Duke Retirement Plans: Two Paths to the Same Goals
Monday, March 31, 2008
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Durham, NC -- Hourly-Paid Staff
Hourly-paid staff members are eligible for two Duke retirement plans – the Employees’ Retirement Plan and the Duke Savings for Retirement Plan.
The Employees’ Retirement Plan is a pension plan designed to provide a guaranteed monthly income at retirement, paid entirely by Duke. Hourly-paid staff are automatically enrolled if they are over age 21 and have completed one year of employment. Staff are vested and eligible for the benefits after five years of continuous service.
The Savings for Retirement Plan is a 403(b) plan that allows hourly-paid staff to invest their own savings for retirement. It is funded by employee voluntary pre-tax deductions, which can be payroll deducted for as little as $12.50 per pay period.
Faculty & Salaried Staff
Faculty and salaried staff are eligible for a 403(b) plan called the Duke Faculty and Staff Retirement Plan. Duke contributes to the plan after one year of service if individuals contribute at least 3 percent of their salary. Those under 35 years old can begin receiving the Duke contribution with 1 percent of their salary.
To enroll in a Duke retirement plan, call 684-5600 or click here.
