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The Employees’ Retirement Savings Plan is a pension plan that guarantees you a fixed monthly payment when you retire, paid entirely by Duke. Duke offers a variety of options to suit your individual needs, including a lump-sum settlement or an annuity. You can also choose to have your Duke Energy retirement benefits paid out over the years or for life. It is a secure, reliable way to ensure a comfortable retirement.

Duke Energy Retirement Savings Plan

Description of the Plan

The Duke Energy Retirement Savings Plan is a 401(k) plan that allows employees to save for retirement on a tax-deferred basis. Duke Energy will match a portion of employee contributions, making it an attractive way to save for the future. Employees have the option to receive their Duke Energy retirement savings in a lump sum or over time. The Duke Energy Retirement Savings Plan is a secure, reliable way to save for retirement.

Participation and Purpose

The Duke Energy Retirement Savings Plan is a voluntary retirement savings plan available to all Duke Energy employees. Employees can contribute to the plan on a pre-tax or after-tax basis, depending on their individual needs. The Duke Energy Retirement Savings Plan aims to help employees save for retirement, and Duke Energy will match a portion of employee contributions up to a certain percentage.

Contributions

Rollover Contributions to the Plan

Duke Energy employees can roll over contributions from another retirement savings plan, such as a 401(k) or 403(b). Employees can also make an after-tax subscription to the Duke Energy Retirement Savings Plan, and after-tax contributions are not subject matter to federal income tax.

Investments

Participant Accounts

Duke Energy employees can direct their investments within the Retirement Savings Plan. They also offer various investment options, including mutual funds and annuities. They can choose to invest in a single fund or a combination of funds. Duke Energy employees can also choose to self-direct their investments.

Vesting and Distribution of Assets

Duke Energy employees are 100% vested in their Duke Energy retirement savings. This means that they own their account balance and can take distributions, subject to IRS rules and regulations. When employees leave Duke Energy, they have the option of retiring with a lump sum payment or receiving payments over time.

Forfeitures

Duke Energy employees who leave Duke Energy before they are fully vested in the Retirement Savings Plan will forfeit their account balance. Forfeiture rules may vary depending on the type of retirement savings plan. Employees can make withdrawals from their Duke Energy retirement savings, subject to IRS rules.

Payment of Benefits

Employee Loans Receivable from Duke Energy

Duke Energy employees can take out loans from their retirement savings. Loans must be repaid-with interest and are subject to Duke Energy’s loan policies.

In certain circumstances, employees may take hardship withdrawals from their Duke Energy retirement savings, such as financial hardship or medical expenses. Hardship withdrawals are subject to IRS.

Plan Termination

Duke Energy has the right to terminate the Retirement Savings Plan at any time. If Duke Energy terminates the plan, employees will still be vested in their account balance and will be able to take distributions according to the plan’s terms.

Final Thoughts – Duke Energy Retirement

Duke Energy knows that saving for retirement can be hard. That’s why they offer the Duke Energy Retirement Savings Plan. This voluntary retirement savings plan is also available to all Duke Energy employees and provides various investment options. Duke Energy will match a portion of employee contributions, making it an attractive way to save for the future. Duke Energy employees are 100% vested in their Duke Energy retirement savings, meaning they own their account balance and can take distributions at any time. Employees can rest easy knowing they’re taking steps to secure their financial future.

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