Add Retirement Planning to Your Holiday To-Do List

Preparing for retirement is not a one-time event, which is why Duquesne is encouraging employees to review their voluntary retirement plan contributions before Tuesday, Dec. 31, to ensure that their future contributions reflect their retirement strategy.

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. “Although voluntary retirement plan contribution limits will not change in 2014, we always recommend employees take a moment to plan and prepare for retirement,” Steed explained.

According to Steed, it’s common for people to not look at their plans until they are ready to retire. “We want to be an active partner in helping prepare faculty and staff for their futures and that includes a periodic check-in,” Steed said. “Changes in contribution amounts may be completed at any time, but with New Year resolutions around the corner, why not add this to the list?”

In 2014, voluntary retirement plan contribution limits are $17,000 for employees age 49 and below and $22,500 for employees age 50 and above. Those with more than 15 years of service may be eligible for additional savings.

Voluntary retirement plan contributions are deducted directly through the payroll system before federal income taxes are applied and are not subject to taxes until the funds are withdrawn.

Changes in contribution amounts can be achieved by completing a new Salary Reduction Agreement, which may be obtained from the Benefits Office or downloaded from the Benefits website.

For additional information, email or call the Benefits Office at 412.396.5041.