Faculty and Staff Retirement Contribution for 2009
Effective January 1, 2009, the Duke contribution to the Faculty and Staff Retirement Plan is as follows:
8.9% of the first $51,450 of salary and
13.2% of annual salary in excess of $51,450,
up to a statutory salary limit of $245,000
For example, an eligible faculty member or exempt employee who earns $60,000 in calendar year 2009 can
expect to receive $5,707.65 as a Duke contribution in 2009. The calculation of this benefit amount is shown below:
8.9% |
$51,450 |
$4,579.05 |
13.2% |
$8,550 |
$1,128.60 |
Total in 2009 |
$60,000 |
$5,707.65 |
Recognizing the importance of retirement planning and investing, the Duke contribution to the Faculty and Staff
Retirement Plan is a benefit that is meant to encourage participation. The contribution is not a guarantee of retirement
income, rather it acts to provide participants with additional funds for their retirement investments. Please refer to the
Summary Plan Description for further details on plan benefits and the investment
options available.
When Participation Can Begin
Duke may make contributions on your behalf after you have completed one full year of service and have attained
age 21. You may be eligible to waive this one year wait if your immediate previous employer was an organization
described in Section 501(c)(3) of the Internal Revenue Code or a state educational organization where you were
receiving employer contributions under a Code Section 403(b), 401(a) or 401(k) retirement plan. You must provide
proof of participation with your previous employer's plan when you enroll in Duke's plan. In the event you are not
currently an eligible employee, you may participate if you become eligible, and Duke's contribution may commence
at that time if you have attained age 21 and met the service requirements.
If you are a professor, associate professor
or in a fringe benefit category #1 (or such subsequent designation selected by Duke), you may participate and Duke's
contributions may commence upon employment, if age 21 or older at the time of employment. Should you have questions
about immediate university contribution from Duke please contact the HRIC at 684-5600.
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