Saving for Retirement: University’s 403(b) Retirement Plan Updates for 2021

In compliance with 403(b) regulations, Duquesne offers eligible employees (Universal Eligibility Notice) the opportunity to voluntarily save for retirement by participating in the University’s defined contribution retirement plan.

Eligible employees may enroll in the retirement plan online at any time by establishing a 403(b) account with one of the plan’s approved investment providers: Fidelity or TIAA. Employees may also schedule a free virtual individual financial counseling session with a Fidelity and TIAA representative using the customer service information on the retirement website.

The Internal Revenue Service recently announced the following limits for retirement plan contributions beginning Jan. 1, 2021:

• The basic elective annual contribution limit will remain at $19,500.
• The annual catch-up contribution limit for employees aged 50 and older will remain at $6,000.

The deadline to make plan contribution changes is Wednesday, Jan. 6, for the Friday, Jan. 15 pay. Employees may manage their plan contributions online at any time by clicking on the “Log In or Enroll Now” on the Retirement@Work portal. Once logged in, select “Contributions” tab, then “Manage Contributions” and follow the prompts to update your voluntary retirement plan contributions. If “Maximum Amount” is elected, the system will automatically update and calculate your contributions whenever the IRS announces an increase in the limits. (No action is required if you previously elected “maximum amount.”)

Information about the plan is available online, including recent Required Notices such as the Summary Plan Description (SPD) and Summary of Material Modifications which outline the changes to University contributions. Paper copies of these documents are available per request from the Benefits Office at benefits@duq.edu or 412-396-5041.

Employees are encouraged to take the time to read the online SPD booklet carefully and refer to this document to understand the benefits offered within the plan. The booklet provides a basic summary of the plan’s benefit information, definition of terms and employee rights. Although it provides accurate and essential information about the plan, it does not replace the plan’s legal document.