Nc State Employees Retirement Pay Schedule

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Post Retirement Survivor Benefits

Legislative Update: PAY RAISES Incoming for State Employees

Depending on the participants choice of retirement payment option, a monthly survivor benefit may be payable to the named beneficiary upon the retirees death.

Retiree Health Benefits

When you retire and begin receiving monthly benefits from the ORP, you may also be eligible to enroll in the State Health Plan with the cost determined by when your employment started with the State. In all cases, the full cost of dependent coverage, if elected, must be paid by the retiree.

Core Accidental Death And Dismemberment

Coverage in the amount of $10,000 is provided at no cost to employees. It can pay a benefit if you suffer a loss as the result of a covered accident while you are insured under the plan. It also pays a benefit if you suffer certain disabling injuries while covered. It includes accidents on or off the job. The coverage is in addition to any other coverage your may have under any other insurance policy. While it is provided at no cost, employees must enroll to receive the coverage.

First Hired On/after October 1 2006

  • If you were first hired on or after October 1, 2006, in order to receive individual coverage at no cost, you must retire with 20 or more years of retirement service credit
  • If you have 10 but less than 20 years of retirement service credit, you will have to pay 50 percent of the cost for your coverage,
  • With five but less than 10 years, you will have to pay the full cost for your coverage.

Based on current law, if you withdrew, transfer or rollover your entire ORP account, your first hire date is forfeited and will reset based on your re-employment date with the state. Upon termination/separation/retirement if you withdraw, transfer or rollover your entire ORP account you will forfeit your right to the States retiree group health plan coverage.

For more on Retiree Health Insurance, please visit the State Health Plan website.

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National College Savings Program

North Carolina’s National College Savings Program was established by the State of North Carolina to enable residents of any state to invest funds to pay for higher education expenses. Parents, grandparents, relatives, friends can open an account for a person of any age, even a newborn. You can even open an account for yourself. You can contribute the amount of money that works best for you. Monthly contributions can be set up through payroll deductions. Occasional contributions are also welcome.

You can select from a variety of investment options that cover a range of strategies, from conservative to aggressive. North Carolina taxpayers may qualify for a tax deduction for the contributions to the 529 plan. Your earnings grow tax-free. There are NO federal taxes or, for N.C. residents, state taxes on your earnings.

The beneficiary can use the funds for virtually any college anywhere. The beneficiary can also use the funds for expenses that include tuition, fees, room, board, books, and supplies and equipment required for enrollment.

For more information, please visit the College Foundation of North Carolina or call toll free at 600-3453.

State Retirees Say Nc Long Overdue In Boosting Their Pension Checks

Proposed Pay Structures for 7th Pay Commission discussed during ...

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Posted October 14, 2021 7:06 p.m. EDTUpdated October 14, 2021 7:08 p.m. EDT

Raleigh, N.C. Social Security benefits will increase 5.9 percent next year the largest increase in 39 years to help retirees keep up with inflation.

Retired state workers are calling on lawmakers to follow Social Security’s lead, saying their state pensions have continued to lose ground to inflation since the recession more than a decade ago.

Unlike Social Security, North Carolinas state pension system isn’t linked to the cost of living. Instead, state lawmakers decide when and by how much to increase payments, and they havent approved a significant boost in about 12 years.

“Inflation is real,” said Richard Rogers, executive director of the North Carolina Retired Governmental Employees’ Association.

The Teachers’ and State Employees’ Retirement System serves nearly 234,000 retirees and their survivors, earning an average annual pension of almost $21,100. Rogers said state retirees’ pension checks have lost so much ground to inflation in recent years that theyre getting only 84 cents to the dollar.

“They’re living on fixed incomes, and, you know, the reality is they’re trying to make decisions between health care, food and living,” he said.

This year, with a budget surplus nearing $8 billion, the retired state workers are asking for a 2 percent permanent increase to their pensions.

Rogers said a bonus would be welcome. But it doesnt help maintain pension values in the long run.

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Teachers & State Employees Retirement Program

This program is sponsored by the State of North Carolina and governed by the Department of the State Treasurer.

TSERS is as a defined benefit plan and the benefit you receive at retirement is based on a formula. This formula considers your years and months of creditable service, your age, and your average final compensation, which is the average of your salary during your four highest paid consecutive years. Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement.

All permanent SHRA or EHRA full-time employees who work 30 or more hours per week will have the option to choose between TSERS or the Optional Retirement Program .

Contribution Amount & Participation

You are required to contribute 6% of your salary on a pre-tax basis -no more, no less. The plan is also funded by University contributions those this money goes into the general pension fund. Contributions begin on day one of eligibility and retroactive contributions are deducted in one lump sum.

Vesting

Retirement benefits in TSERS are fully vested after you complete five years of membership service. If you leave State employment before completing five years of creditable service, you may:

Death & Survivor Benefits

Teacher And State Employees’ Retirement System

Employees become a member of the Teachers’ and State Employees Retirement System on the date of hire. Eligible employees are those that are permanent and working at least 30 hours per week for the State of North Carolina. Once enrolled in the Retirement System, six percent of your gross monthly salary will be deducted from your check on a tax-deferred basis. This is a mandatory contribution. The State may also contribute a percentage of all members salaries to pay for benefits for you and other members. Under current law, you become vested after five years of membership. This means that if you work until the qualified age/service requirement or separate from employment and leave your contributions in the system, you will be eligible to draw a retirement benefit. Once you attain certain age and service requirements and wish to retire, you are eligible to apply for monthly retirement benefits. You will be eligible to receive a reduced benefit at age 50 with 20 years of creditable service, or at age 60 with 5 years of creditable service. You may retire with an unreduced benefit at age 65 with 5 years of creditable service, at age 60 with 25 years of creditable service, or at any age with 30 years of creditable service.

If you leave the System for any reason other than retirement or death, you can receive a refund of your contributions or leave your contributions in the System and keep all creditable service you earned to that date.

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Treasurer Backs 2% Pension Supplement For Local Government Retireescities And Counties Won’t Need To Increase Property Taxes

— State Treasurer Dale R. Folwell, CPA, is throwing his support behind a 2% pension supplement for retirees of local governments.

The budget enacted by the General Assembly and signed by Gov. Roy Cooper provided for a 2% pension supplement this year for state retirees. In addition to providing the supplement for state retirees, the General Assembly passed Senate Bill 311, which allows the Board of Trustees of the Local Governmental Employees Retirement System to provide a supplement, provided that sufficient funds are available to pay for the benefit from investment gains earned on the Treasurers investments.

We are blessed to have had sufficient market returns to provide this benefit increase to our local retirees in a fiscally responsible manner without increasing the rates we charge to cities and counties across the state many of which are financially struggling, Treasurer Folwell said. Our job is to keep the retirement system solvent for this and the next generation of those who teach, protect and serve.

To that end, in January of 2021 the LGERS Board adopted a funding policy agreement to reduce the unfunded liability of the retirement system in collaboration with the N.C. League of Municipalities and the N.C. Association of County Commissioners.

Nc Dept Of Administration

myNCRetirement: Understanding Your Retirement Benefit Payment Options

The N.C. Department of Administration serves as the business manager for North Carolina state government. The department oversees government operations such as building construction, purchasing and contracting for goods and services, maintaining facilities and grounds, managing state vehicles, acquiring and disposing of real property, and operating services such as courier mail delivery and the sale of surplus property.

Additionally, NCDOA oversees many of the state’s advocacy programs, which advocate for and serve diverse segments of the state’s population that have been traditionally underserved.

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If You Have Direct Deposit

Due to COVID-19, the State Controllers Office wont be printing and mailing statements for payees who are enrolled in direct deposit until further notice. If you need to view and/or print duplicate statements for up to the last five years, log in to your myCalPERS account to access your statements. If you havedirect deposit, contact your financial institution to see when funds are placed in your account.

Voluntary Accidental Death & Dismemberment

This coverage pays a benefit if you suffer a loss as the result of a covered accident while you are insured under the plan. It also pays a benefit if you suffer certain dismemberment injuries while covered. You select the amount of coverage you want up to $500,000. The coverage is effective 24 hours a day, 365 days a year. It includes accidents on or off the job.

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State Employees’ Credit Union

The State Employees’ Credit Union is a cooperative, non-profit financial institution owned and operated by and for the benefit of State employees. Membership is open to full-time and part-time employees, spouses and dependent children. The interest paid on regular passbook savings accounts and the interest rates charged on personal and mortgage loans are highly competitive in comparison to other financial institutions. Other services offered include financial counseling, checking accounts, travelers’ checks, money orders, and governmental savings bonds. Details may be obtained from any local Credit Union office or at the SECU website.

Formal Notice: An Update Concerning State Bonus Payments For All Permanent Employees

Wage Charts

By Christine Shia

The 2022 North Carolina State Budget provides for a one-time bonus payment of $1,000/$1,500 or a prorated amount based on FTE to permanent SHRA , EHRA Non-Faculty, and Faculty employees based on employment status and salary on Dec. 1, 2021, in accordance with the following eligibility requirements:

  • A $1,000 one-time bonus will be provided to employees who are employed as of Dec. 1, 2021.
  • An additional $500 will be included in the one-time bonus payment to employees who are employed as of Dec. 1, 2021, and who:
  • Have an annualized base salary not exceeding $75,000 OR
  • Are a law enforcement officer .

Bonuses will be pro-rated for eligible part-time employees who meet the eligibility criteria above. Employees not eligible for the bonus include temporary employees and faculty in their first year of participation in the Phased Retirement Program . Employees currently on disability or on leave of absence may be eligible upon their return if they satisfy all other eligibility criteria.

For biweekly paid employees, this payment will be issued on Friday, Dec. 17, 2021, along with your regular paycheck. For monthly paid employees, this payment will be issued on Thursday, Dec. 23, 2021, along with your regular paycheck. When logged in to the Self-Service tab of ConnectCarolina, employees will see a separate paystub for this payment in the My Pay and Taxes tile and will receive a separate deposit.

Thank you for all you do as a UNC employee,

Walter Miller

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Complete An Enrollment/change Form

To begin a monthly deduction, employees must complete one the below enrollment/change forms and submit them to the University Human Resources Benefits Office at hrsbenefits@ncsu.edu, via fax at 3-2528, or by campus mail at Campus Box 7215. Forms must be received no later than the 10th of the month in order to be effective in the current months payroll.

Retiring Medicare Eligible Members

  • As a reminder for active members nearing retirement, Medicare becomes primary the last month that a retiring active member is covered by his or her agency and the Medicare reduced rate applies. Members should be aware of the Medicare primacy change and the need to elect Medicare Part B to be effective the date of their retirement.
  • In order for a retiree to be eligible for the Group Medicare Advantage Plans under the Retirement System, the retiree must be enrolled in Part A and B and they must have enrolled in their retirement benefit more than sixty days in advance of their coverage effective date.

Income Tax

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Contribution Based Benefit Cap

On January 1, 2015, the Fiscal Integrity/Pension-Spiking Prevention Act became law. The law aims to control the practice of pension spiking, which occurs when a the compensation of a member of the Teachers and State Employees Retirement System or Law Enforcement Officers Retirement System substantially increases which creates a benefit that is significantly greater than the contributions paid by the member and that the employer would fund.

Employees who are members of TSERS or LEORS and who have been identified by the State Retirement System to have an Average Final Compensation of $100,000 or greater, as adjusted annually for inflation may be subject to a CBBC liability at the time of retirement. This information includes employees who transfer to NC State from another state agency or university and who participate in TSERS or LEORS.

NC State has opted not to contribute to the liability created by the CBBC for employees hired or transferred to NC State and joined TSERS or LEORS on or after July 1 2020. Employees covered by these plans and retiring with TSERS or LEORS and who are identified by the State Retirement System with a CBBC liability may choose one of the following options:

  • Employee may pay the difference between their contributions and their expected benefit in order to receive a full pension benefit or
  • Employee may elect to receive a reduced pension benefit.
  • Additional Retirement Resources

    Retirement Check Pay Dates

    Pay and Pension Commission Report for Government Employees l Good News for Govt Servants l Knowledge

    Benefits are paid at the beginning of the month for the previous months benefits.

    For tax reasons, your December retirement check is always dated the first day of the new year.

    The State Controllers Office issues checks and determines mailing dates. If you have direct deposit, contact your financial institution to see when funds are placed in your account.

    To view or print your benefit statements from the last five years, log in to your account atmy.calpers.ca.gov.

    Benefit Month

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    Setup Your Account Online With Your Chosen Vendor

    Once you have chosen a plan and a vendor, you must set up your online account, choose your investments, and elect your beneficiaries.

    • TIAA:
    • Fidelity: Plan and then ENROLL NOW)
    • Prudential: To set up your account contact our local 401 representative Christy Kelly | 919-602-8226

    On-Campus Financial Planners Show More

    Law Enforcement Officers Retirement System

    NC State currently contributes 24.70% of the amount of each law enforcement officers gross pay to LEORS. The employer contribution is divided as follows:

    • Retirement System Pension Fund 12.97%
    • Death Benefit Trust Fund .16%
    • Retirees Health Benefit Fund 6.47%
    • Disability Income Plan .10%
    • Supplemental Retirement Income Plan 5.00%

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    North Carolina Prepaid Legal Services

    The North Carolina Prepaid Legal Services Corporation was created by the North Carolina State Bar to provide for the prepayment of legal services on a low-cost basis. A few of the benefits include office interviews, will and trust preparation, real estate services, and domestic relation issues. If you have questions or need further information contact a prepaid legal representative at 757-0783.

    Death Benefit Following Retirement

    2018 Military Retirement Pay Chart

    Although the Retirement System’s primary purpose is to provide retirement income, it recognizes that some employees will not live to enjoy their retirement benefits. To protect the beneficiary, the Retirement System provides the following:

    The principal beneficiary may choose to receive monthly benefits for life instead of a refund where the employee completed 20 years of creditable service regardless of age, or reached age 60 with 5 years of creditable service.

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    Consolidated Judicial Retirement System

    If you are Justice, Judge, District Attorney, Clerk of Superior Court, Capital Defender, Juvenile Defender, Appellate Defender, Public Defender, Indigent Defense Services Executive Director, or the Director of the Administrative Office of the Courts, you are a member of the Consolidated Judicial Retirement System of North Carolina. The employees contribution under this system is six percent of his/her salary.

    Once you attain certain age and service requirements and you retire, you are eligible to apply for monthly retirement benefits. You will be eligible to receive a reduced benefit at age 50 with five years of creditable service. You may retire with an unreduced benefit at age 65 with at least five years of creditable service or after age 50 with 24 years of creditable service.

    For more information on the Consolidated Judicial Retirement System , including the CJRS retirement handbook and other resources, go to the My NC Retirement website.

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