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So that you can retire when you want to and have the money you need, it is important
to plan for your retirement. It is up to you to build your retirement plan, and Duke offers
several
plans that can help. Your payroll status (whether you are paid biweekly or paid monthly) determines
the retirement plan in which you may participate.
Employees Paid Biweekly
The Employees' Retirement Plan (ERP)
Employees that are paid biweekly who are age 21 or older, with at least one year
of service, are automatically covered by this pension plan and are vested after 5
years of continuous service. The ERP defines a year of continuous service as a fiscal
year in which you are paid for 1,000 hours or more. The benefit amount is based on your
years of service in the plan, average final pay and age at retirement. Duke pays for
the entire cost of the Employees' Retirement Plan.
In the event of your death prior to receiving a benefit from the plan, your spouse or
same sex spousal equivalent is eligible to receive a benefit from the plan. You must
be vested at the time of your death and have been married or registered as a same sex
spousal equivalent for at least a one-year period ending on the date of your death.
Duke Savings for Retirement Plan
In addition, employees who are paid biweekly can save for retirement and pay less
in taxes now by contributing before-tax payroll deductions to a wide range of funds
with any of the approved investment carriers. The money you put into these accounts
and the interest earned is tax-deferred (or tax sheltered). Because Duke pays entirely
for the ERP pension plan, there is no employer contribution into the Savings for Retirement
Plan.
Employees Paid Monthly
Employees with one year of full-time service who are compensated monthly are
eligible to participate in the Duke Faculty and Staff Retirement Plan.
Under this plan, Duke will contribute to your retirement accounts. To
participate, you must contribute at least 3% of your income to the plan on a
monthly basis (1% or more if you are 21 to 35 years old). Employees
participating in this option may choose to invest their retirement savings in an
annuity or mutual fund account with any one of several vendors. Contributions to
the plan are payroll deducted on a pre-tax basis.
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