About Duke's Plans
Duke offers two different types of retirement plans. Eligibility for participation in these plans is determined by whether you are paid biweekly or monthly. Both plans provide a comparable retirement income. Download a PDF showing how the plans differ.
| Biweekly Paid Employees | Monthly Paid Employees |
|---|---|
| Biweekly paid employees are eligible for two Duke retirement plans — the Employees' Retirement Plan and the Faculty and Staff Retirement Plan. The Employees' Retirement Plan is a traditional defined benefit pension plan paid for entirely by Duke. The Duke Faculty and Staff Retirement Plan is a 403(b) plan, funded by your voluntary pre-tax deductions. | Faculty and monthly paid staff are eligible for the Duke Faculty and Staff Retirement Plan. This 403(b) plan is funded both by your voluntary contributions and Duke's contributions. |
Benefits of Investing in the Duke 403(b) Retirement Plan
By investing in your Duke 403(b) tax-qualified plan, you can save for your retirement through the following features:
Duke's Tiered Investment Program
Duke's Investment Advisory Committee (IAC) has chosen a group of Core Funds that it regularly monitors to ensure that the funds remain appropriate investment options for Duke's plan. To make it easier to navigate your choices, investments are grouped into three tiers. Funds in Tier 1 and Tier 2 have been specifically chosen by the IAC for the 403(b) retirement plan. These funds are benchmarked annually to ensure that their performance and cost remain competitive. Tier 1 funds offer a way to make a single choice for your retirement needs. Tier 2 funds represent a range of "best-in-class" stocks from which you can build your own diversified portfolio. Other funds are available from each investment carrier in Tier 3, but they are not monitored by the IAC.
Pre-tax Contributions
You contribute a specified amount or percentage of your pay, by payroll deduction, before income tax withholding is calculated. This reduces your current taxable income and lets you save money that otherwise would have gone toward income taxes.
Tax-Deferred Accumulation
Current taxes on contributions to your account, and on interest and earnings from the account, are deferred until withdrawal or until you begin receiving regular payments. Tax-deferred earnings, coupled with the power of compounding, can provide greater growth than might be possible with taxable savings methods. Please Note: Investment values will fluctuate so that an investor's units, when withdrawn, may be worth more or less than the original cost.
How to Enroll in Your Duke 403(b) Retirement Plan
In order to enroll in the plan, you must know how much you would like to contribute and where you would like your contributions invested.