1. Will the upcoming changes affect me?
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.
- All Fidelity balances that are not invested in the new investment lineup will transfer to the new investment lineup in January according to the investment option mapping strategy.
- All mutual fund balances at Vanguard, TIAA and VALIC will transfer to the new investment lineup at Fidelity in January according to the investment option mapping strategy.
- Annuity accounts at TIAA and VALIC will not move to Fidelity automatically but you can transfer these at any time, subject to any restrictions described in the annuity contract.
2. What are my options?
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.
Distributions, other than rollover, are taxed as ordinary income. IRS penalties may apply on distributions if you are younger than 59 ½.
3. I am receiving a distribution from the plan, will my distribution be impacted?
- If you are currently receiving required minimum distributions (RMDs) or systematic withdrawals from your Duke 403(b) Retirement Plan, your action may be required.