Frequently Asked Questions
I am not currently enrolled in the retirement plan. How do I know if I am eligible?
All employees (part-time and full-time; union and non-union, and students) have the opportunity to participate as a voluntary member of the plan immediately upon employment.
The Duquesne University contributions to the plan do not begin until the employee meets the eligibility requirements. Please check with the Benefits Office staff for specific details of the plan as it might apply to your situation. There are specific rules more fully explained in the plan document.
Selecting a Carrier
The selection of your retirement carrier is a personal decision. Review the types of accounts offered, account performance, flexibility of transferring between accounts, expenses, retirement income options and portability.
How do I decide how much money to deposit with each carrier?
You may select one carrier, or a combination of both. Review carrier information and account profiles to determine which funds are available to you.
How often may I switch between carriers?
You may select a change in carriers whenever you would like.
Can I change my allocations within my designated carriers?
Yes. You can change your allocations as often as you like simply by contacting your carrier directly. You can call Fidelity Investments at 1.800.343.0860 or TIAA at 1.800.842.2776.
Are there any loan features associated with our plan?
Yes, employees may take a maximum of two loans based on all accumulations. Contact the carriers directly for more information.
How much can I contribute?
Federal tax law limits the maximum you can contribute. The limit for calendar year 2018 is $18,500.
Can I ever contribute more?
Yes, individuals age 50 and above can contribute additional monies. The limit for calendar year 2018 is $24,500.
Are there any other voluntary contribution options?
Yes, you have the ability to contribute your own money to a University sponsored Roth 403(b) Plan. Eligible employees have the option of electing after-tax contributions through payroll deduction into the Roth 403(b) voluntary contribution option under the Duquesne University 403(b) Defined Contribution Retirement Plan.
To help you make informed decisions regarding the Roth 403(b) voluntary contibution feature, please review the Roth 403(b) Frequently Asked Questions.
Receiving Your Funds
What happens if I change employers?
Because you are fully vested in these plans, you are able to maintain your existing accounts. Should a future nonprofit employer offer these accounts, depending on their plan design, you may be able to resume tax-deferred contributions. In any event, the funds and accounts are yours.
When do I receive my retirement money?
In general, you may not withdraw any of the funds in your retirement plan accounts as long as you are employed at the University. However, if eligible, you may contact your retirement plan vendor to request no more than two outstanding loans, request a hardship withdrawal, request a distribution if you have attained age 59 1/2 and are no longer eligible for University contributions, or request disability distribution.
Contact your retirement plan vendor approximately three months before your retirement date to ensure paperwork and distribution options are properly completed.
Can I rollover monies from a previous employer into this plan?
Yes, the Duquesne University plan will accept rollovers from other pre-tax sources. Contact the carriers directly for more information.
What happens to retirement plan funds after I leave the University?
The money deposited with the retirement plan belongs to you and is immediately vested. If you leave Duquesne University, you may:
- Leave your contributions on deposit toward retirement at a later date, these funds will continue to earn interest and applicable dividends;
- Arrange for a direct rollover of your account accumulations to another qualified retirement account program, such as an Individual Retirement Account or an employer-sponsored retirement plan;
- Request a distribution to be paid directly to you; or
- Make application to begin receiving your retirement benefits, if eligible
NOTE: Any decision you make about funds in a retirement plan may have associated tax and penalty costs. You are strongly encouraged to consult with the retirement plan vendor or your financial advisor before making any decisions.