- Decision Guide
- Fidelity's website
- New Investment Lineup description
- Key Dates
- BrokerageLink® Documents
- Retirement Redesign Presentation Slides
- Choose your investments in the new investment lineup for future contributions
- Designate your beneficiaries
- Schedule a one-on-one consultation
- Review your options
A note for retirees, former employees and beneficiaries with an account balance in the plan
If you have an account balance in the Duke Faculty and Staff Retirement Plan, the upcoming changes may affect you even if you are now retired or no longer employed by Duke. You have the following options for your vested account balance in the Duke Faculty and Staff Retirement Plan:
- leave your retirement savings in the Duke Faculty and Staff Retirement Plan to take advantage of the new investment lineup;
- roll any or all of your vested balances into an Individual Retirement Account (IRA) or another employer’s retirement plan (if allowed by new employer);
- withdraw vested balances using various distribution options such as lump sum, installments or an annuity.
IRS penalties may apply on distributions if you are younger than 59 ½. Distributions are taxed as ordinary income.
Duke is redesigning the Faculty and Staff Retirement Plan to streamline options and administration as part of its ongoing oversight of its 403(b) retirement plan. Beginning January 2019, Fidelity will become Duke’s primary recordkeeper for retirement services, including investment options, enrollment, distributions, and changes to your contribution amount.
As part of the transition, there will also be changes in the investment lineup available through Duke’s 403(b) retirement plan. The new investment lineup will be available on Fidelity’s platform beginning May 21, 2018. Participants have the remainder of 2018 to select funds from the new investment lineup for future contributions and existing balances.
This site will be updated throughout the transition and will provide you with the latest information, key dates, and action steps to take.
- What is Changing?
- What is Not Changing?
- What Can I Do Now?
- What Can I Do Beginning May 21?
- Where Can I Get Help?
- More Information
- Fidelity will become the primary recordkeeper for retirement services, including investment options, enrollment, distributions, and changes to your contribution amount effective January 2019.
- A new investment lineup will be available effective May 21, 2018 at Fidelity.
- All balances at Vanguard will transfer to the new investment lineup at Fidelity and future contributions will be redirected to Fidelity. Vanguard will be eliminated as a retirement service provider for the Duke Retirement Plan.
- A new TIAA Traditional Fixed Annuity contract will be added in January 2019. TIAA annuity accounts will be frozen to all new contributions. TIAA will continue to administer balances in frozen annuity accounts and the TIAA Traditional Fixed Annuity fund. All mutual fund balances at TIAA will transfer to the new investment lineup at Fidelity. Your future contributions will be redirected to Fidelity.
- VALIC annuity accounts will be frozen to all new contributions. VALIC will continue to administer frozen annuity accounts. Mutual fund balances at VALIC will transfer to the new investment lineup at Fidelity. Your future contributions will be redirected to Fidelity. The VALIC Fixed Annuity Option will continue to be available through Fidelity.
- A new loan program with Fidelity will be introduced in 2019.
- Fidelity will separate the cost of operating the plan from investment expenses. Plan operating expenses will appear as a separate administrative fee on your account statements in 2019.
- Employees’ Retirement Plan (ERP) is not changing.
- The Duke contribution formula to the Faculty and Staff Retirement plan is not changing.
- Roth 403(b) feature is not changing.
- The maximum amount you can contribute to the plan is not changing. This is set by the Internal Revenue Service annually.
- Duke’s 457(b) plan is not changing.
- Review investment options in the new investment lineup at Fidelity and direct where future contributions will be invested prior to January 2019.
- Review the Investment Option Mapping Strategy for account balances and move your balances prior to December 2018 if you do not want your balances mapped according to the mapping strategy described in this guide.
- Meet with a Fidelity representative to get help. Call Fidelity at 1-800-823-0172 to schedule an appointment or to get help and advice on investing.
- Update your beneficiaries with Fidelity. If you have an account that is administered by Vanguard, TIAA or VALIC, the beneficiary data will not transfer to Fidelity. You will need to update your beneficiary information with Fidelity.
- Starting May 21, 2018, you will be able to select investments in the new investment lineup at Fidelity.
- Mutual fund account balances will map to Fidelity based on a mapping strategy in January 2019. Note: Annuity accounts at TIAA and VALIC will not transfer to Fidelity unless you initiate a transfer.
- Future contributions will be directed to your chosen investments in the new investment lineup at Fidelity after you make your investment elections. If you do not make an investment election in the new investment lineup at Fidelity by December 2018, your contributions will be directed to the appropriate age-based Vanguard Target Retirement Date Fund in January 2019.
- Call Fidelity at 1-800-823-0172 to speak to a Fidelity representative to get help and advice on investing over the phone.
- Set up a one-on-one appointment with a Fidelity representative, call 1-800-823-0172, or text “MeetFidelity” to 343898.
For more information, review the decision guide and frequently asked questions on this website. You can also attend one of many information sessions that will take place during Financial Fitness Week.
If you have specific questions not addressed on the website, you can contact a special call center set up for the retirement plan redesign by calling 1-800-823-0172 or by emailing firstname.lastname@example.org.