Section 125 Flexible Benefits Plan
The Flexible Benefits Plan allows employees to elect the amount of out-of-pocket medical and/or dependent/child care expenses they anticipate incurring during the annual benefit period. The law allows for that same amount of income not to be taxed. The portion elected for eligible expenses is set aside each pay period and later reimbursed when the expense is incurred .
Optional Vision Dental Insurance And Identity Theft Protection
Pierce Insurance Agency Inc. offers optional supplemental vision and dental insurance and identity theft coverage to retirees. Premiums can be deducted from members monthly retirement benefit. Although retirees pay the full cost of these premiums, the rates are much lower than they will find elsewhere, without any hidden fees or dues. New retirees are contacted directly by Pierce Insurance with information about enrollment. Existing retirees can enroll during the annual Open Enrollment Period which usually takes place in October.
Retirement Spouses And Medicare
Full-time employees working 30 hours or more per week are enrolled in the Teachers and State Employees Retirement System, and six percent is deducted monthly from all wages earned to contribute to this retirement benefit. The state contributes a percentage of all wages paid as the employers contribution to the employees retirement account.
As of July 1, 1982, employees contributions were placed into a State employee tax-sheltered annuity account. These contributions are deferred from State and Federal income taxes until the employee retires or withdraws the funds.
Employees become vested in TSERS once they have completed a minimum of five years of membership service. Employees are eligible to apply for lifetime monthly retirement benefits based on the retirement formula in effect at the time of their retirement and the age and service requirements completed, provided they do not withdraw their contributions.
At retirement, employees must elect one of the payment options. On average, the payment options are equivalent to one another. Each option is calculated so that its total value is the same as the value of the other options if the employee and the named beneficiary live their expected life spans. The monthly payments will differ based on the age of the selected beneficiary .
Employees may be eligible for State Health Plan coverage under the Retirement Systems. The cost, if any, is determined by two factors:
State Employees Credit Union
State Employees Credit Union is a member-owned, not-for-profit cooperative. Membership is limited to persons who meet the eligibility requirements.
- Employees of the State of North Carolina and Federal employees working in conjunction with State departments
- Employees of associations formed for the benefit of State employees, such as State Employees Association of North Carolina
- Persons retired from the above employment as pensioners and/or annuitants from the above employment or services
- Persons in the immediate family of current Credit Union members , persons living in the same residence maintaining a single economic unit with a member, and organizations of such persons
- Employees of agencies or departments whose employees are subject to the State Personnel Act
Employees meeting one of these eligibility requirements can become a member by opening a share account with a minimum deposit of $25.
The credit union offers competitive interest rates for loans and all types of deposits including money market, CDs and savings accounts. It provides a full range of financial services including investments, credit cards, money management training and several types of insurance . For more information visit www.ncsecu.org
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.
Recommended Reading: Retirement Fund Options For Self Employed
Nc 403 Program Will Be Discontinued In 2022focus Will Be On The Larger Low
— State Treasurer Dale R. Folwell, CPA, announced today that the North Carolina Supplemental Board of Trustees have decided to discontinue the NC 403 Program, opting to focus on the larger, low-cost and more popular NC 401 and NC 457 Plans. After an in-depth review and recognizing extremely low participation by members, the Board voted unanimously on Dec. 2 to eliminate this option. The NC 401 Plan, NC 457 Plan, and NC 403 Program are jointly administered by the Board and Department of State Treasurer .
The NC 403 Program was introduced in 2014 as an additional option for the employees of school districts and community colleges to reach their retirement savings goals. While the Program offered competitive, low-cost investment options, enrollment in the Program lagged in the crowded 403 marketplace. As of December 31, 2021, the NC 403 Program has just over 1,400 participants and less than $33 million in assets.
DST will notify employers and participants in the coming weeks of this decision. Over the course of 2022, DST and Prudential, the recordkeeper for the Plans, will educate employers and participants about the elimination of the NC 403 Program, their transition options and will work with employers and participants through the process.
Self Help Credit Union
Full-time employees are eligible to join the Self-Help Credit Union. Self-Helps mission is to create and protect ownership and economic opportunity for all. Durham Tech supports this Co-Op credit union because it provides responsible financial services and promotes fair financial practices across North Carolina.
Don’t Miss: Bridgewater Retirement Community Bridgewater Va
Medicare Enrollment At Age 65
Wake County requires retirees and spouses who are covered on our health insurance plan to enroll in Medicare Part A and Medicare Part B upon turning 65 years of age. Enrollment in Medicare Part D is not required because Wake Countys current prescription drug plan provides better coverage than Medicare Part D. Learn more here.
You may make changes to your benefit elections only during certain times of the year:
- When you retire
- During annual open enrollment or
- Within 30 days of experiencing a qualifying life event.
Common qualifying life events include divorce or gaining other coverage.
- Family members cannot be added to your Retiree Health Insurance plan, but they can be dropped mid-year with a qualifying life event.
- Once coverage for yourself or a dependent has been canceled, you will not be able to re-enroll yourself or your dependent on the retiree health plan later.
To request a mid-year change to your benefits, you must submit the Retiree Benefit Election Form and required documentation to Human Resources within 30 days of your qualifying life event date. Please contact for assistance.
If you need to change your bank account for your monthly retiree health insurance draft, please complete and return the Retiree Debit Authorization Form to Human Resources.
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.
Also Check: Best Retirement Communities In Ohio
Plan For Retirement :
Review the presentations and resources for your plan listed below. Schedule a virtual consultation with the Benefits Office and/or the vendor as needed for further assistance. Employees are also encouraged to consult with CAPTRUST Financial Advisors,the independent advisory firm that works on the UNC Retirement Programs. Individual sessions can include: retirement planning, general financial planning, debt management, investment education and advice. Reference Insurance and Retirement Appointments to learn more and schedule a virtual appointment.
Attend a “Ready, Set, Go!” session to learn about retirement benefits and the actions needed. Reference information below for plan-specific actions needed:
Ready, Set, Go! Session: Thu, Aug 4, 2022, 9 a.m. – noon
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.
Also Check: Retirement Communities Bergen County Nj
Real Estate And Relocation Program
Employees of Durham Tech have access to a real estate and relocation incentive program called SMARTMOVE. SMARTMOVE helps homebuyers and sellers identify qualified real estate professionals to navigate the total home ownership experience. The program assigns a personal move coordinator who provides a network of skilled real estate agents, household good movers, mortgage lenders, and other vendors related to buying, selling, or owning real estate. Registering in the program also qualifies participants for cash rewards. For more information, contact Fonville Morrissey Relocation Services at 1-800-846-7356 or visit the website.
Verify Your Retirement Plan:
UNC Charlotte offers our eligible employees two mandatory retirement options. More information on those plans can be found on the Benefit Plans/Contacts webpage. If you are unsure which retirement plan you are enrolled in, please check your pay stub through Banner Self Service through my.uncc.edu or email for verification of your enrolled plan.
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.
Special Offers And Discounts
Some restaurants, stores, and businesses give discounts, coupons, or special offers to state and local government public employees.
The college participates in the WeSave program. Discounts to theme parks, dining, and more.
The Durham Performing Arts Center offers a 10% discount to Broadway shows.
TicketsatWork.com offers savings on movie tickets, theme parks, hotels, tours, Broadway and Vegas shows, and more. Use code DTCCF18
McDuffie Dentistry located at 6104 Fayetteville Road, Suite 107, offers free teeth whitening for new patients.
The State Employees Credit Union offers discounts to entertainment, attractions, dining, shopping, and travel.
The American Dance Festival performances offer a 20% discount to ADF performances at the Durham Performing Arts Center and Reynolds Industries Theater on Duke University’s Campus. Purchase tickets online using the code: UNI17ADF or in person at either box office with a Durham Tech ID. The discount is not available for the Childrens Matinee performances, Savion Glover& Jack DeJohnnette at Page Auditorium, Sara Juli at Motorco, Trajal Harrell at Shaefer Theater, or Koma at 21c.
Spiffy On-Demand Car Care provides mobile car wash and detailing services at Durham Tech every Wednesday and Thursday. Book with the Spiffy app and receive $10 off for an oil change or car wash/detailing services. Book online or over the phone using promo code DURHAMTECH.
Read Also: How To Get Money From Retirement Early
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.
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.
Recommended Reading: How To Know When To Retire From Work
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.
Voluntary Group Term Life Insurance
This coverage pays a benefit to your beneficiary if you die while covered under the policy. This is strictly a term life insurance policy that provides a benefit if you die. There is no accumulated cash value. Your monthly premium is based on your age and the coverage amount you elect from $20,000 to $500,000.
Also Check: How Much Money To Retire At 55 In Us
State Employee’s Credit Union
Employees are eligible to join the State Employees’ Credit Union. The credit union is a cooperative savings and loan association organized to promote thrift among its members and to provide a source of credit for worthwhile purposes at the least possible cost. Banking services include but may not be limited to savings, checking, loans, and direct payroll deposit. Financial advisement is also available. Contact the Accounting and Payroll Services Department in the Business Office for information.
About Jeannie Pierce Insurance Agency
At Jeannie Pierce Insurance Agency, we are proud to say weve helped many people in the Hickory, North Carolina area understand their rights and get comprehensive information about their healthcare options over the last 25 years. We can help you sort through Medicare, Medicare Supplements, and Affordable Care Act plans, so you can confidently choose the right coverage for your needs.
We understand that Medicare is challenging to understand. Even if after spending countless hours researching the options, you may be unsure which path to take. We want to spare you that frustration and give you peace of mind that your chosen coverage provides the financial protection you need. Let our experts sit down with you and help you sort through what you need, what you dont, and what is really important for your unique situation. We can assist you with initial enrollment, open enrollment changes, and learning about the advantages of the various health insurance providers you can choose from.
Also Check: Retirement Plans For Church Employees