1. Jeannie Greer Benefits Department
Retirement Seminar
Jeannie Greer
Benefits Department

3. Any age with 30 years of service
Retirement Eligibility Requirements
Reduced
Age years of service
Age years of service
Unreduced
Age years of service
Age years of service
Any age with 30 years of service

4. Preparation for Retirement
Step 1. Decide on your retirement date Step 2. Review your personal information through Orbit system Step Request an estimate by completing Form (attached to handout).

8. RETIREMENT APPOINTMENT
6 months before your retirement date
During the group meeting we will review
retirement service years, benefits, and
leave days.

9. Sick Leave
20 days = 1 month
For the final month, 1 day of sick leave will count as 1 month of sick leave credit. There is no limit on sick leave days.

10. Other Leave Time
Personal Leave
Annual Leave
Bonus Leave
Longevity

11. 401k/457
403b

12. Health
Dental
Life Insurance

13. Other Insurance Flex Benefits Gilsbar Flex Spending Vision Insurance
Allstate Cancer Plan
Texas Life

14. Retirement System Benefits -Death Benefit
-Dental, Vision and Life Ins.
Note: You may elect to COBRA your current GCS dental and vision plans for 18 months if you choose to and once the 18 months are complete you may join the retirement system’s dental and vision plan.

15. Required Forms
Form 6- Claiming Your Retirement Benefits Form PS-33 – Resignation Form

16. Required Documents Documents

17. The Process During group meeting Form 6 and
resignation will be signed, dated and
copies will be mailed to you.
Original forms will be sent to NC
Retirement System and Human Resources
for processing.
Your supervisor/principal will be notified by
Human Resources of your retirement date.

18. Report of Estimated Retirement Benefits Form-336
This is the paperwork you will receive in the mail from the NC Retirement System
Notification Letter
Form-RET-170
Form-RET-290
Form- 333
Form-6E
BEN-333
Report of Estimated Retirement Benefits
Form-336

19. All Retirement checks are subject to Federal Withholding Taxes and State Taxes You are exempt from State taxes if you had 5 full contributory years in the state as of August 12, 1989.

20. Checks First check is mailed on the 25th
Future checks will be direct deposited on the 25th.
12 times per year

21. How the Payment Options Work
Maximum Payment
To You each month for the rest of your life.
$2,742.00
This is an example!

22. Payment Options Option 4 Social Security Leveling
100% Joint And Survivor
You receive reduced monthly
payments for life. After you die,
your beneficiary receives the same
amount monthly for life.
To You To Beneficiary
$2, $2,277.00
Option 3
50% Joint And Survivor
You receive reduced monthly
payments for life. After you die,
one-half of your payment continues
to your beneficiary for life.
To You To Beneficiary
$2, $1,244.00
Option 4
Social Security Leveling
You receive larger monthly payments
than you would otherwise be entitled
to receive, until you become eligible
for Social Security at age 62.
To age $ 3,242.00
Age 62 and after $2,042.00

23. Option 6 Modified Joint And Survivor
Option combination of Option 2 and *maximum payment
To You Beneficiary
$2, $2,218.00
Option combination of Option 3 and *maximum payment
$2, $1,226.00
*If beneficiary dies before retiree, retiree monthly amount will convert back to maximum payment.

24. Example of Estimate To You To Beneficiary
Department of State Treasurer
TEACHERS’ AND STATE EMPLOYEES RETIREMENT SYSTEM
325 North Salisbury Street
Raleigh, North Carolina Nov.-2004
PRELIMINARY ESTIMATE OF RETIREMENT BENEFITS
Jane A Doe S. S. #
777 Deer Crossing Lane
Deer Park, NC A.#
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
ASSUMPTIONS USED FOR PRELIMINARY ESTIMATE OF BENEFITS
Date of birth /26/44 Total service credits
Retirement date /01/08 Aver. Final compensation $58,964.00
Sick leave days Total contributions $69,664.04
Annual leave days Taxed contributions $10,000.00
Est. monthly SS (age 62) $ 1,200.00
Beneficiary:
John A. Doe Beneficiary birthdate: /15/44
At your death
To You To Beneficiary
MAXIMUM PAYMENT $2, None
PAYMENT OPTIONS
(2) 100% Survivorship $2, $2,277.00
(3) 50% Survivorship $2, $1,244.00
(4) Social Security Leveling
To Age 62 $3, None
Age 62 and after $2, None
(6) Pop-up
With option (2) $2, $2,218.00
With option (3) $2, $1,226.00
GUARANTEED REFUND (under all of the payment plans above): If you and the beneficiary (if any) you may have to receive………………………………………………………………………………………
*The estimate under Option (4)…………………………………………………………….
***Based upon your age……………………………………………………………………
*Disclaimer*

25. Re-employment After Retirement
Cap | Under current legislation, all state employees may return to work under a cap. A 6 month break is required for all retirees returning to state employment. The cap is determined by the Retirement System. Each year the standard cap changes in January. You must contact the Retirement System to determine your yearly cap.
Six-month Break | During the 6 month break the employee shall not work in any capacity in a organization participating in the Teachers’ and State Employees’ Retirement System, including part-time, temporary, substitute, part-time tutor or contracted services.
After the Six-month Break | A retiree may work as an interim, tutor, substitute, temporary status or permanent part-time (<30 hrs. per week). Employees in this capacity must not exceed earnings cap and must not be employed in permanent full-time status.

26. Reminders
Send your estimate request (Form 309) to the retirement system at least 6 months prior to your retirement or complete online estimate (see page 4 for instructions).
You should or call ( ) to schedule an appointment 6 months before your retirement date.
The earliest you may complete your paperwork is 120 days prior to your retirement date.
Do not complete your paperwork later than 60 days prior to your retirement date if possible due to the delay in receipt of retirement check.
Please advise your supervisor in a timely manner of your decision to retire.

27. Contact Information
The Retirement Handbook and all forms available from the Retirement System may be viewed and downloaded from the website at: . There is more than one state retirement system. Our retirement system is the: Teachers’ and State Employees’ Retirement System.
NC Department of State Treasurer, Retirement Systems Division
3200 Atlantic Avenue
Raleigh, NC 27604
Toll free line:
Fax number:

30. Any Questions