to
• Survivor Annuity                                          obtain and submit the proper Retirement Distri-
                                                            bution forms.
• Periods Certain
• Pop Up Allowance                                             TIAA-CREF        (800) 842-2776
• Cash Refund                                                  ING              (800) 677-4636
                                                               VALIC            (800) 448-2542
It will take several months before a final calcu-
                                                               Met Life         (800) 560-5001
lation of your benefit amount can be completed.
You will receive a partial amount of your esti-             Payment Options
mated benefit until the final calculation is com-
plete and it will take two or three months before           Many payment options are available to you.
you will receive the partial check. Once the final          You should study these options carefully and
calculation is completed, you will receive an               discuss them with a vendor representative prior
arrears payment.                                            to retirement. Tax issues may be complex. You
                                                            should consult with a professional tax advisor to
You can have your monthly benefit directly                  discuss the complexities of the payment options
deposited into your account. It may take several            and their effect on your personal tax situation.
months after the final calculation is completed             These payment options include (may not apply
before direct deposit is implemented.                       to all funds):
Remember that payment options are varied and                • Single Life Annuity
may need to be discussed with a professional                • Survivor Annuity
who understands the complexities of income tax              • Guaranteed Period
law. Distributions from NYSERS will be subject              • Systematic Withdrawal
to Federal Income Tax. Distributions will NOT               • Interest Only Option
be subject to New York State Income Tax as                  • Cash Withdrawal
long as you remain a New York State resident.               • Transfer Payout Annuity
                                                            • Minimum Distribution at age 70 ½
For more information, contact Benefit Services
                                                            Personal Appointments
at (607) 255-3936 or the Retirement System in
Albany at their Information Call Center at (866)            Representatives from TIAA-CREF, ING,
805-0990, or visit their Web site at <www.osc.              MetLife, and VALIC are on campus regularly to
state.ny.us/retire>.                                        provide you individual retirement counseling.
                                                            You should use this Benefit Services sponsored
Optional Retirement Plan (ORP)                              opportunity. Involving your spouse or partner
Under the SUNY ORP Plan, you may take cash                  is highly encouraged. Contact the investment
withdrawals if you are terminated from statu-               vendor directly to set up an appointment: TIAA-
tory service or are receiving benefits under the            CREF (800) 732-8353; ING (888) 883-6320;
Cornell Long Term Disability program. Other                 VALIC (800) 892-5558, ext. 88174 ; MetLife
policies may be in effect for state-sponsored               (315) 521-1830, (607) 273-7341 or (800) 492-
early retirement incentives. You may postpone               3553, ext. 28196.
retirement income until you attain age 70 ½ un-
                                                            Survivors’ Benefit Program
less still actively at work. If you begin distribu-
tions from ORP and return to a contract college             To be eligible to receive this benefit, the effec-
position, there are limits to the amount you can            tive date of retirement for an employee who is
earn. If you exceed the limits without approval,            a member of the New York State Employees’
your retirement distributions will be affected.             Retirement System (NYSERS) shall be the day
                                                            following the last day on which the employee
                                                            is on payroll, provided the employee receives

                                                      -9-
the retirement allowance immediately following                Payment Options
the last day on payroll. To be eligible for this              Many payment options are available to you. You
benefit, the effective date of retirement for an              should study these options thoroughly before
employee who is a member of the Optional Re-                  finalizing your retirement plans. These payment
tirement Program (ORP), administered through                  options include (may not apply to all funds):
TIAA-CREF, shall be the day following the
last day on which the employee is on payroll,                 • Single Life Annuity
provided that the employee receives such retire-              • Survivor Annuity
ment allowance within 90 days from the retire-                • Guaranteed Period
ment date.                                                    • Systematic Withdrawal
                                                              • Interest Only Option
You will be eligible to have a Survivors’ Benefit             • Cash Withdrawal
of $3,000 paid on your behalf if:                             • Transfer Payout Annuity
                                                              • Minimum Distribution at age 70 ½
1. while in state service, you either retire from
   NYSERS, or retire from ORP after age 55;                   Both TIAA-CREF and Fidelity have materials that
   and                                                        describe these payment options in detail. Contact
2. you had at least ten years of full-time State              the investment vendors directly to obtain materials
   service within the 15 years immediately                    on these payment options: TIAA-CREF at (800)
   prior to retiring from state service. State                842-2776 or Fidelity at (800) 343-0860.
   service includes only employment for which
   contract college salary is paid.                           Direct Deposit: Your retirement benefits can be
                                                              directly deposited into your personal account.
Tax Deferred Annuity (TDA) Plan                               Arrangements for direct deposit should be made
You are eligible to begin benefit distributions               with the investment vendors.
from your TDA Plan retirement account if your
employment with the university has terminated or              Remember that payment options are varied and
you have retired. You may also begin distributions            may need to be discussed with a professional
from your TDA Plan account while you are still                who understands the complexities of income
actively working if you have attained age 59 ½ or             tax law. Cash distributions will be taxable as
you are receiving benefits under Cornell’s Long               ordinary income.
Term Disability program. Once retired, you may
                                                              Personal Appointments
delay receiving the benefits from this Plan until
you attain age 70 ½.                                          Representatives from both TIAA-CREF and
                                                              Fidelity are on campus regularly to provide
Requesting Benefit Distributions                              individualized counseling. They can assist you
You should contact the investment vendors to                  in determining which payment option may best
obtain and submit the proper distribution forms:              meet your needs for retirement. You should
TIAA-CREF at (800) 842-2776 or Fidelity at                    contact the investment vendors directly to set up
(800) 343-0860.                                               a personal appointment: TIAA-CREF at (800)
                                                              732-8353 or Fidelity at (800) 642-7131.
Contributions made to this Plan during your
employment are fully and immediately vested,                  457(b) Deferred Compensation Plan
which means that you are the sole owner of                    You elect benefit distributions from your 457(b)
the funds in your account. You decide how you                 Plan account within 60 days after your employ-
want to receive these funds during your retire-               ment with the university has terminated or you
ment years to best meet your needs.                           have retired. Many payment options are avail-
                                                              able under this plan. You should contact TIAA-
                                                              CREF at (800) 842-2776 for information on

                                                     - 10 -
these payment options and to obtain the proper                partment of Civil Service, the New York State
distribution forms.                                           Employees’ Retirement System, and the Federal
                                                              Civil Service Retirement System.
Representatives from TIAA-CREF are on cam-
pus regularly to provide individualized counsel-              Employees who retire from the university with
ing. They can assist you in determining which                 a $3,000 benefit have the option to convert the
payment options may best meet your needs for                  difference between their Basic Life Insurance
retirement. You should contact TIAA-CREF di-                  amount and $3,000.
rectly to set up a personal appointment at (800)
732-8353.                                                     Decreasing Retiree Life Benefit
                                                              If on January 1, 1980, you were age 50 or older,
Social Security                                               employed at Cornell, and continued to work
You may also be eligible to start receiving Social            here until your retirement, you will receive
Security retirement benefits as early as the first            decreasing life insurance coverage after retire-
full month that you are age 62. To find out if                ment. The amount of your life insurance cover-
you’re eligible and how much you can receive,                 age for the first year after your retirement date
contact the Social Security Administration at                 will be equal to your budgeted annual salary,
(800) 772-1213, (866) 706-8289, or on-line at                 rounded to the next highest thousand. On each
<www.ssa.gov>. If you are retiring before the                 January 1, coinciding with or immediately
Social Security full retirement age, there may be             following the next four anniversaries of your
reduced benefits from Social Security.                        retirement date, your insurance amount will be
                                                              reduced by 20 percent of the original amount of
Social Security will be able to answer any ques-
                                                              retirement coverage, until it reaches 20 percent
tions you might have concerning eligibility,
                                                              of the initial amount, or $3,000, whichever is
restrictions, registration, payments, etc.
                                                              greater. It is at this time (January 1) that you
                                                              may convert the amount that you are losing
Life Insurance in Retirement                                  through the 20 percent reduction. You have 31
                                                              days to do this without medical underwriting.
Life insurance is available to contract college
faculty and staff who are at least age 55 and                 For example, if your salary at retirement is
have at least ten years of service with the uni-              $30,000, your coverage will be reduced by
versity, provided you meet the requirements                   $6,000 per year as follows:
described below. This coverage is provided as
                                                              Retirement Year       Life Insurance Coverage
part of your basic life insurance.
                                                              1                           $30,000
Basic Life Insurance                                          2                           $24,000
$3,000 Retiree Life Benefit                                   3                           $18,000
If you were younger than age 50 on January 1,                 4                           $12,000
1980, or if your coverage through the Group                   5 and after                  $6,000
Life Insurance Plan began after January 1, 1980,
                                                              Employees who retire from the university with a
and you have had at least ten years of service,
                                                              Decreasing Life Benefit do not have the conver-
you will receive a $3,000 life insurance policy,
                                                              sion option for the Basic Life Insurance during
currently provided at no cost.
                                                              the first year of retirement. Under this benefit,
For contract college employees, the $3,000                    employees have coverage in the amount of full
amount will be reduced by the amount of any                   salary or the first year of their retirement (basic
death benefits payable under the Survivors’                   life insurance coverage is half of the annual sal-
Benefit Program of the State of New York De-                  ary amount).

                                                     - 11 -
Employees interested in information about con-                Cornell Children’s Tuition Scholarship (CCTS)
verting their Basic Life Insurance should contact             Individuals who retire at age 55 or older, or at
CIGNA HealthCare at (800) 423-1282.                           age 50-54 through a state retirement incentive
                                                              program, with ten or more years of service,
Group Universal Life (GUL) Insurance
                                                              retain the same CCTS privileges they had as
As a retiree, you may continue the full amount of             active faculty or staff members. The level of
your Group Universal Life Insurance coverage.                 CCTS benefits available to your children is
This coverage may be maintained either by con-                determined by the date you were hired as an
tinuing to pay premiums directly to CIGNA Group               active employee. Although children of eligible
Insurance or by having your premiums paid out of              employees have no age limitation, marital status
the Cash Accumulation Fund, if your balance is                limitation, or dependency limitation, the benefit
adequate. The cash value that is not being used to            paid may be considered a taxable fringe benefit
fund your insurance coverage can be withdrawn to              to the employee. Call Benefit Services at (607)
supplement your retirement income.                            255-3936 for more information.
You may also want to consider using the money
                                                              NY College Savings Plan
in your Cash Accumulation Fund to “pre-fund”
or prepay your retirement life insurance. When                Retirees who contribute through payroll deduc-
you retire, you can use all or some of the money              tion should contact UPromise at 1-877-697-
in the fund to purchase a specified amount of                 2837 in order to set up a schedule for future
paid-up insurance. By purchasing paid-up insur-               contributions.
ance, you will not need to make any additional                Faculty and Staff Assistance Program (FSAP)
payments to keep the policy in force.
                                                              As a retiree, you and your dependents continue
For more information regarding your options                   to remain eligible to receive free assessment,
at retirement with your Group Universal Life                  counseling and referral under the FSAP. Con-
Insurance plan, please call CIGNA Group Insur-                tact the Faculty and Staff Assistance Program
ance at (800) 231-1193.                                       at (800) 364-4748 or <FSAP@cornell.edu>.
                                                              Licensed counselors are available 24 hours a
Other Plans and Policies                                      day, 7 days a week. Appointments are available
                                                              with counselors nationwide.
Personal Accident Insurance (PAI) Conversion
As a participant in the PAI plan, you and your                Auto/Home/Pet Insurance
eligible dependents may convert your insurance                You may continue your automobile, hom-
coverage to an individual policy if you are under             eowner’s/rental, and pet insurance by being
age 70. A medical examination is not required                 billed directly. You will need to contact Marsh
to obtain an individual conversion policy. You                Voluntary Benefits at (800) 553-4861 for more
have 31 days after your retirement date to com-               information.
plete an application for an individual policy. You
will be billed by CIGNA for the premiums. For                 Long Term Care
more information, please call CIGNA Group                     CNA provides a Long Term Care policy for
Insurance at (800) 231-1193.                                  Cornell staff and family members and retirees.
                                                              A retiree can enroll at any time subject to proof
Coverage cannot exceed the amount purchased                   of medical insurability. To get more information
under your current PAI group plan, and cannot                 about this policy, or if you are enrolled and need
be less than $25,000 or more than $150,000.                   to arrange for direct billing, contact CNA at
Contact Benefit Services at (607) 255-3936 to                 (866) 234-9031.
obtain a PAI conversion application.


                                                     - 12 -
Benefits No Longer Available                                  groups on campus, in the local community, and
                                                              nationwide to help identify resources and op-
Certain benefits you enjoyed as a Cornell fac-                portunities for retiree programs and services.
ulty and staff member were directly related to                Encore Cornell has four components:
your employment. When you retire, you will
                                                              •   Encore Hire: linking retirees with remote
no longer be eligible for those benefits through
                                                                  and local short-/fixed-term employment
Cornell. Those benefits include Workers’ Com-
                                                                  opportunities at Cornell that are generally
pensation, Short Term Disability, Long Term
                                                                  envisioned to last no more than a few weeks.
Disability, Select Benefits (except as previously
noted), Tuition Aid or the Employee Degree                    • Encore Volunteer: connecting retirees,
Program, and Business Travel Insurance. How-                      throughout the nation, with their surround-
ever, if you retire while you are receiving long                  ing communities through a variety of volun-
term disability benefits, you should call Ben-                    teer opportunities run through Cornell and
efit Services at (607) 255-3936 to review your                    local not-for-profit agencies.
change of status.                                             • Encore On-Call: providing a voluntary op-
                                                                  portunity for retirees to share their expertise,
                                                                  upon request, with members of the Cornell
Other Retiree Benefits/                                           community.
Programs/Services                                             • Encore and More: providing retirees with
                                                                  web-based information on resources, class-
Cornell Retirees Association (CRA)
                                                                  es, and events to help support their continu-
All Cornell staff and faculty automatically                       ous personal growth and development.
become members of the Cornell Retirees As-
                                                              For information about Encore Cornell, please call
sociation (CRA) upon retirement. Membership
                                                              (607) 255-3976 or e-mail <Encore@cornell.edu>,
is voluntary and there are no dues. Retirees and
                                                              or <hr.cornell.edu/retirees/encore.html>.
their spouses/partners are encouraged to partici-
pate in activities.                                           Elder Care/Caregiving Services/Programs
CRA offers retirees volunteer opportunities such              • Dependent Care Resource and Referral
as Cornell Retirees Volunteering in Schools                       For those with adult caregiving concerns,
(CRVIS) and the Cornell Jack Lewis Visitors                       Cornell’s Dependent Care Consultant can
Program (in area nursing homes), annual social                    assist with locating adult/elder care resourc-
events including luncheons and a barbecue,                        es in the community as well as help caregiv-
and provides a liaison with the university on                     ers who are providing care from a distance.
important retiree issues. For more information,                   The consultant can help caregivers define
contact the CRA desk in 101 Day Hall or call                      their personal and older adult concerns while
(607) 255-0388. To be added to an e-mail list                     also outlining options to help caregivers
to receive a newsletter and notices of upcoming                   deal with current needs and prepare for the
events, please send e-mail to <CornellRetirees@                   future.
cornell.edu>.                                                 • Caregiver Support and Education Net-
                                                                  work If you are providing care for an adult
Encore Cornell                                                    family member, spouse, or friend, you are
Cornell University is committed to expanding                      invited to attend monthly meetings of the
its connection with retirees, both locally and                    Caregiver Support & Education Network.
nationally, through the Encore Cornell program.                   Facilitators will share strategies, tools, and
The goal of this retiree initiative is to increase                resources for coping with stress, caregiver
Cornell’s responsiveness to the diverse range of                  guilt, and burnout as well as information on
retiree needs, including partnering with other                    local/ national resources. Meetings include

                                                     - 13 -
    general discussion and sharing as well as oc-             Other Opportunities to Connect
    casional guest speakers.                                  On-campus events and one-day motorcoach
• Cornell Elder/Caregiver E-News Listserv                     trips provide retirees and their spouses/partners
    members receive a monthly E-Newsletter                    continued connection with the Cornell com-
    which provides information on elder care/                 munity. Retirees are encouraged to get involved
    caregiver workshops, activities/ events and               in committees and volunteer at events. To hear
    campus/community resources as well as rel-                about upcoming events and trips as they are
    evant announcements throughout the month.                 announced, ask to be added to the events/trips
 • Workshops/Speakers There are additional                    email list by contacting the Employee Outreach
    elder care/caregiving related workshops and               Desk at 130 Day Hall, (607) 255-7565.
    seminars held each semester on campus.
                                                              Identification Cards
For information on any or all of these programs
and services please call (607) 255-3976 or visit:             Retirees need to obtain an identification card
http://hr.cornell.edu/life/support/adult_caregiv-             from the University Registrar at B7 Day Hall on
ing.html                                                      or after your retirement date. No appointment is
                                                              necessary. For information, call (607) 255-4232.
Cornell Association of Professors Emeriti (CAPE)
                                                              CFCU Community Credit Union
The Cornell Association of Professors Emeriti
provides professional and social community                    If you are a member when you retire, you can
among those who share the experience of being                 remain a member of the CFCU Community
Cornellians. In addition to those granted the                 Credit Union with the same privileges as an ac-
title professor emeritus, membership is open                  tive employee. For more information, call (607)
to retired librarians, extension associates, other            257-8500.
members of Cornell’s professional teaching,                   Retiree Transit and Parking Privileges
research, advising, and administrative staffs as
                                                              Call Cornell Commuter and Parking Services at
well. The Executive Council meets monthly dur-
                                                              (607) 255-PARK (607-255-4600) for informa-
ing the academic year to discuss the varied is-
                                                              tion on transit and parking privileges for
sues related to the Emeriti. Committees, such as
                                                              retirees.
the University Benefits Committee, University
Faculty Senate, and Statler Board, are repre-                 Taking Courses for Credit
sented by CAPE Executive Council members.
                                                              Retirees are eligible to enroll in up to six credit
A subset of emeriti benefits is published and
                                                              hours per semester at no charge. You may enroll
updated in a brochure entitled, “Perquisites and
                                                              through Continuing Education and Summer Ses-
Privileges” and is available through the CAPE
                                                              sions in B-20 Day Hall, (607) 255-4987, with
office or by going to the CAPE Web site.
                                                              the permission of the course instructor, or course
CAPE offers a quarterly newsletter, computer                  department and a representative of Benefit Ser-
workshops, related emeriti projects, and volun-               vices. This office can answer any of your ques-
teer opportunities. During the academic year,                 tions about taking classes for credit.
CAPE hosts a monthly lecture series, computer
                                                              Cornell’s Adult University offers fabulous on-
workshops, and a monthly roundtable, to name a
                                                              campus non-credit summer seminars and work-
few. For more information contact CAPE at 431
                                                              shops, travel programs in the U.S. and abroad,
Day Hall, (607) 255-6608, <cape@cornell.edu>
                                                              and on-line educational programs for Cornell
and <www.emeritus.cornell.edu>.
                                                              alumni, friends, and families. For information
                                                              on all CAU programs, call (607) 255-6260, e-
                                                              mail <cauinfo@cornell.edu>, or visit the CAU
                                                              Web site at <www.sce.cornell.edu/cau>. To

                                                     - 14 -
register for CyberTower, log on to <http://cyber-              Helen Newman Hall Bowling Center: Cornell
tower.cornell.edu>.                                            retirees receive a discount on open bowling
                                                               rates, and the opportunity to join other retirees
For Cornell Plantations adult education, vol-                  for regular bowling. For more information, call
unteer programs, classes, and workshops, call                  (607) 255-4200.
(607) 254-7430 or go to <www.cornellplanta-
tions.org>.                                                    Facilities and Events
                                                               Willard Straight Hall, Appel Commons, Noyes
Computer Access
                                                               and Robert Purcell Community Centers: Re-
For information on computer access, or NetIDs,                 tirees are welcome to use general facilities and
call the CIT Contact Center at (607) 255-8990                  programs free of charge, except for some spe-
or <helpdesk@cornell.edu>.                                     cialized services which require a membership.
Libraries                                                      Concert tickets or season tickets can be pur-
As a Cornell retiree you are entitled to full                  chased on-line at <www.cornellconcertseries.
Cornell University Library privileges. Your                    com> or call, Cornell Concert Series, (607) 255-
retiree I.D. is your library card. Notices from                5144 for subscriptions or group sales, or (607)
the library will be sent by e-mail to your Cornell             273-4497 and (800) 284-8422 for single tickets.
NetID unless you make other arrangements
with the library. You can do this at the Public                The Music Department sponsors many perfor-
Services Office, 116 Olin Library, by e-mail:                  mances by individuals, ensembles, and chamber
<libpublicservices@cornell.edu>, or by phone                   groups, as well as faculty and student recitals,
(607) 255-5069.                                                performances by visiting groups, and various
                                                               choral organizations on campus. Contact the
Intercollegiate Athletics and Athletic Facilities              Music Department at (607) 255-4097 or <www.
Retirees with 25 years of service or emeritus                  music.cornell.edu> for more information.
professors are offered two tickets to all athletic             The Department of Theatre, Film and Dance
contests except Men’s Ice Hockey and post-                     presents plays throughout the year, which often
season contests. All other retirees with 10 to 24              include guest artists as well as students, faculty,
years of service to the university continue to be              and staff. For audition information, season and
eligible for the same privileges they enjoyed                  individual tickets, contact the University The-
when they were employed. All tickets can be                    atre Box Office, (607) 254-2700 or <theatre@
obtained at the Athletic Ticket Office, Bartels                cornell.edu>. More information can be found at
Hall, by appearing in person and showing a re-                 <theatrefilmdance.cornell.edu>. Senior citizen
tiree I.D. card. All retirees could be eligible for            tickets may be available.
certain other discounted senior citizen tickets.
                                                               Cornell Cinema offers close to 300 different
Contact the Ticket Office at (607) 255-4247 for                films/videos each year. Except for special offer-
more information. Athletic facilities that con-                ings, tickets for senior citizens are discounted.
tinue to be available to all retirees are:                     Contact the box offices, 104 and 106 Willard
Lynah Rink: Call (607) 255-3793 for more                       Straight Hall, (607) 255-3522. More informa-
information.                                                   tion can be found at <cinema.cornell.edu>.

Robert Trent Jones Golf Course: For more                       Cornell News
information, call (607) 254-6531.                              Many Cornell sources help retirees keep in
                                                               touch with university news, events, and activi-
Reis Tennis Facility: For more information, call
                                                               ties. Pawprint is published regularly and avail-
(607) 272-0037 or online at <www.reistennis-
                                                               able at a variety of campus locations and on
center.com>.
                                                      - 15 -
line. The Cornell Chronicle is available online              Wellness membership: Includes access to all
but you can also subscribe to their weekly or                fitness centers, pools, and group exercise classes
monthly enews posting. Ezra magazine is pub-                 such as aerobics, water aerobics, tai chi, and
lished quarterly and available on online.                    yoga. The Cornell Fitness Centers have five fit-
                                                             ness center facilities on the campus, each with
Here are some useful links:                                  state-of-the-art equipment, and offer over 60
• Retiree newsletters <http://hr.cornell.edu/                different group exercise classes each week.
   retirees/cra_newsletters.html>                            Members may schedule individual sessions,
• Cornell Chronicle <http://www.news.                        including fitness consultations, fitness testing,
   cornell.edu>                                              and nutrition counseling. Fee: $175 per year
• Pawprint: <http://www.pawprint.cornell.                    per member. (Emeritus professors: contact the
   edu>                                                      Wellness Program directly for additional infor-
                                                             mation.)
• Ezra magazine: <http://ezramagazine.cornell.
   edu>                                                      This membership also includes participat-
• University Events Calendar: <http://cornell.               ing in the classes for healthy aging: you and
   edu/events>                                               your spouse or same-sex partner are eligible.
• CUinfo: <http://cuinfo.cornell.edu>                        All classes work on improving flexibility, core
                                                             strength, and balance and are held in Helen
Cornell Club
                                                             Newman Hall weekday mornings.
Retired faculty and staff interested in maintain-
ing contact with the university should write to              For more information, contact the Wellness Pro-
the Alumni Office, 626 Thurston Avenue, Ithaca,              gram office at (607) 255-3886 or visit <http://
New York 14850, or call (607) 255-2390. The                  wellness.cornell.edu>.
office will be pleased to provide the name, ad-
                                                             Outreach for non-members: The Wellness Program
dress and telephone number of the current presi-
                                                             offers classes, lectures, and events free of charge
dent of the Cornell Club in the area in which the
                                                             to the Cornell community. Updated schedules are
retired employee is living.
                                                             available at <http://wellness.cornell.edu>.
Cornell Club–New York
Retired Cornell faculty and staff members are                For More Information
eligible to join The Cornell Club in New York
City at a discounted membership rate, in addi-               More detailed information concerning any of
tion to the waived initiation fee. Annual mem-               the topics in this brochure can be obtained by
bership dues are listed at <www.cornellclubnyc.              contacting Benefit Services, Division of Human
com> and dues may be paid either quarterly or                Resources, 130 Day Hall, (607) 255-3936, or
annually. For more information, please contact               e-mail: <benefits@cornell.edu>. Visit the Web
Lara Chrisomalis ’02, director of marketing                  site: <www.hr.cornell.edu>.
and membership, at (212) 692-1386 or e-mail                  While every attempt has been made to ensure
<l.chrisomalis@cornellclubnyc.com>.                          the accuracy of this document, the legal docu-
Wellness Program for Health and Fitness                      ments, policies, or certificates pertaining to the
                                                             various benefits prevail in the event of any dis-
The Cornell University Wellness Program                      crepancy. This booklet does not constitute a le-
provides retired Cornell employees and their                 gal document. The policies summarized here are
spouses/partners with diverse opportunities that             subject to change. The language is not intended
foster joy, balance, and well-being.                         to create a contract between the university and
                                                             its retired faculty and staff.


                                                    - 16 -
The university reserves the right to amend, mod-
ify, or withdraw in its sole discretion any provi-
sion contained herein. Neither this document,
nor any of its terms or provisions, constitute a
contractual obligation by the university. Policies
and benefits for members of collective bargain-
ing units may differ from those described herein.
If you belong to a collective bargaining unit, re-
fer to the terms and conditions of your contract
for more information.




                                                     - 17 -
Division of Human Resources
Benefit Services
130 Day Hall
Ithaca, NY 14853
(607) 255-3936
Web: www.hr.cornell.edu
E-mail: benefits@cornell.edu

Cornell University is an equal opportunity, affirmative action educator and employer.
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