NC National College Savings Program

This program is sponsored by the University and administered by the College Foundation of North Carolina.

North Carolina's National College Savings Program provides residents of any state with a means of investing funds to pay qualified higher education expenses of designated beneficiaries on a flexible basis that results in certain tax savings according to federal and North Carolina tax laws. Participants choose how much to contribute and determine the investment direction of those funds.

All permanent part-time (20-29 hours per week) and full-time (30 or more hours per week) employees can enroll.

Contribution limits are based upon applicable federal and state tax laws. Currently, the annual maximum contribution allowed without incurring a federal gift tax is $11,000. The North Carolina allowable limit is also $11,000 per year without incurring a state gift tax (amounts are based on per beneficiary, per year).

Enrollment into North Carolina's College Savings Program is easy and can be done through one of three ways.

• Visit the College Foundation of North Carolina enrollment page 
• Download and print an enrollment form from the CFNC web page 
• Stop by the Benefits Office to pick up and/or submit an enrollment form

Investment Choices

Several investment choices are available to help meet personal objectives, from conservative to aggressive. Once an account is opened, investment options may be changed once each year, or if the account beneficiary changes.

Funds Accessible

The Plan participant is the only individual authorized to make or direct account withdrawals and may do so at any time. Withdrawal categories include:

• Qualified withdrawals 
• Withdrawals due to the beneficiary's death, permanent disability, or receipt of scholarship 
• Non-qualified withdrawals 
• Rollovers

Note: Depending on the type of withdrawal, taxes and penalties may be applicable.

If you have questions about the benefits offered through this plan, please contact your department's Benefit Specialist.

The Benefits Administration Department, Office of Human Resources, is responsible for reviewing and revising as needed the content of this page.

The information contained in this website is not a contract and is subject to change. It should be understood that explanations in this summary cannot alter, modify or otherwise change the controlling legal documents or general statutes in any way, nor can any right accrue by reason of any inclusion or omission of any statement in this presentation. The most current information will always be found at the benefit carrier's home page. The Office of Human Resources designs these pages to be as current as possible; however, the benefit information provided herein is always subject to change.