Vesting means ownership of the market value of your account. You are always 100% vested in your own voluntary contributions. Vesting only applies to Duke's contribution. Once you are vested, you have an irrevocable right to the amount of the Duke contribution in your account adjusted for gains or losses.

Employees Hired Before January 1, 2012

You are always 100% vested in your own voluntary contribution and Duke's contributions. If you are subsequently reemployed by Duke, you will continue to be 100% vested.

Employees Hired January 1, 2012 or Thereafter:

You are always 100% vested in your own voluntary contribution and you will become 100% vested in Duke's contribution to your retirement savings account when you meet any of these criteria:

  • Completion of three (3) years of service,
  • Attainment of age 65 while employed by Duke,
  • Hired after age 65,
  • Death while employed by Duke, or
  • Approval for long term disability under the Duke Long Term Disability Plan.

In general, for the purpose of vesting in Duke's contribution towards your 403(b) retirement account, your Years of Service include all periods of employment at Duke, whether continuous or not, including periods of employment when you were not eligible to receive Duke’s contribution or participate in the plan.

Forfeitures of Duke's Contributions

Once you are 100% vested in Duke's contribution, you are always 100% vested and the amount contributed by Duke cannot be forfeited. However, if you terminate employment from Duke before you are 100% vested in Duke's contribution (prior to having three (3) years of service), the non-vested portion of your account including earnings will be forfeited upon the earlier of:

  • The day in which you receive a full distribution of your voluntary contributions; or
  • The day in which you are separated from Duke for five (5) or more consecutive years.

Restoration of Duke's Contributions

If you are re-employed by Duke before being separated for five (5) years, your forfeited account balance may be restored. If you have not taken a full distribution or rollover of your contributions, your forfeited account balance will be automatically restored adjusted by any gains or losses. If you have taken a full distribution or rollover from your account, you will be required to payback, in full, the amount distributed before your forfeited account balance can be restored unadjusted by any gains or losses. Forfeited amounts are not eligible for restoration if you have been separated from service from Duke for five (5) or more consecutive years.