You can log on to Retirement Manager to review or change your contribution rate and find out your maximum contribution amount.
How Much Can I Contribute?
See below for the minimum and maximum amounts that you can contribute to your 403(b) retirement plan.
The amount that you contribute is an individual choice. However, experts estimate that in order to maintain a similar
lifestyle in retirement, a person will need approximately 75-80% of their pre-retirement income in retirement.
Minimum Contribution
The minimum amount that faculty and monthly paid staff may invest is $25.00 per paycheck. The minimum
that a biweekly paid staff may invest is $12.50 per paycheck.
Maximum Contribution
There are maximum amounts that you can contribute. The maximum contribution amount allowed by Duke is 80% of your salary per pay period.
The maximum contribution allowed by the IRS is $16,500 in 2009. If you are 50 or older at any time during 2009, you may contribute an additional $5,500 for a total maximum of $22,000.
Note: Some employees may also be eligible for the special 15 years of service catch-up election. This special catch-up amount, known as the 15-year-rule, allows you to increase
your annual contribution by an additional $3,000 for 2009. This means that, if eligible for the 15 years of service catch-up amount, the maximum employees may qualify to contribute is
$25,000 for 2009, including the "over age 50" catch-up provision. Please contact the Benefits office at 919-684-5600 to find out if you qualify for this particular catch-up provision.
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