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At Elite Wealth Strategies, we work with many Duke University faculty and staff to help them understand and make the most of the retirement benefits available through their employer. Over the years, we’ve become very familiar with how the universities retirement plans work and regularly help clients choose investments and strategies that align with their long-term goals. We offer comprehensive financial planning and focus on building long-term relationships so we can be a resource not just today, but throughout every stage of your career and retirement. Wherever life takes you next, the Elite Wealth Strategies team is here to help you stay on track and move forward with confidence. |
Retirement Plan Highlights:
Below is a general overview of common retirement plan options available to Duke University employees. Specific features and benefits may vary based on individual circumstances.
Employees Paid Bi-Weekly - Eligible for both the Employees' Retirement Plan and the Faculty and Staff Retirement Plan.
Employees Paid Monthly - Eligible for the Faculty and Staff Retirement Plan
Pension Plan - (Employees Retirement Plan) - Eligible to receive benefit at Normal Retirement Age (65), the annual normal retirement benefit is equal to1.25% of your average final compensation multiplied by your years of credited service up to 20 plus 1.66% of your average final compensation multiplied by your years of credited service over 20.
403(b) - (Faculty and Staff Paid Hourly or Bi-Weekly) - Employees in this category are eligible to make voluntary pre-tax contributions, Roth after tax, or a combination of both to the Faculty and Staff Retirement Plan. Duke does not contribute to the 403(b) for this category of employees.
403(b) - (Faculty and Staff Paid Monthly) - Employees in this category will receive a contribution from Duke University equal to 8.9% of the first $74,050 of salary and 13.2% of annual salary in excess of $74,050, up to a statutory salary limit of $330,000. These contributions are made on a pre-tax basis.
457(b) - A supplemental retirement plan funded by employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn, there are no early withdraw penalties for withdraws before the age of 59 1/2. Eligibility to participate in the Duke 457(b) Deferred Compensation Plan if your annualized compensation equals or exceeds 150% of the Social Security taxable wage base. For 2023, the minimum salary requirement is $240,300.
Below is a general overview of common retirement plan options available to Duke University employees. Specific features and benefits may vary based on individual circumstances.
Employees Paid Bi-Weekly - Eligible for both the Employees' Retirement Plan and the Faculty and Staff Retirement Plan.
Employees Paid Monthly - Eligible for the Faculty and Staff Retirement Plan
Pension Plan - (Employees Retirement Plan) - Eligible to receive benefit at Normal Retirement Age (65), the annual normal retirement benefit is equal to1.25% of your average final compensation multiplied by your years of credited service up to 20 plus 1.66% of your average final compensation multiplied by your years of credited service over 20.
403(b) - (Faculty and Staff Paid Hourly or Bi-Weekly) - Employees in this category are eligible to make voluntary pre-tax contributions, Roth after tax, or a combination of both to the Faculty and Staff Retirement Plan. Duke does not contribute to the 403(b) for this category of employees.
403(b) - (Faculty and Staff Paid Monthly) - Employees in this category will receive a contribution from Duke University equal to 8.9% of the first $74,050 of salary and 13.2% of annual salary in excess of $74,050, up to a statutory salary limit of $330,000. These contributions are made on a pre-tax basis.
457(b) - A supplemental retirement plan funded by employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn, there are no early withdraw penalties for withdraws before the age of 59 1/2. Eligibility to participate in the Duke 457(b) Deferred Compensation Plan if your annualized compensation equals or exceeds 150% of the Social Security taxable wage base. For 2023, the minimum salary requirement is $240,300.
Elite Wealth Strategies is an independent firm and is not affiliated with, endorsed by, sponsored by, or associated with the Duke University or any other educational institution.
