In compliance with the 403(b) regulations, the University is pleased to offer eligible employees (see Universal Eligibility Notice) the opportunity to voluntarily save for retirement by participating in the Duquesne University Defined Contribution Retirement Plan (the “Plan”).
If eligible, you may participate in this Plan by establishing a 403(b) account with one of the Plan’s approved investment providers—Fidelity or TIAA. Visit www.duq.edu/retirement for additional information, including the Summary Plan Description (SPD), and the link to login to our Retirement@Work portal to enroll in the Plan.
The SPD provides a basic summary of the Plan’s benefit information, definition of terms and your rights. We encourage you to take the time to read it carefully and refer to this document as needed so you have a full understanding of the benefits offered within the Plan. Although this document provides accurate and essential information about the Plan, understand that it is not a complete description. If there is ever a discrepancy between this booklet and the Plan’s legal document, the Plan document will control.
The Internal Revenue Service recently announced the following limits for retirement plan contributions, effective Saturday, Jan. 1, 2022:
- The basic elective annual contribution limit is increasing from $19,500 to $20,500.
- The annual catch-up contribution limit for employees aged 50 and older is $6,500.
Visit www.duq.edu/retirement, login and select “Manage Elections” to make changes to your voluntary contributions. If you previously elected “Maximum Amount,” no action is required—the system will automatically increase your voluntary contribution to the Jan. 1, 2022, Internal Revenue Service limits.
You may modify your voluntary retirement plan contributions at any time during the year. However, updates for the Friday, Jan. 14, 2022, pay must be completed between Thursday, Dec. 30, 2021, and Wednesday, Jan. 5, 2022.
The approach to the final days of 2021 and the start of the new year of 2022 is a great time to review your retirement plan enrollment and voluntary contributions. You are encouraged to contact our retirement plan representatives for additional individualized financial planning.
Fidelity – Plan Code 68969
Customer Service 1.800.343.0860
Appointment scheduling 1.800.642.7131 or register online.
TIAA – Plan Code 405488
Customer Service 1.800.842.2776
Appointment scheduling 1.800.732.8353 or register online.
Paper copies of the Summary Plan Description, Summary of Material Modifications and the Universal Availability notice are available per request from the Benefits Office or 412-396-5041.