Participation in a retirement program is required for permanent, probationary or time-limited employees who work at least 3/4 time for nine months. Employees are required to contribute 6% of their salaries toward the cost of their retirement. The navigational boxes below provide you with an overview of the available retirement options.
TSERS is a 401(a) “defined benefit plan” and retirement income is based on a formula that is determined by average final compensation, age at retirement, and years of creditable service. An employee must have five years of contributing service in order to be vested in the Retirement System. State law enforcement officers are eligible for enrollment in TSERS, with differences in benefits and may contact the Benefits Office for further information.
TSERS Note: Employees must elect one plan over another within 30 days of eligibility, and should carefully review the plans, the benefits, and the differences, because the decision made at employment is irrevocable.
Employees who participate in the ORP may choose among one carrier: Teachers’ Insurance & Annuity Association of America (TIAA). The Optional Retirement Program is a 403(a) “defined contribution plan” in which the participant’s benefits are determined by the amount contributed and the investment earnings of the contributions. In addition to the employee’s mandatory 6% contribution, the University contributes 6.84% to the employee’s ORP account. If the employee leaves the University before he/she is vested (five years), then the employee may have to forfeit the University’s contributions to their ORP unless certain State requirements are met. Contact the Benefits Office for further details, or visit the Web site for TIAA.
ORP Note: Employees must elect one plan over another within 30 days of eligibility, and should carefully review the plans, the benefits, and the differences, because the decision made at employment is irrevocable.
State 401(k) Plan – The Supplemental Retirement Income Plan of North Carolina was created in 1984 by the General Assembly to give University employees a tax-deferred investment program for retirement. The Plan is administered by Empower Financial Retirement. For further information, please contact Empower at 866-627-5267.
UNC System Voluntary 403(b) & 457(b) Retirement Program – TIAA a strong, highly respected financial service company, has been selected to provide a wide range of services through 403(b) and 457(b) investment options through their own funds and other top investment managers in the industry.
North Carolina Deferred Compensation Plan (457) – Under this plan, income is sheltered from federal and state income tax. Controlled by Section 457 of the Internal Revenue Code and administered by Empower, this plan is designed as a long-term savings plan. Contact Empower at 866-627-5267 for more information.
TIAA and Empower understand that you’re busy managing multiple financial priorities, which can make planning for retirement a challenge. They are committed to helping you plan for a future that’s unique to you.
CAPTRUST Financial Advisors is an independent advisory group hired by the UNC Retirement System to provide free financial assistance to all employees. If you trying to decide which plan is right for you or if you are saving enough for retirement, they can offer unbiased advice at no cost to you.
They are ready to help you address many questions, including:
Am I investing properly?
Am I on track with my retirement savings?
How do I bring my retirement savings together?
How do I turn retirement savings into ongoing, steady income?
All one-on-one appointments in the near future, will continue to be available over the phone. Details and registration information are below. Please consider having relevant account statements and any paperwork to help address your questions and needs.
To register for TIAA appointments, click here, Or, you can call 800-732-8353, weekdays, 8:00 AM to 8:00 PM (ET). Appointments available between 8:00 AM and 5:00 PM. Managing 401(a), 403(b) and 457(b) accounts:
Peter Kohn Financial Consultant (p) (704) 988-1580 (e) Peter.Kohn@tiaa.org