If you use opportunities and have annual opportuities such as license renewals, it is easy to duplicate the opportunity and select all fields. However, none of the contacts assigned to the opportunity are duplicated.
If it makes sense that the same contacts would be involved in the current and the renewal for next year, then do a lookup on the subject and kudo this idea.
John Purdy ACT! Premium V. 184.108.40.206 Update 4 HP ENVY 17m, 16GB, & Office 365, 32bit, 500GB SSD. ACT CRM Advisor