42  ·  Survey Results:  Survey Questions And Responses
Employees subject to the North Carolina’s State Personnel Act must participate in the state defined benefit plan.
Retirees receive health insurance independent of the defined contribution retirement plans.
The University Retirement Plans are 403(b) plans, which are tax-deferred retirement savings plans. Any contributions
that you make to this plan are on a tax-deferred basis. Faculty and Staff Retirement Plan You voluntarily contribute to
your retirement through this 403(b) plan. In general, you must contribute at least 3% to get the Duke contribution and
have at least one year of service. Exceptions are made if you are between the ages of 21-35 or if your immediate past
employer was a non-profit or a state educational organization.
The library has two job classifications of employees: Clerical & Technical (typically hourly non-exempt, unionized) and
Managerial & Professional (typically exempt, salaried professionals). Librarians are not considered tenure track or faculty
members. All three programs—Yale University Retirement Account Plan (YURAP), Yale University Tax-deferred 403 (b)
Savings Plan, and Yale University Matching Retirement Plan—are 403(b) plans which vary by job classification. Up to
7.5% of salary University Core contribution plus 100% match up to 5% of salary; no employee contribution required
to participate (to receive University Core contribution); employer match requires employee contribution. C&T: For
employees with at least two years of service at benefit level, a dollar-for-dollar match of employee contributions will
be made up to 2% of the base annual salary. For employees age 45 or older with at least 5 years of continuous service
at benefit level, there will be a dollar for dollar match by the university of the employee contributions up to 4% of the
base annual salary. M&P: For the first $106,800 of base salary you earn in a fiscal year, the University Core will consist
of a plan contribution equal to 5% of your earnings plus a dollar-for-dollar match for up to the first 5% you contribute
to the plan. Once you earn over $106,800 in a fiscal year, the University Core contribution will increase to 7.5% of your
earnings while you continue to receive a dollar-for-dollar match on your contributions up to 5%.
There are different levels of contributions based on collective bargaining agreements. The above information is for non-
bargaining employees.
Vesting is immediate for employee contributions to 403(b) plan. If employee was hired prior to January 1, 2010, vesting
is after 12 months; if after January 1, 2010, vesting is 36 months. Roth 403(b) is a new option effective July 1, 2010.
The 403(b) is available only to full-time employees. The SRA and Roth 403(b) are available to full- and part-time
employees.
Vesting is immediate with the 401(a) plan. Voluntary 403(b) and 457 Deferred Compensation plans are offered to
employees, but there is no employer match.
DEFERRED, EARLY, AND PHASED RETIREMENT
A Deferred Retirement Option Plan or DROP is a program under which an employee who would otherwise be entitled to retire and
receive benefits under an employer’s defined benefit retirement plan instead continues working. The continued compensation and
additional years of service are not credited for the purposes of the defined benefit plan formula.
24. Does your institution offer a Deferred Retirement Option Plan to library staff? N=55
Yes 13 24%
No 42 76%
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