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| Last Revision: | 03/15/2008 |
| Posted to Website: | 08/15/2006 |
Retirement Programs
This is a central location for State and University retirement information.
Teachers and State Employees' Retirement Program (TSERS)
TSERS is a defined benefit plan. Under this type of plan 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.
*University EPA employees may choose to join the Optional Retirement Program rather than TSERS.
State Law Enforcement Officers Retirement Program (LEORS)
LEORS is a defined benefit plan. Under this type of plan 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. Law Enforcement Officers are entitled to additional benefits, including earlier unreduced retirement benefits, participation in the State 401(k) and additional death benefits.
Optional Retirement Program
The ORP is a defined contribution plan. This program is an option or alternative to the North Carolina Teachers' and State Employees' Retirement System (TSERS) for certain employees. Under the ORP, you control your investment choices, distribution methods and retirement goals, whereas the State controls the investments under TSERS.
Supplemental Retirement Programs
All University employees are encouraged to supplement their state and federal retirement benefits by participating in one or more of the University's supplemental retirement savings programs. A significant part of the retirement planning process may include voluntary supplemental retirement plans that offer significant tax advantages. The University makes such plans available to eligible employees as authorized under Sections 403(b)(1), 403(b)(7), 457(b) and 401(k) of the Internal Revenue Code. A supplemental retirement plan allows you to make contributions through payroll deductions to a variety of investment vehicles and depending on the program you enroll in postpone paying taxes on these contributions until after you retire.
Phased Retirement Program for Tenured Faculty
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