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TOTAL COMPENSATION Your salary and benefits comprise your total compensation. Duke spent $1.8 billion last year on pay, and another $425 million to maintain benefits.
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ARE YOU A SMART COMMUTER? Less than 5 percent of Duke’s registered commuters use alternative transit; options exist to share a ride.
SUSTAINABLE DUKE Duke Campus Farm, a full-scale educational farm, blooms on an acre in the Duke Forest off Friends School Road.
N EWS YO U CA N U S E : : Vo l u m e 6 , I ss u e 3 : : A p r i l 20 1 1
Are you saving enough? TAKE ADVANTAGE OF DUKE’S BENEFITS NOW TO OBTAIN FINANCIAL SECURITY IN RETIREMENT assandra Taylor sat at her kitchen during retirement. At Duke, faculty and table with a notepad, budget staff can take advantage of Duke’s spreadsheet and stack of quarterly benefits to help them obtain this level retirement account statements at the of financial security. Faculty and Staff Retirement Plan. A 403(b) plan ready. Her mission: squeeze more money “Even during challenging times, it is for monthly-paid faculty and staff who can make out of her budget for retirement. imperative that we each keep the goal of voluntary pre-tax contributions. Duke contributes “I ran the numbers up and down adequately contributing to our retirement to the accounts of all eligible faculty and staff. and back and forth a couple of times, savings as one of our highest priorities,” jotting down figures so I could compare said Kyle Cavanaugh, vice president for Employees’ Retirement Plan. A pension plan scenarios,” said Taylor, who has worked Duke Human Resources. designed to provide hourly-paid staff with a at Duke three years as a Duke Credit Taylor values Duke’s contribution to Union financial guidance counselor. guaranteed monthly income at retirement, paid her 403(b) retirement plan. “It’s like free After an evening of number money,” she said. But she won’t let up on entirely by Duke. crunching, Taylor concluded she could her goal to gradually increase her raise her monthly retirement contribution from her monthly pay Savings for Retirement Plan. A 403(b) plan for contribution from 3 to 4 percent using to the annual maximum of $16,500. hourly-paid staff members who can make voluntary the money she saves on fuel by “If we get a raise this year, the first pre-tax contributions. (Duke does not contribute to commuting in a hybrid, not an SUV. thing I’ll do is check the payroll this plan). “It also meant pulling back on other calculator on the HR website and see if I items like eating out,” she said, “but I am can afford to increase my contribution to For more information about Duke’s retirement willing to forego some luxuries now in order 5 percent or maybe higher,” she said. “I benefits, visit hr.duke.edu/retirement to have a comfortable retirement later.” just feel it is imperative that I keep saving Taylor’s decision to increase her for retirement.” retirement contribution bucks a national Working@Duke offers a look at how trend indicating that fewer people are saving for retirement. According to a five employees are planning for retirement: January survey by the Employee Benefit Research Institute, U.S. workers are more pessimistic about their chances for a comfortable retirement. More than START EARLY a quarter (27 percent) of 1,258 workers say they are "not at all confident" Retirement is decades away for Kristen Lee, 31, but she’s already about retirement, up from 22 percent in 2009 and 2010, and the highest planning for it. level ever measured in the 21-year history of the survey. “I’m at the time of my life when I need to figure out my long-term This belt-tightening is reflected at Duke with some faculty and staff goals and dreams, and having a comfortable retirement is part of that,” said putting away less in their retirement plans in recent years. Decisions like Lee, a clinical trials specialist at the Duke Clinical Research Institute. these have likely contributed to a majority of Americans saying they are When Lee started working at Duke in 2002 after college, she was more either a little or far behind financially in preparing for retirement. focused on immediate financial goals. “I’ve seen some of my older relatives Financial experts recommend that any retirement plan include three having a hard time making ends meet during retirement,” she said. “I don’t components: social security, an employer’s plan and an employee’s personal want to repeat some of those patterns.” savings. Combined, these components should replace between 75 and 85 percent of pre-retirement income to maintain the same standard of living
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Duke’s Retirement Plans
Cover image: Cassandra Taylor, a Duke Credit Union financial guidance counselor, crunches numbers to squeeze more money out of her budget for retirement.
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