Duke will restore its contribution to the 403(b) faculty and staff retirement plan effective July 1.
According to a message sent to eligible faculty and staff Thursday, beneficiaries will receive a one-time deposit of the amount that would have been received between Jan. 1 and June 30, 2021. This contribution was made possible by “cost saving efforts, strong investment returns and generous donor support,” according to the message, which was signed by President Vincent Price, Provost Sally Kornbluth, Chancellor for Health Affairs A. Eugene Washington and Executive Vice President Daniel Ennis.
“We are so very grateful for the countless ways that Duke faculty and staff across our organization have gone above and beyond during the pandemic to maintain our commitments to education, discovery, service, and patient care—a collective effort made all the more extraordinary by the personal sacrifices so many have faced at home,” the signatories wrote.
The retroactive payment will be deposited in addition to the regular July payment. Employees that are paid monthly, have completed at least one year of service or recently had a retirement plan at another workplace and are at least 21 years of age are eligible for retirement contributions.
Duke does not contribute to retirement plans for hourly or biweekly employees, but they can contribute to their own plans. Last year’s cuts did not impact retirement plans for those employees.
Employees on Duke’s Long Term Disability Plan, which supports University employees who have been disabled for four months and Duke Health employees who have been disabled for six months, will also have their contributions resumed.
The University originally suspended retirement contributions in May 2020. In February 2021, Ennis predicted that contributions would be restored to pre-pandemic levels but other cuts would remain in place for the time being.
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Nadia Bey, Trinity '23, was managing editor for The Chronicle's 117th volume and digital strategy director for Volume 118.