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endstream endobj 1260 0 obj <>stream In addition, the NC 401(k) Plan and the NC 457 Plan are state-sponsored plans that are administered by the Department of State Treasurer and the Supplemental Retirement Board of Trustees. Once logged in, click My Service Center at the top. Retirement Systems DivisionAddress:3200 Atlantic Avenue,Raleigh, NC 27604Email: NC.Retirement@nctreasurer.comPhone: (919) 814-4590 This includes: If you are rolling over to a qualified retirement plan, you may need to complete a Rollover Pre-Approval form with the administrator of thataccountandalsomay need toprovide supportingdocumentationfrom your current pension plan. Local Governmental Employees' Retirement System: varies, depending upon your employer. The recordkeeping and communications services contract is awarded through a competitive bid process. For questions or further information, you can: Visit the Supplemental Retirement Plans' website at myNCPlans.com; or, Contact your Empower Retirement Education Counselor: or. all rights to your retirement service credit and any pending or accrued benefits (you will no longer be eligible for a monthly retirement benefit), all benefits for any survivors or beneficiaries, any state-provided health coverage, if applicable, provided by the Retirement Systems Division and/or the Disability Income Plan of North Carolina. To establish an employer contribution program for your employees in the NC 401(k) Plan and/or the NC 457 Plan. Estimating your service retirement benefits is processed through the Retirement System's ORBIT program with your personal login or contact Jeannie Greer greerj@gcsnc.com (336) 370-8165 in the Benefits Office to acquire Form 309 to request your monthly retirement estimate. Please use the "Forgot User Name" process to confirm the User Name you entered is accurate. A refund of your contributions (along with four percent interest compounded annually) is available to you 60 days after your effective date of resignation or termination. Once 60 days has passed since the termination of your employment, a properly completed Form 5 (Application for Retirement Contributions Refund) is required. Visit the NC Total Retirement Plans website, hosted by Empower, to learn more, view helpful videos and enroll today! Non-Resident North Carolina Tax withholdings:If you are not a North Carolina resident, you have a choice to have North Carolina income taxes withheld at the rate of 4%. The employer rate of contributions to the Retirement System is adjusted periodically to reflect the necessary funding to provide future benefits. KJTX2kowMYe17x5]gnAp8zgs/^zhsZ3r%7q7bf!Y!gNZIz-I@ K/.'[yEp)vx%=3[N Oum8tt("F At retirement you will have the opportunity to select beneficiaries for several retirement benefits. More than one living person to share the benefit equally. "XCV>sqxBK]Y3,s,'w& 692{\@.MR. The amount rolled over will not be taxed until you take it out of the eligible IRA or eligible employer plan. Click Log In at the top of the page. (Note: Definition of Includible Compensation from the plan document for the NC 457 Plan. Your new position will continue to add to your previous pension balance and service. A contingent beneficiary will be the person or people who will be paid only if all of the principal beneficiaries are deceased at the time of your death. A principal beneficiary will be the first person or people that you select to receive a benefit payment after your death. {\DDtm 1Ut`@K8rw{4a ;j@c5~zd1{Q{H@K/Ekm%y`a!kzD=rzq@f^c&>%4 40a! The Teachers' and State Employees' Retirement System. If you have five or more years of membership service, you are vested and may be entitled to a monthly retirement benefit (and health insurance, if applicable) once you reach an age that qualifies you. #L_]xvat = p$Sq>mQPI[{o:DMu{8([(R]6/=WvQ1SfQQ 3oj(2WdpM}h`(;.]w:|vx(HP,K7X:7H0`Pk}^QVc\yjc 1e|pqt9 #-(l6BtE>CP1SW.pL&M2b;DNL0|$@+e\DGJ4 )v~\z4UH!ukVc='w|q5owZu If your place of work has strong firewalls or doesnt have the Retirement Systems Division listed on their safe list, you will not receive notifications. 253-Reporting an Employee's Work Record In the Event of Death. If you are younger than 59 and elect to receive a lump sum or partial lump sum payment, you are responsible for the additional 10% income tax due to the federal government for the early . Get a Refund of My Contributions | My NC Retirement When we have received your Form 5, we will send you a letter confirming that we are processing your refund. 276-Designating Beneficiary (ies) for the Separate Insurance Benefit Plan for Law Enforcement. Its important to note that a refund of your contributions will be subject to taxes and will be reported for federal and North Carolina income tax purposes (see Tax Information section below). You may be able to use special tax rules that could reduce the tax you owe. Call Center openMon-Fri, 8:30 am- 4:30 pm, An official website of the State of North Carolina, NC 401(k) Plan and NC 457 Plan - Supplemental Retirement Plans. Although there is no limit to the number of principal and contingent beneficiaries you may choose, you must choose at least one principal beneficiary before a contingent can be chosen. It's easy to add your mobile number to your profile. If you find that you no longer have access to the email address used to login to your ORBIT account and need to make a change, but cannot make the change through the current security measures in place, an Affidavit of Identity will be required and is attached for your convenience. My signing in the presence of a notary means I understand and agree to the following: All information on this form, including my full name, address and Social Security number, is correct. You may change your beneficiaries for many of your retirement benefits by logging in to, To send proof of Social Security Number for the Survivor Beneficiary, To enter the Social Security Number on the appropriate screen, but do not have to provide proof for the beneficiary. Purchasing your eligible prior service may allow you retire sooner than if you do not purchase your prior service. Retirees | My NC Retirement NC 401(k) Plan and NC 457 Plan - Supplemental Retirement Plans W8WY Why should I purchase prior service credit in the Pension Fund? If you withdraw your contributions (receive a refund), you will forfeit all rights to your retirement service credit and any, If you have 5 or more years of retirement service credit, you may be. The Guides supplied with each form are for your information and each form should be signed and submitted according to the form instructions, Retirement Systems DivisionAddress:3200 Atlantic Avenue,Raleigh, NC 27604Email: NC.Retirement@nctreasurer.comPhone: (919) 814-4590 To learn more, view our full privacy policy. Non-Taxable Amount: This includes any previously taxed contributions and will not be taxed if they are paid to you. Within this 60-day period, if you want to roll over 100% of the payment to an eligible IRA or eligible employer plan, you must find other money to replace the amount that was withheld. Your security questions and answers can be emailed to you by a Member Services Counselor after your identity has been confirmed through an Affidavit of Identity. Interest on your contributions, which is calculated at the rate of four percent compounded annually on your prior year ending balance, is included in your refund. 1.85% for Local Governmental Employees' Retirement System. You may send your Affidavit of Identity to nc.retirement@nctreasurer.com or by fax (919) 855-5800. Terms and Definitions | ORBIT Help - MyNCRetirement (More information about beneficiary choices can be found below the video.). Empower has been hired by the Department of State Treasurer and the Supplemental Retirement Board of Trustees to provide the recordkeeping and communications services for the NC Supplemental Retirement Plans. You may apply for a refund after you have left employment. This tool, if adopted by you, allows your employees to elect to have their payroll deductions automatically increase, at their preferred percentage, every year up to eight percent (8%) of their paycheck. Once your identity is confirmed, we can email the information to you or we can confirm by phone (919) 814-4590. We also encourage you to view the NC 401(k) Highlights and NC 457 Plan Highlights. Retirement Systems DivisionAddress:3200 Atlantic Avenue,Raleigh, NC 27604Email: NC.Retirement@nctreasurer.comPhone: (919) 814-4590 Teachers' and State Employees' Retirement System (TSERS) You will need your personal email address on file. Select NO and NC taxes will not be deducted from your refund, but you may have a tax liability due to North Carolina when you file your taxes at the end of the year. Your payment will be taxed later when you take it out of the eligible IRA or eligible employer plan. While this website is intended to be as accurate as possible, the explanation is subject in all respects to the detailed provisions of the North Carolina law. However, upon termination of your current employment, you do have the option to withdraw part or all of your assets to the extent permitted by the Internal Revenue Code and the plan documents for the NC 401(k) Plan and the NC 457 Plan. If youare younger than 59 and elect to receive alump sum or partial lump sum payment, you areresponsible for the additional 10% income taxdue to the federal government for the early distribution penaltywhen you file your income tax at the end of the year. You can attend a meeting in person at the Department of State Treasurer's office at 3200 Atlantic Avenue in Raleigh or by calling the conference line published in the agenda. An "eligible IRA" includes a traditional IRA and a Roth IRA; it does NOT include a SIMPLE IRA, Education IRA, or Coverdell Education Savings Account (formerly known as an education IRA). You do not have to select any contingent beneficiaries, but if you do, you must select a principal beneficiary. You are receiving this notice because all or a portion of a payment you are receiving from the Retirement System is eligible to be rolled over to an eligible IRA or an eligible employer plan. While employed, withdrawal options include: Hardship withdrawals 3. The NC 401(k) Plan is a tax-qualified, defined contribution plan under Section 401(k) of the Internal Revenue Code. See your employer for details. The Affidavit of Identity can be emailed to nc.retirement@nctreasurer.com with AOI in the subject line. This can happen if the incorrect username is accidentally entered. ORBIT | Benefit Estimator - MyNCRetirement Orbit | NC Retirement If you select a Survivor Beneficiary for your retirement benefit (Option 2, 3, 6-2 or 6-3), you cannot change your selected payment option (or the beneficiary you designate for this option) once you cash your first retirement check or after the 25th of the month following the month your first check is mailed (whichever is earlier) except under one of the following two conditions: For more information about the different retirement benefit payment options, see the Retirement Benefit Payment Options page. CXh KT.*Dx$F("Vq(AI!pJ`S#L+3%Wh"MDb%BIFDX HD0]2! BCD\HFeIi !!59B`Js61B'a,HXXafPUQFgb.d!@Gj`[P@JJi"C=9YGN(`*Y)@7 W` LY>,h?N'@HU8~5K69^ m0.e8&8[%^CaAHGW0:X't|2~e\&t;D However, compensation for a plan year shall not exceed the annual dollar limit. Select YES and NC taxes will be deducted from your refund. Secure websites use HTTPS certificates. If you have any additional questions after reading this material, please email the Retirement Systems Division at NC.Retirement@nctreasurer.com or call 919-814-4590. Click Log In at the top of the screen. If you are not a resident of North Carolina, you have a choice to have North Carolina income taxes withheld. Employer contributions remain in the Retirement System for payment of future retirement benefits for career employees. Forms and Applications . You can change the amount of your contributions by: Logging in to your account at myNCPlans.com. prt|B_D)"{2* dpJ8App$C17-*yH1_QnG46NiC brJ:nrB-9FZk(&AfZq Bi$ Ur`WF9 BnZkCh`J:E_UYjb03NitowxDWT]) X{ _4R.^G5a". In some cases, you may need to save your file to your computer or device and reopen before the edit and text tools will be available. By Fax A lock icon or https:// means youve safely connected to the official website. These services include hosting the plans' participant website, providing account statements, accepting and processing contributions from your employer, and processing distributions, hardship withdrawals, and loans. From an employers compliance perspective, there are differences among the plans in what is considered compensation (please see FAQ belowregarding what is considered compensation) and what types of employer contributions are permitted or required (see FAQs below about contributions to employees' accounts). (Note: Definition of Compensation from the plan document for the NC 401(k) Plan.). This potentially extends to your elected beneficiaries and survivors. Special rules apply if you are making a rollover to a Roth IRA. If you would like more information on how the calculation is done, you can look in the appropriate retirement system handbook located on myNCRetirement.com. Includible Compensation does not include amounts treated as deemed 125 compensation because of an Employers requirement that its Employees participate in an Employer-sponsored health insurance program unless they state that they are provided health care coverage elsewhere. Secure websites use HTTPS certificates. To learn more, view our full privacy policy. Currently, for the service purchase service credit to be used in your custom calculation, you must enter a whole number is the field labeled "Estimated Service Credit Years You are Planning to Purchase. The purpose of this letter is to ensure the division that the institution will accept the rollover of your refund (financial institutions are not legally required to accept roll-overs of refunds). Remember, the estimators in ORBIT are meant to be used as a general source of information for retirements, transfer benefit and service purchase calculations. The amount of your refund is thetotal amountof contributions and interest you have in the Retirement System. If you withdraw your contributions (receive a refund), you willforfeit allcurrent or future rightsto your retirement service credit and any, If youare vested(5 or more years of retirement service credit), you may be. While this website is intended to be as accurate as possible, the explanation is subject in all respects to the detailed provisions of the North Carolina law. As a contributing member who is no longer employed with a participating employer, you are eligible to receive a refund for the contributions you have made each month to the North Carolina Retirement Systems and 4% interest on those contributions. You do not provide additional documents which may be necessary if you wish to rollover your contributions. There may be tax penalties if you receive a refund prior to the age of 59 . NOTE: To access forms with your information pre-filled, please login. z?~L} ;jz$[aqI!4IOi r\eo.>snl\I9!c'6tXY:-YBB:.?~iqEXZ0W` 18x#^G disability benefits through Retirement System and/or theDisability Income Plan of North Carolina. The Retirement Estimator is intended to assist you in estimating your monthly (early reduced or regular unreduced) service retirement benefits. please visit myNCPlans.com/enrollment.html. Once logged into your account, select Add/Review Beneficiaries from the Quick Actions drop-down menu; or. This letter should accompany this form. If your computer is set up to automatically delete cookies each time you sign out, you will always receive a device registration message. To find out if ORBIT lists your most current email, log into ORBIT and click on Maintain Personal Information. %PDF-1.6 % Administrative fee: 0.0125% of account balance per year. Generally, you will need to have an open account to complete rollover process. Notwithstanding the foregoing, effective as of January 1, 2004, with respect to a member who is a member of the NC General Assembly contributing to the Legislative Retirement System, compensation means salary and expense allowance paid to a member for service as a legislator in the North Carolina General Assembly, exclusive of travel and per diem. Your refundapplication will be processed AFTER your application hasbeencorrectly completedand all necessary informationand documentationhas been received from you and/or your employer. The agenda and meeting materials for an upcoming meeting are usually posted at least one week prior to the meeting. Please contact the Empower Member Services Center at (866) NCPlans (866-627-5267) or your Empower Retirement Education Counselor. If not, review the investment choices available to you, or try GoalMaker, a "set it and forget it" option. PDF Plan 1 or Plan 2 Send completed form to: Contribution Withdrawal ORBIT - Available Forms: - MyNCRetirement Orders should be sent to Empower by fax to (866) 439-8602 or by mail to Empower, Attention: [Insert name of plan, i.e., NC 401(k) or NC 457], P.O. Your role is to make sure that your retirement will support the lifestyle you want after you finish working, which includes making the most of the benefits available to you. 5. ORBIT provides convenient access to forms for printing without logging in. h0AO6Ci ("Uqz 0Z#@MSvk|:{ohh15D"~ 1" Nu4n6DlvRn@=Yw )6N_i%\RHjbw 7 Please Note: Currently, the Call Center takes a lunch break from 11:30 am to 12:30 pm. Call Center openMon-Fri, 8:30 am- 4:30 pm, An official website of the State of North Carolina, Learn about Cost of Living Adjustments (COLAs), Helping Members with Retirement or Disability, Schedule for Submitting Contribution Summary Instructions, Empower Plan Sponsor Website for Employers, Valuations and Annual Comprehensive Financial Reports. mr] Your payment will be taxed in the current year unless you roll it over. Here, you will be able to view Plan comparisons and enroll seamlessly online with our web-based enrollment platform. Form 253. GoalMaker offers three risk categories to choose from - Conservative, Moderate, and Aggressive - based on your investment objectives and risk tolerance. A status page keeps you informed of where your application is in the process. Name the PDF form and save it to your computer. Eligible distributions from the Retirement System may be rolled over to a traditional IRA or a Roth IRA. If you become employed at a later date with a participating employer, and have received a refund of your previous service, it will cost significantly more to purchase this withdrawn service than the amount that was refunded (based on lost interest and investment earnings to the pension fund). YesNo The Affidavit of Identity can be emailed to nc.retirement@nctreasurer.com with AOI in the subject line. This must be completed within 60 days of your distribution. 78% of participants who are enrolled in a pension, social security and NC 401(k) and/or NC 457 Plan are on the right track. It must be understood that the explanation in this website cannot alter, modify, or otherwise change the controlling legal documents or N.C. General Statutes in any way, nor can any right accrue by reason of any statement or omission of any statement in this website. You are not eligible to receive a refund of employer contributions made on your behalf. We will need to further research the problem. Domestic relations orders are required to separate an account for a non-participant ex-spouse or other alternate payee. State Government websites value user privacy. If you select a Survivor Beneficiary for your retirement benefit (Option 2, 3, 6-2 or 6-3), you cannot change your selected payment option (or the beneficiary you designate for this option) once you cash your first retirement check or after the 25th of the month following the month your first check is mailed (whichever is earlier) except under o. the Disability Income Plan of North Carolina. As a contributing member who is no longer employed with a participating employer, you are eligible to receive a refund for the contributions you have made each month to the North Carolina Retirement Systems and 4% interest on those contributions. The North Carolina Supplemental Retirement Plans (NC 401(k) and NC 457 Plans and the NC 403(b) Program) offered to public employees in North Carolina are eligible plans. Otherwise, if you are a resident of North Carolina, or if you chose to have North Carolina taxes withheld, the Retirement System will withhold4% of the taxable amount. This period of time ensures that you are paid all of your contributions. This means that you can come back to work for the same system in the future and use your past service to count toward your future retirement eligibility. Gp1y The Retirement Systems Division is required to withhold 20% of the taxable portion and send it to the IRS as income tax withholding. While this website is intended to be as accurate as possible, the explanation is subject in all respects to the detailed provisions of the North Carolina law. Since employee and employer accounts are maintained separately, you will not reap the benefit of monies paid to the Retirement System by your employer until you begin receiving a monthly retirement allowance. The North Carolina pension is a 401(a) Defined Benefit Plan, does not have a provision that allows for you to take a loan from your account, and you cannot receive a partial refund. Benefit Payments | ORBIT Help - MyNCRetirement You have 60 days to change your mind and have your contributions rolled over into a qualifying plan. Leaving NC State Employment - Onboarding Center Once you're enrolled, see how a small increase in your contributions can make a BIG difference in your financial future. The 60-day period is required by state law and generally provides the Retirement System with sufficient time to receive and process your individual contribution (payroll) information provided to us by your former employer. The contributions and interest accumulated in your account have no direct relationship to the basic benefit you will receive at retirement. Your email provider should have instructions about how to add emails to your address book or your safe senders list. Refunds Online | ORBIT Help - MyNCRetirement A lock icon or https:// means youve safely connected to the official website. Board meetings are open to the public. State Government websites value user privacy. If you retire or leave employment, you will not have access to retirement notifications. This notice is intended to help you decide whether to do such a rollover. There is a lot of information to consider before you make your choice, so please read this entire page to make sure you're making an informed decision. If you have difficulty downloading the application from ORBIT Forms, please contact our office at 919-814-4590 to request an application be mailed to you. You can choose a direct rollover of all or any portion of your payment that is eligible for rollover distribution (described above). Call the Empower Member Services Center at (866) NCPlans (866-627-5267) and selecting Option 2. 237-Reporting Your 2022 Income To Continue Your Retirement System Disability Benefit. Before accessing your account, your identity will be confirmed by answering questions on the following screens. A lock icon or https:// means youve safely connected to the official website. 6. It does not include applicable interest. You can log in to the Plan Sponsor Website. Instead, direct them one of the two options above. For information on the domestic relations orders for the NC 401(k) Plan or NC 457 Plan, visit our website. Call Center openMonday through Friday, 8:30 a.m. - 4:30 p.m. As a participating employer in the NC 401(k) Plan and/or NC 457 Plan your responsibilities include: The Plan Sponsor Website gives you access to information that is important for helping you to fulfill your obligations as a participating employer in the NC 401(k) Plan and NC 457 Plan. Call Center openMonday through Friday, 8:30 a.m. - 4:30 p.m. Yes. If you have five or more years of retirement service credit. We encourage members who are considering a refund to consult with their tax preparer for more information before making a decision. Form 276. The checks pay stub will include the amount reported. With more than 300,000 participants and over $14 billion in assets, the size of the NC 401(k) and NC 457 Plans helps keep fees low and often more competitive than retail investment accounts. endstream endobj 1261 0 obj <>stream All employees who leave their contributions in the system retain their first-hired date which is often used to determine whether or not you are eligible for certain benefits or employment rights.