- Changing your current contribution amount or your investment carrier allocation
- Changing which funds you invest in
- Changing your beneficiaries
You may change the amount you are contributing into your 403(b) retirement plan once per pay period. You may either contribute a percentage of your salary, a dollar amount, or enroll in the automated maximum program. The automated maximum program will calculate your maximum contribution for the year and at the beginning of each year it will adjust your deduction amount to reach that maximum limit.
Your change request must be received by the Benefits Office at least 30 days before the paycheck in which you want the change to take effect. Benefits will send a fax or e-mail to you as a confirmation receipt.
You may start contributing to a new investment carrier in your 403(b) retirement plan on-line or by paper application. Remember, each carrier offers a similar tiered investment structure to help you navigate your investment choices.
Here are the steps that you need to take to contribute to a different carrier:
- Log onto Retirement Manager to choose a new investment carrier and direct future contributions to your new investment carrier(s).
- Complete the enrollment application (available on the Forms page) for your new investment carrier(s).
- Choose your investment fund selection(s).
- Complete the Retirement Plan Contribution Form to direct future contributions to your new investment carrier(s).
You may also direct future contributions to a different investment carrier. For example, if you currently contribute a total of 4% of your salary (30% of your contribution to Vanguard and 70% to TIAA) and want to contribute more to Vanguard, then complete the Retirement Plan Contribution Form to change the percentage allocated to that investment carrier.
If you wish to change the total amount of your salary that you are contributing then complete the Retirement Plan Contribution Form and indicate a new percentage of salary or flat dollar amount to be deducted each pay period.
Please make sure that you include the amounts/percentages for all of your investment carriers on this form.
You may change the funds in which you are invested as often as you like by contacting the investment carriers directly. Remember, each carrier offers a similar tiered investment structure to help you navigate your investment choices. Duke also provides Investment Performance Summaries for all eligible funds.
You may contact the investment carrier(s) directly in order to obtain a form to change your beneficiary (keep a copy for your records).