With 2016 around the corner, December is a natural time for many to reflect on goals and set resolutions. Along with focusing on reading more or heading to the gym, Duquesne is encouraging employees to add assessing their voluntary retirement plan contributions to their list.
While it is common for people to not assess their plans until they are ready to retire, Donna Steed, assistant director of human resources-benefits, suggests that employees do a review to determine whether they should increase or decrease their reductions for the upcoming calendar year to ensure that their future contributions reflect their retirement strategy.
“Retirement planning is an ongoing commitment, and this is a good time to reassess savings strategies and get paperwork in order for the new year,” said Steed.
Steed pointed out that changes in contribution amounts may be completed at any time, and staff from the Office of Human Resource Management are available year-round to help prepare faculty and staff for their futures.
Voluntary retirement plan contribution limits will not change in 2016 and will remain at $18,000 for employees age 49 and under and at $24,000 for employees age 50 and above. Those with more than 15 years of service may be eligible for additional savings.
Changes to contribution amounts can be achieved by completing a new Salary Reduction Agreement, which may be obtained from the benefits office or online. In addition, employees can schedule an on-campus appointment with a Fidelity or TIAA-CREF representative to discuss their retirement needs by contacting:
- Fidelity
Customer Service: 1.800.343.0860
Appointment Scheduling: 1.800.642.7131 - TIAA-CREF
Customer Service: 1.800.842.2776
Appointment Scheduling: 1.800.732.8353
For more information, email or call the benefits office at 412.396.5041.