At Elite Wealth Strategies we work with many staff and faculty members from Duke University to help them understand and maximize the generous retirement package available to them. Over the years we have learned the ins and outs of the retirement plan and can guide you in choosing investments and strategies that fit your goals. We provide comprehensive financial planning services to our clients and pride ourselves on forming lifelong relationships so we can be a resource today and in the future. Wherever the road may take you, rest assured the Elite Wealth Strategies team is here to make sure you take the right path and get to your destination.
Duke University Plan Highlights:
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retirement plan funded by employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn, there are no early withdraw penalties for withdraws before the age of 59 1/2.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.
Duke University Plan Highlights:
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.