A Special Ingredient for a Stable Retirement

顿耻办别鈥檚 traditional defined benefit pension plan for biweekly paid staff provides a guaranteed monthly income

For more than two decades, community members across campus came to the George and George-Frank Wall Center for Student Life on East Campus for lunch on Thursdays to savor a signature dish: fried chicken by Gloria Daniels.

鈥淵ou鈥檝e got to season the chicken and get it fried just right,鈥 said Daniels, Lead Production Worker for . 鈥淵ou鈥檝e got to put the love in it.鈥

Daniels, 64, retired in July after nearly 44 years as a full-time Duke employee. She still puts love into everything she cooks, but the crowd she now pleases is her family. On the first Sunday of each month, she hosts her two sons and five grandchildren for a dinner of favorites such as tender beef short ribs, crispy air-fried chicken wings or chicken and dumplings with sides of candied yams, yeast rolls and macaroni and cheese.

Register for Financial Fitness Week

Financial Fitness Week returns Sept. 16-19 with 15 no-cost webinars about retirement savings, social security and more.

鈥淚鈥檓 not going to sit around and do nothing because I can鈥檛 do that,鈥 Daniels said. 鈥淚 love cooking.鈥

顿耻办别鈥檚 allows Daniels to focus on family and menu planning rather than financial concerns. Available to biweekly paid employees such as Daniels, the Employees鈥 Retirement Plan is a traditional pension plan that provides biweekly paid team members a guaranteed monthly income at retirement. The amount of the monthly payment is determined by a formula based on age, pay and years of service.

Unlike the , a 403(b) plan for faculty and monthly paid staff that鈥檚 funded by voluntary and Duke contributions, the Employees鈥 Retirement Plan is funded entirely by Duke and supports nearly 20,000 biweekly employees at the university and health system.

Duke Dining's Gloria Daniels recently retired after nearly 44 years as a full-time Duke employee. Photo by Travis Stanley.

鈥淚t鈥檚 extremely valuable because it gives you a stable lifetime income,鈥 said Duke Human Resources Retirement Plan Manager Linda Phelps. 鈥淚t鈥檚 顿耻办别鈥檚 responsibility to make sure the plan is funded, so the employee doesn鈥檛 have to deal with the volatility that they might see with the Faculty and Staff Plan.鈥

Biweekly paid employees can enhance their retirement savings by also contributing to the Faculty and Staff Retirement Plan, the 403(b) plan, but Duke does not make contributions due to the pension plan. Having both the traditional pension plan and the 403(b) account can improve the financial outlook for biweekly paid staff in retirement.

All staff and faculty can learn more about 顿耻办别鈥檚 retirement plans during annual from Sept. 16-19. The event features live virtual seminars with experts from Fidelity and Duke Human Resources on topics such as building a budget, building a strong credit history and more.

Daniels took advantage of the 403(b) plan option and began contributing $100 per month into the plan several years ago, giving her another ingredient for a secure retirement.

鈥淚 don鈥檛 have to worry,鈥 she said.

Watch Gloria Daniels discuss her retirement plans.

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