Duke's Retirement Planning Guide - Duke Human Resources

Duke’s Retirement Planning Guide This guide has been prepared by Benefits to assist you in planning for retirement. Our goal is to provide you with a summary of useful information as you begin to plan for retirement. I. A Suggested Time Table 2 A. 10-15 years prior to retirement 2 B. One year before your projected retirement date (Faculty Only) 4 C. About 60-90 days prior to your determined retirement date 6 II. Duke Benefits 8 A. Health Insurance 8 B. Dental Insurance 11 C. Vision Insurance 12 D. Life Insurance 13 E. Other Benefit Plans 13 III. Income Sources 15 A. Employees’ Retirement Plan (ERP ) 15 B. Faculty and Staff Retirement Plan and The Savings for Retirement Plan

16 IV. Social Security 19 V. Medicare 20 VI. Survivor Benefits 21 VII. Privileges and Memberships after Retirement 23 VIII. Retirement Benefits Checklist 24 IX. Other Helpful Telephone Numbers 27 X. Employees’ Retirement Plan (ERP) Request for Benefit Estimate (Biweekly Paid Staff Only) 28 We suggest that this guide be studied several years before retiring in order to help you formulate a complete retirement plan. Duke University reserves the right to change, amend or terminate any benefit plan or program, or the eligibility for benefits under the plan. The benefits that you receive are based upon the plan’s official plan document, not this guide or any other written or oral statement. If there is a conflict between this guide and the official plan document, the plan document will govern in all cases. 1 Jan 2013 I. A Suggested Time Table A. 10-15 years prior to retirement B. One year before your projected retirement date (Faculty Only) C. About 60-90 days prior to your determined retirement date A. 10-15 years prior to retirement This is the time to begin investigating and learning more about your current benefit plan selections and what options are available when you retire. Step One: Begin to investigate and review retirement income from all sources. (See Section III-income sources beginning on page 15). Step Two: Establish or update a will. Step Three: Designate a power of attorney or a trust. Step Four: Review and if necessary update beneficiaries. Step Five: Attend a Retirement Planning Workshop. Step Six: Contact or make an appointment with a representative from your 403(b) investment carrier(s). Step Seven: Start to re-evaluate your tax plan. Step 1 Begin to investigate and review retirement income from all sources. If you are entitled to retirement income from employers or sources other than Duke, you should check those plans at this time. If you are paid on the biweekly payroll and are a member of the Employees’ Retirement Plan (ERP) request an estimate of your retirement benefits from the Human Resource Information Center (HRIC) at 919-684-5600 or log onto http://www.hr.duke.edu/forms/secure/erp_estimate.php If you are paid on the monthly payroll request an estimate of your retirement benefits from your investment carrier(s). Their numbers are listed on page 27 of this guide. Step 2 Establish or update a will. If you make a will, your property will go to the person(s) named and in the amounts you specify. If you...

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