Summary of Changes
- The Duke contribution to the Duke Faculty and Staff Retirement Plan will automatically resume on July 1, 2021, for faculty and staff eligible to receive Duke contributions.
- For faculty and staff who are on the active payroll at Duke as of June 30, 2021 and receive pay in June 2021, Duke’s contributions (based on eligible salary) will be provided retroactively back to January 1, 2021.
- Duke has expanded the eligibility for those individuals who did not apply for the 403(b) Service Waiver due to the suspension of the Duke contribution. If you are eligible and would like to apply for this service waiver, you have until December 17, 2021, to complete and submit the Request for Service Requirement Waiver Form. Please note this is a one-time opportunity to submit this service credit waiver. Forms received after the deadline will not be accepted. For questions, please contact the Duke Benefits Office via email at firstname.lastname@example.org.
Questions and Answers
When is Duke restoring the Duke contribution?
Duke will automatically restore the Duke contribution to the Duke Faculty and Staff Retirement Plan on June 30, 2021.
Who will receive the Duke contribution effective July 1st, 2021?
The Duke contribution will resume for faculty and staff who are eligible to receive Duke’s contribution to the Duke Faculty and Staff Retirement Plan, including employees covered under legacy provisions and those covered in Duke’s Long-Term Disability Program.
Who will be eligible to receive the retroactive Duke contribution?
Faculty and staff who are on the active payroll at Duke as of June 30, 2021 and receive pay in June 2021, will receive the retroactive contributions for the month(s) that they were eligible to receive Duke’s contribution. The retroactive contribution will be made on eligible compensation for the months of January 2021 through June 2021 and will be processed in July. Eligible employees will see the retroactive contribution combined with any regular July university contribution on paystubs. The maximum Duke contribution for calendar year 2021 is $35,295.80.
I will receive my accrued vacation/PTO pay out in July, would I be eligible to receive the retroactive contribution?
If your accrued vacation/PTO balance will be paid out in July, you will still be on the active payroll and therefore eligible for the retroactive Duke contribution for the month(s) that you were eligible.
Will employees who submitted the 403(b) prior employer 501(c)(3) service credit waiver receive the retroactive Duke contribution?
Yes, employees who submitted the 403(b) waiver will receive the retroactive contribution based on when the waiver paperwork was submitted and approved by the Duke Benefits Office. The employee must be on the active payroll at Duke as of June 30, 2021 and receive pay in June 2021.
Do faculty and staff need to take any action?
No action is required; however, it is a good time to review investment allocations. Faculty and staff can check their account by using the Fidelity Account login link in Duke@Work.
Does Duke’s contribution limit the amount I can contribute to the plan?
No, Duke’s contribution does not limit the amount you can contribute to the plan.
Your voluntary contributions will continue at the same amount unless you make a change to your deductions. Information about your contribution limit can be found here.
Will the Duke contribution restore for employees receiving benefits from the Duke Long-Term Disability program (LTD)?
Yes, employees in Duke’s LTD program will have Duke’s contribution resumed in July 2021.
Will employees receiving benefits from the Duke LTD plan be eligible for retroactive Duke contribution?
Employees who are participating in the Duke Long-term Disability plan as of June 30, 2021, will receive the retroactive contributions for the month(s) that they were eligible to receive Duke contribution (from January 2021 through June 2021). The retroactive contribution will be processed in July 2021.