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Mutual Fund -- Contributions & Vesting

Employee contributions

Generally, you may contribute as much as 80% of your annual includible compensation up to $17,000 in 2012. You may increase or decrease the amount you contribute to the plan as often as your employer allows.

Catch-up contributions

Subject to the 80% limitation, you may be able to contribute up to an additional:

  • $3,000 if you have 15 or more years of service, work for a qualifying employer and have undercontributed in prior years, and
  • $5,500 in 2012 if you are age 50 or older.
Stop/change contributions

You may change your contribution amount or discontinue contributing to your plan at any time and resume contributing again later, subject to your employer’s plan provisions. In the meantime, your account will continue to grow on a tax-deferred basis. Please allow one month’s notice for processing.  

Vesting

Vesting means ownership of the market value of your account. You are always 100% vested in your own contributions. Vesting only applies to Duke’s contribution. Once you are vested, you have an irrevocable right to the amount of the Duke contribution in your account adjusted for gains or losses.

Employees hired prior to January 1, 2012 are 100% vested in Duke’s contribution towards their retirement.  In general, employees hired January 1, 2012, or after will become 100% vested after completing three (3) years of service. Click here to learn more about vesting.