1 YEARS OF TOTAL STATE SERVICE LONGEVITY PAY RATE 10 but less than 15 years1.5% 15 but less than 20 years2.25% 20 but less than 25 years3.25% 25 or more.

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Presentation transcript:

1 YEARS OF TOTAL STATE SERVICE LONGEVITY PAY RATE 10 but less than 15 years1.5% 15 but less than 20 years2.25% 20 but less than 25 years3.25% 25 or more years4.5%

2  Services to State Employee’s include:  Retirement (TSERS)  Supplemental Plans 401K & 457  State Health Plan  Disability Income Plan of NC  Death Benefits

3  Must be a full time employee working at least 30 hours per week for 9 months of the year to be eligible for retirement benefits.  6% of your salary is automatically deducted pre-tax  Vested rights after 10 years of membership service  Special Service Rules (purchase time)  Transfer between systems  Refund of Contributions

4  30 years of creditable service at any age  Age 65 with 10 years (5 years if you became a member on before August 1, 2011) of membership service  Age 60 with 25 years of creditable service  Law Enforcement Officers (LEO) qualify at age 55 with 10 years (5 years if you became a member before August 1, 2011) of creditable service as an officer

5  Age 60 with 5 years (10 years if you became a member on or after August 1, 2011) of membership service  Age 50 with 20 years of creditable service  Law Enforcement Officers (LEO) qualify at age 50 with 15 years of creditable service as an officer

6  Access from  Active employees  Retirement estimates  Service purchase cost estimates  NC 401(k)/457 Transfer Benefit estimates  Annual benefit statements  Retirees  View account information  Maintain tax withholdings  View 1099-R  Generate income verification letters

7