The retirement benefit for a defined benefit plan is based on a formula and not on the amount you or the state contribute. It is recommended that employees contact their Benefits Consultant to schedule an appointment to complete the appropriate documents to begin the retirement process approximately 90-120 days in advance of their effective retirement date. Read it carefully. PDF YOUR GUIDE TO GETTING STARTED - Human Resources 4Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. The UNC 403 and a UNC 457 plans are supplements to TSERS (Teachers' and State Employees' Retirement System) and ORP (Optional Retirement Program), the two mandatory retirement plan options offered to state employees. ORP Plan Summary. Read it carefully. On the UNC System website of Income Protection Benefits, are voluntary supplemental disability plans, rate sheets and a video for NC Teachers' and State Employees' Retirement System (TSERS) and for UNC Optional Retirement Program (ORP) participants. These investments then grow tax-free and are not taxable when taken out at retirement. UNC Group Term Life Insurance Before investing, consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. With a Defined Benefit Plan, benefits are based on salary, years of service and a retirement factor. Enrolling in these plans is an easy process through ConnectCarolina. First, you must choose from the two carriers, and then you must select from the different investment funds to meet your investment objectives and goals. UNC Optional Retirement Program Eligible UNC employees contribute 6% of salary (pretax) and UNC matches 6.84%! Plan Options - University of North Carolina - Fidelity NetBenefits Footnotes 1, 2, 3 and 4 below pertain to the performance tables located on the Investment Optionstab: 1 Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Employeeshired on or after January 1, 2021 will not be eligible to receive retiree medical benefits. From the Self Service page, click on the My Benefits tile. Invest some of what you earn today for what you plan to accomplish tomorrow. All new retirees who are eligible for State Health Plan coverage will be automatically enrolled into a plan at the time of retirement even if a member did not have Plan coverage as an active employee. Tenured faculty occupying full-time administrative or staff positions are eligible to participate in the program when they vacate such positions. ), Parking Permits (when to hand in, where to return), Mailing Address (how to file a Change of Address with the University if necessary). The employee determines the investment direction of both contributions. This effect is usually more pronounced for longer-term securities.) ORP Enrollment FormCarriers:Fidelity Investments and TIAA, Employee Contribution 6%Employer Contribution 13.83%;see below for the breakdown:6.84% - Employer Contribution to Vendor6.89% - Retiree Health Plan Reserves0.10% - Disability Income Plan, Human Resources Consultant -BenefitsBarber Building - Lower LevelAshleigh M. Mitchellamitchell6@uncfsu.edu(910) 672 -1825, Human Resources Specialist -BenefitsBarber Building - Lower LevelGerri Berrygberry1@uncfsu.edu(910) 672 -1451. This plan aligns with the Teachers and State Employees Retirement System (TSERS). Update my fund choices or provider to help meet my financial goals. This program is an option or alternative to the North Carolina Teachers' and State Employees' Retirement System (TSERS). An employee who is participating in the Teachers and State Employees Retirement System makes application for retirement through the Benefits Administration Department. Article - NC Optional Retirement Plan Then look to the left and you will see Benefits Enrollment. Payroll Services Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. Consult an attorney or tax professional regarding your specific situation. The annual retirement benefit for the Optional Retirement Program (ORP) is based on: Your final accumulation in the plan (contributions, investment and dividend earnings) . These plans work just like a corporate 401k but without the employer match. Email: jared.mcvey@fmr.com You begin participation in that successor plan as your core retirement plan within 12 months following your termination of eligible service in the plan (usually your termination of employment) with The University of North Carolina. Submit Forms within 60 calendar days of eligibility. 919-843-2300 Review the UNC System Retirement Planning Guide. Under the ORP, you control your investment choices, distribution methods, and retirement goals, whereas the State controls the investments under TSERS. Retirement benefit amounts are based on the total accumulation in the account(s) including any credited interest or dividends, your age, the age of your annuity partner, if applicable, and the income option selected. To consult with a plan advisor: Fidelity. Traditional 70/30 PPO Plan is a traditional preferred provider organization (PPO) plan that offers freedom of choice among in-network providers, lower out-of-pocket costs and a strong emphasis on preventive health. Retiree health insurance under the State Health Plan of North Carolina, if you are eligible. Contribution allocations may be changed during any future month for which the payroll office can accommodate the change. Fidelity and TIAA are authorized carriers for the Optional Retirement Program. If there is a need to change the beneficiary, contact the Optional Retirement Program vendor. Age 62 or older upon entering the Phased Retirement Program, Have at least five years of full-time service at his or her current institution, and, Eligible to receive a retirement benefit under TSERS, Age 59 or older upon entering the Phased Retirement Program, Eligible to receive a retirement benefit under ORP. Carolina Talent That will allow you to set up your account. Service time in the UNC ORP is not transferable to other State of NC-administered retirement systems. The University contributes 6.84%, which funds: Under the ORP, you have a number of choices to make regarding your retirement fund. Phased Retirement - University of North Carolina at Charlotte Employees enrolled in this plan contribute 8% of their salary to TIAA, MetLife, or AIG while UNC contributes 11.5%. Customer Service: 1-800-842-2888https://www.tiaa.org/public/tcm/unc, 1 University Drive Mandatory Retirement - uncfsu.edu You can find the ORP-1 Form by clicking here. Under the ORP, the amount of the benefit is based on the total accumulation in the account(s) including any credited interest or dividends, your age, the age of your annuity partner, if applicable, and the income option selected. Important Information About Upcoming Request for Proposal for UNC Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. For non-mutual fund pools and trusts whose strategies may be offered to multiple clients, and whose returns may be based on a composite, the inception date shown may be the beginning date of the composite's returns. You qualify for unreduced (or full) retirement benefits with: You qualify for a reduced retirement benefit with: For detailed information about TSERS, including unreduced and reduced retirement benefits, death benefits and survivor benefits, please see the TSERS Handbook. Not all money market funds operate the same way and depending on the fund, you may be subject to certain operating policies and risks not applicable to other money market funds. Fidelity does not provide legal or tax advice. The formula for TSERS is determined by state statute and is: Employees contribute 6% of salary per month. For more information about retirement options, review theMandatory Retirement Plan Decision Guide. TSERS is a defined benefit plan. UNC Optional Retirement Program (ORP) UNC System 403(b) Plan; UNC System 457(b) Plan; UNC Senior Administrative Officer Retirement Program; UNC Senior Athletic Employee Retirement Program . The vendors for these UNC System plans are Fidelity and TIAA, which have some of the lowest management fees built into the rates of returns in the industry. Once the choice is made, employees will not be eligible to choose another retirement option in the future. See pg. Participation in a retirement plan is mandatory for permanent employees working 30 or more hours per week. The method of payment you elect at the time of retirement. This allows the online systems to electronically shake hands for your enrollment. Employee contributions to the Optional Retirement Program are made on a pre-tax basis as provided under Section 414(h) of the Internal Revenue Code. The value of your account is based on the amount of contributions made to your account and the performance of the investment funds you select. Step One The annual retirement benefit for the Optional Retirement Program (ORP) is based on: Employees contribute 6% of salary per month. With a Defined Benefit Plan, benefits are based on salary, years of service and a retirement factor. The University System has authorized two companies to offer investment products under the ORP: Fidelity Investments and TIAA. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Absent such waivers or reimbursements, the returns would have been lower. Choose the plans you would like to enroll in and select Enroll Now: For your convenience, you can complete the online enrollment process for all of the following plans: University of North Carolina Optional Retirement Program (UNC ORP) Plan ID: 57555. Note: The performance data featured represents past performance, which is no guarantee of future results. UNC-Chapel Hill The ORP is a defined contribution plan. Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement. PDF University of North Carolina Phased Retirement Application and The following plans offer a tremendous opportunity to save more for your future: If you want to reduce taxable income now, you may want to choose pre-tax deductions. Our calculator can help you determine what's right for you. These figures do not include the effect of sales charges, if any, as these fees are waived for contributions made through your retirement plan. Retirement Programs UNC-Chapel Hill offers multiple retirement programs to suit your needs. Current performance may be higher or lower than the performance data quoted. On theTIAA website, select UNC Asheville as your campus. IMPORTANT: When an employee enrolled in the ORP plans to leave the University, the employee must submit an ORP-3 Form to the HR Benefits Office on or before their separation date. The value of your account is based on the amount of contributions made to your account and the performance of the investment funds you select. The University contributes an amount set by the state legislature each year which funds the: The University contribution to TSERS is not a match to your contribution, it can change each year and does not go into the same account as your 6% contribution. under the North Carolina State Health Plan when you retire and elect a monthly retirement benefit. 12 for more information. Qualification for unreduced or reduced benefits. Then visit www.netbenefits.com > Quick Links > BrokerageLink where you can open an account or review additional information, including the commission schedule for applicable fees and risks. University Policies This formula considers your years and months of creditable service, your age, and your average final compensation, which is the average of your salary during your four highest paid consecutive years. Employer and employee contribution percentages are established by the General Assembly. The pre-tax deductions grow, and taxes are paid when taken out at retirement. Newly hired/newly eligible employees have 60 calendar days to make a retirement choice/election between the two mandatory retirement plans. Failure to make an election within the 60-day time period will result in automatic membership in the Teachers and State Employees Retirement System (TSERS), the defined benefit plan. These may be fixed annuity payments or payments on a variable basis, or a combination thereof. For unitized funds, the inception date shown may be that of the fund's underlying investment option. Diversity & Inclusion This plan aligns with UNC Optional Retirement Program (ORP). Optional Retirement Program (ORP) - Human Resources TSERS is not "portable" except to other North Carolina state agencies, including the 16 constituent institutions of the UNC System, NC Community Colleges, and NC Public Schools. You must enroll within 60 days of your hire date. Send a letter of resignation to your supervisor, with a cc to the Library HR Office (see Submit a Letter of Resignation below for details), Step Four Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement. Office of Human Resources CB #1045 For example, if an employee has an effective date of retirement of January 1, his or her coverage in the retiree group plan will begin on February 1. Contributions to your account are made by you and the University. Two Preferred Provider Organization (PPO) plans are available to UNC Faculty and Staff. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. The full cost of dependent coverage, if elected, must be paid by you. University of North Carolina Optional Retirement Program (UNC ORP) The ORP is a defined contribution plan. TheOptional Retirement Program Summaryprovides a quick summary of the Optional Retirement Program. Welcome to Carolina Blue: Benefits Materials ORP-1 Form (Election and Forfeiture Agreement), ORP-2 Form (Notice of Change in Retirement Vendor), ORP-3 Form (Acknowledgement of Participation), Fidelity UNC ORP Investment Options Guide. The successor plan offers a like retirement plan that is underwritten by one of the two carriers currently underwriting the Optional Retirement Program benefit. The purpose of this website is to present some basic information about retiring from either the Teachers and State Employees Retirement System (TSERS) or the Optional Retirement Program (ORP). IMPORTANT NOTE: If an employee has at least 10 but less than 20 years of retirement service credit, the employee is eligible for coverage but will pay 50% of the cost of coverage. To leave contributions, withdraw, rollover ORP accounts, or participate in similar plan with another education institution, please contact: Melanie Johnson, Benefits Manager 828-227-7218 mjohns15@unca.edu. The University of North Carolina Optional Retirement Program (ORP) is an option or alternative to the North Carolina Teachers' and State Employees' Retirement System (TSERS) for faculty and staff. Employees who participate in the ORP are immediately 100% vested in their own contributions. PDF Optional Retirement Program of The University of North Carolina Form The University of North Carolina at Charlotte is pleased to offer faculty the flexibility of the Phased Retirement Program. UNC-Chapel Hill, 104 Airport Drive The employee should also notify his/her supervisor approximately 60 days before retiring to allow the department sufficient time to initiate appropriate personnel and payroll actions. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917. Tiers are distinct categories designed to simplify your investment choices. Expand All What are my retirement plan options? Voluntary supplemental disability benefits plans are available for long-term disability coverage; premiums are payroll deducted. If an ORP participant leaves UNC System employment before completing five years of participation, but within 12 months of separation from the UNC System, and continues participation in a core retirement plan at another institution, as outlined in the Plan document, the UNC System will vest the participant in the value of the UNC System contribution. The University of North Carolina Optional Retirement Program (ORP). Benefit Program Administration recommends that application be made at least 60 days prior to the planned retirement date in order to ensure timely payment of the first retirement check. Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Go Learn More Explore the options of your workplace retirement savings plan Go Enroll Today The University provides employees with access to a variety of benefit plans that promote health and wellness, in addition to helping you build financial resources for retirement. Lincoln Financial Long Term Disability After-tax deductions go into these plans after taxes have been paid. Employees are 100% vested in the UNC Systems contributions after 5 years of participation in the ORP. The benefits orientation tools below are an important step in understanding your options. Link directly to each carriers specific web-site below to enroll in an account and learn more about the carriers and their services, or contact a local representative. To resign from a position due to retirement, a letter should be submitted to your supervisor (with a cc: to the Library HR Office) indicating that you are leaving your position. The University of North Carolina Optional Retirement Program (ORP) is an option or alternative to the North Carolina Teachers' and State Employees' Retirement System (TSERS) for certain employees. ** The current yield of the money market mutual fund listed above reflects the current earnings of the fund, while the total return refers to a specific past holding period. Optional Retirement Program - UNC Human Resources For more information, please visit the Office of Human Resources website: Leaving University Employment. Retirement Plan election is irrevocable as long as you remain in a position within the University of North Carolina System. Whether youre new to the workforce, or just new to UNC-Chapel Hill, its important that you understand the retirement planning process to ensure that you are saving enough for your future. Heels Care Network, 2023 University of North Carolina at Chapel Hill Office of Human Resources. A little extra saved today could make a big difference in retirement. Optional Retirement Program (ORP) | Human Resources | ECU How Do I Enroll? Carolina Talent Depending on your plan, there are two options to consider: Target Date Funds which are based on an anticipated retirement date and Target Allocation Funds that are based on a risk tolerance and time horizon. The Teachers and State Employees Retirement System (TSERS) is a defined benefit plan. Submit the enrollment formwithin 60 calendar days of eligibility. Next, on the left side of the page, click on Benefits Enrollment and then select Mandatory Retirement Plan. Introduction To help you prepare for a secure retirement, the University of North Carolina System (UNC System) offers eligible employees a choice between two major retirement plans: The Optional Retirement Program of the Universityof North Carolina (ORP) Teachers' and State Employees' Retirement System (TSERS) In all cases, retirees must pay the full cost of dependent coverage. addition, without expressly or constructively terminating this Agreement, The University . IMPORTANT:When an employee (or their covered dependents) becomeseligible for Medicare upon retirement, the employee must elect both Part A (Hospital) and B (Medical) in order to maintain the same level of coveragereceived prior to retirement. Under the Enroll Online section, click on the UNC Asheville Retirement Plans link. For more details about the State Health Plan of North Carolina, please watch these videos. IMPORTANT: TIAA doesn't offer loans on Roth accumulations in 403(b)/401(k) plans. Under this type of plan the benefit you receive at retirement is based on a formula. Manage your TSERS retirement account online through ORBIT. University of North Carolina Optional Retirement Program. The two retirement programs available to UNC Pembroke employees are: Teachers and State Employees Retirement Plan (TSERS). 704-867-8622 If you were first hired on or after October 1, 2006, in order to be eligible for the States Retiree Health Plan at little to no cost, you must retire with 20 or more years of ORP participation and receive a monthly benefit under the ORP. Employees approaching retirement should review the Retirement Planning Guide. For more information, please visit the Office of Human Resources website. Your Retirement, Your Choice At The University of North Carolina (the University), we know how important it is to prepare for retirement. Investment direction changes can be made by contacting the Optional Retirement Program carrier. CB #1045 You can then register with TIAA. Your Benefits at UNC-Chapel Hill | Welcome to Carolina Blue. All Rights Reserved. The purpose of this email is to inform you of these changes and how you may be affected. I hereby elect to participate in the UNC Optional Retirement Program (UNC ORP) in lieu of membership in the North Carolina Teacher's and State Employees' Retirement System (TSERS), as provided under G.S. Late enrollment also requires additionalevidence ofinsurabilityfor consideration. Login now. In addition to notifying the Benefits Office, upon receiving the initialed copy of the Retirement Letter the Library Human Resources Office will contact you to schedule a Library Exit Interview. As a result, the University will deduct the contribution from your pay before calculating federal or state income tax withholding. Currently the employee contribution is 6%. The Optional Retirement Plan (ORP) is a defined contribution plan and is a 401(a). This consequence is irrevocable. Click the drop down and select Mandatory Retirement Plan, Follow the directions to enroll in TSERS or the ORP, If you do not see the My Benefits tile, try again in 30 minutes. Employee contributions to The University of North Carolina Optional Retirement Program are mandatory and are made on . How to Contact the Retirement System: Phone: Toll Free 1-877-NCSECURE (627-3287) Internet: www.MyNCretirement.com E-Mail: nc.retirement@nctreasurer.com Once enrolled, you may not change election (irrevocable). benefits@unc.edu| Campus Address: Box 1045, Physical Location: For more details about the State Health Plan of North Carolina, please watch this video. COVID-19 Resources Password: Use 6 to 20 letters, numbers and/or special characters. The effective date of retirement is always the first day of a month. Plan Details - University of North Carolina - Fidelity NetBenefits IMPORTANT NOTE: In addition to clicking the "Enroll Now" button above, the ORP-1 Election and Forfeiture Agreement Form is required to complete enrollment in the plan. Contributions to your account are made by you and the University. UNC Optional Retirement Program With a Defined Contribution Plan, retirement benefits are based on the accumulation (your contributions, the university contributions, and the interest and dividends earned) and your age at the time you begin the benefit. Eligible employees have 60 days from the first day of employment to elect to enroll in the Optional Retirement Program. 104 Airport Drive Retirement Programs - UNC Human Resources YOUR GUIDE TO GETTING STARTED University of North Carolina Optional Retirement Program Invest in your retirement and yourself today, with help from the University of North Carolina ORP and Fidelity.

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