1. 2018

2. New Faculty Presentation

3. RETIREMENT SYSTEMS & bENEFITS
The information contained in this presentation is not a contract and is subject to change by the proper authorities. 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 by person of any inclusion or omission of any statement in this presentation.

4. Retirement system options
Teachers’ and State Employees’ Retirement System (TSERS)
Optional Retirement Program
(ORP)
MANDATORY ENROLLMENT in TSERS or ORP

5. TSERS Plan highlights Traditional defined benefit plan
Steady monthly income for life
Monthly benefit determined by a formula
Stable and secure retirement income
Professional asset management by the NC Treasurer’s Office
Accumulate retirement income without individual risk

6. TSERS Plan highlights 6% Employee contribution each month
Retirement System Pension Fund 12.29%
Death Benefit Trust Fund 0.16%
Retiree Health Benefit Fund 6.27%
Disability Income Plan 0.14%
Total 18.86% from July 1, 2018 to June 30, 2019
5 YEAR VESTING

7. ORP Highlights Defined contribution plan
Greater control over investments
Greater choice of distribution options
Portability outside of North Carolina
2 Vendors to choose from:
TIAA or Fidelity

8. Total 13.03% University contribution each month
ORP highlights
6% Employee contribution each month
Contributed to participants account 6.84%
Retiree Health Insurance Reserve 6.05%
Disability Income Plan 0.14%
Total 13.03% University contribution each month

9. Orp highlights 100% Vested in employee contributions Day 1
100% Vested in employee and employer contributions after 5 years

11. Retirement & Health Insurance
Employees hired after October 1, 2006 must satisfy minimum service requirements to be eligible for health insurance upon retirement
Free or Employee Premium (depending on chosen plan) with 20 or more years
50% plus Employee Premium (depending on chosen plan)
with between years
Full cost between 5-10 years

12. Supplemental disability
The Standard and Liberty Mutual
Availability dependent on Retirement choice
ORP- The Standard
TSERS- Liberty Mutual
Both provide additional replacement income in the event of disability
Both provide coverage during the first year of employment

13. *provided with an employee premium reduced through
State health plan
ELIGIBILITY & ENROLLMENT
- Permanent employees
- Must enroll within 30 days of hire or must wait until the next
Annual Enrollment
2 Preferred Provider Plans available
70/30 or 80/20
*provided with an employee premium reduced through
Healthy Incentive

14. State health plan Healthy Incentive
Attest that you do NOT use Tobacco Products
Worth $60.00

15. State Health Plan
Health Insurance deductions are payroll deducted on a pre-tax basis
State Health Plan is Calendar Year Plan Year
New Enrollment will cover the remainder of the
2018 plan year

16. State Health plan
Dependent premiums are paid by participating employees
Eligible family members include:
Your spouse
Your children (up to age 26)
A dependent child age 26 or older if he or she is physically or mentally handicapped and incapable of earning a living

17. Dependent coverage will not be approved without
Dependent verification documentation is required for all dependents. You are able to upload these documents in eBenefits, the Plan’s enrollment system
Dependent coverage will not be approved without
documented proof of dependents

18. State health plan
Annual Enrollment for the new calendar year plan year is scheduled for September 29, 2018 thru October 31, 2018
New plan year will be from…
January 1, 2019 to December 31, 2019
Plan design changes and premiums for 2019 are still pending…

19. Enrollment must be completed online
Telephone enrollment:
Log-in ID: will be provided by HR Benefits
Your employment information is automatically uploaded in the enrollment system
The upload occurs each Monday

20. Traditional 70/30 plan: highlights

21. Enhanced 80/20 Plan: highlights

22. ncflex Additional Supplemental Benefits
Employee pays full premium for selected plans
Plans available:
Accident*Health Care FSA*Dependent Day Care FSA*Dental
Vision*Critical Illness*Cancer*Core AD&D*AD&D
Group Term Life*Tricare Supplement

23. Enrollment must be completed online
Same enrollment system as the State Health Plan
May select any, all, or none of the offered plans
Pay special attention to evidence of insurability forms

24. When coverage becomes effective

25. Enrollment for Health & Ncflex
You must enroll within 30 days of your hire date
Health insurance premiums are paid one month in advance of coverage
If you fail to enroll in your first 30 days, you must wait until the next Annual Enrollment to elect coverage for the next plan year
NCFLEX
You must enroll within 30 days of your hire date
NCFlex premiums are paid on a current basis
If you fail to enroll within your first 30 days, you must wait until the next Annual Enrollment to elect coverage for the next plan year

26. Enrollment for income protection programs
All employees must complete enrollment within 60 days of your hire date
Enroll for Supplemental Disability Insurance (after-tax) through The Standard, if you choose the ORP
Enroll for Supplemental Disability Insurance (after-tax) through Liberty Mutual, if you choose TSERS
*Enrollment Forms available upon request

27. Enrollment for tsers
You do not need to complete an enrollment form for TSERS
You must designate a beneficiary by completing the following forms:
-Form 2DB: Designating Beneficiary(ies) for the Death Benefit
-Form 2RC: Designating Beneficiary(ies) for the Retirement
System Return of Contributions
To access forms & your retirement account, please
visit ORBIT at

28. Enrollment for ORP You must complete the following form/steps:
-Form ORP-1 The University of North Carolina
Optional Retirement Program (ORP) Election and Forfeiture
Agreement
-OR Carrier Enrollment: Visit your chosen vendor’s website
found in the Mandatory Retirement Plan Decision Guide and
set up your account

29. Follow the instructions provided by your campus Human Resources/Benefits Office for instructions on where to return the
ORP-1 form
You MUST enroll within 60 days of hire or you will automatically be enrolled in TSERS

30. Enrollment for supplemental retirement plans

31. Retirement systems & Benefits
HR Staff will be available during the Essential Information Fair on August 10, 2018
One-on-One assistance can be provided on an
appointment basis
*Matt Brown- ext *Heidi Hyatt- ext. 3138

32. Retirement vendors

33. Welcome to Western Carolina University!
Questions?
Welcome to Western Carolina University!