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. *** The yield without applicable waivers or reimbursements, whenever Fidelity is subsidizing all or a portion of the fund's expenses as of the current reporting period. In all cases, the full cost of dependent coverage, if elected, must be paid by you. Under the ORP, you control your investments choices, distribution methods and retirement goals, whereas the State controls the investments under TSERS. The Phased Retirement Program is available only to full-time tenured faculty members. An employee is considered fully vested after five years of participation in the ORP. IMPORTANT: TIAA doesn't offer loans on Roth accumulations in 403(b)/401(k) plans. Standard Long Term Disability 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. Under current law, if you were first hired prior to October 1, 2006, and retire with five or more years of Optional Retirement Program (ORP) participation and receive a monthly benefit under the ORP, you are eligible to participate in the States Retiree Health Plan at little to no cost. For questions, contact the HR Benefits Office at 252-328-9887. [email protected], UNC-Chapel Hill Password: Use 6 to 20 letters, numbers and/or special characters, Enrolling is fast and easy: Simply select. Submit Forms within 60 calendar days of eligibility. Once an enrollment or default has been submitted, the selection is irrevocable. Optional Retirement Program (ORP) - Human Resources The University contributes 6.84%, which funds: Under the ORP, you have a number of choices to make regarding your retirement fund. 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 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. PO Box 1510 Pembroke, NC 28372, Political Science and Public Administration, Southeast American Indian Studies Program, University School Partnerships and Clinical Practice, Teachers' and State Employees' Retirement System (TSERS), Equal Employment Opportunity/Affirmative Action, Average salary based on the highest 48 consecutive months of earnings, Multiplied by a Retirement Factor of 1.82%, Multiplied by your creditable years of service, 30 years of creditable service at any age or, Your final accumulation in the plan (contributions, investment and dividend earnings). The University of North Carolina Optional Retirement Program (ORP). University of North Carolina Retirement Programs UNC offers multiple retirement programs to suit your needs. 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. You should compare investments and share classes that are available in your plan's lineup with those available through BrokerageLink, and determine the available investment and share class that is appropriate for your situation. This program is an option or alternative to the North Carolina Teachers and State Employees Retirement System (TSERS). Optional Retirement Program - UNC Human Resources PDF University of North Carolina Phased Retirement Application and For more information about the authorized companies or their products, including investment options, services, and fees, you should review the information on this website, as well as contact a company representative. Retirement Programs - UNC Human Resources The two carriers are: Fidelity Jared McVey Mandatory Retirement - uncfsu.edu Confirm an exit interview appointment with the Library Human Resources Office (see Exit Interview below for details). Western Carolina University - Benefits PDF YOUR GUIDE TO GETTING STARTED - Human Resources Once enrolled, you may not change your election (irrevocable). Submit a Letter of Resignation The State Health Plan of North Carolina administers these plans and they are underwritten by Blue Cross Blue Shield of North Carolina which offers coverage for in-network and/or out-of-network providers. Pembroke, NC 28372-1510 Phased Retirement Enrollment Period: October 1, 2022 January 31, 2023, TSERS and ORP Retirement Paperwork Due to Human Resources: March 1 31, 2023, Retirement Date (Phased Retirement and TSERS/ORP): July 1, 2023, (For faculty wishing to participate in the Phased Retirement Program beginning in the 2023-2024 Academic Year). All deductions are withdrawn from your pay on a pre-tax basis, which lowers your taxable income and saves you money. Submit Forms within 60 calendar days of eligibility. Payroll Services Newly hired/newly eligible employees have 60 calendar days to make a retirement choice/election between the two mandatory retirement plans. For unitized funds, the inception date shown may be that of the fund's underlying investment option. Employee contributions to The University of North Carolina Optional Retirement Program are mandatory and are made on . 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. Enroll in your workplace retirement savings plan today. For more information about retirement options, review the Mandatory Retirement Plan Decision Guide. Schedule time with a financial professional to get help with your financial goals. . Enrolling in these plans is an easy process through ConnectCarolina, and you can start, stop or change these plans and deductions any time. University of North Carolina Optional Retirement Program. CB #1045 About 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. However, to continue your State Health Plan coverage in retirement, you must begin to receive an ORP benefit on a monthly basis at retirement. As a result, the University will deduct the contribution from your pay before calculating federal or state income tax withholding. | Email: [email protected] | Fax: 919-962-6010. Locally: Terry Pait, phone: 704-988-4882/ email: Your new employer is a higher education institution that sponsors a substantially similar or like retirement plan. Manage your TSERS retirement account online through ORBIT. UNC-Chapel Hill, 104 Airport Drive If you currently use your SSN to log in, you may want to create a unique username instead, for added security. 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. If you have 10 but less than 20 years of ORP participation and receive a monthly benefit under the ORP, you will have to pay 50% of the full cost for your coverage, and with five but less than 10 years, you will have to pay the full cost for your coverage. Annual Benet Years in Service The effective date of retirement is always the first day of a month. The University of North Carolina Optional Retirement Program - TIAA In addition, participants of the Optional Retirement Program are covered under theNorth Carolina Disability Income Plan(DIPNC). PDF Your Mandatory Retirement Plan Decision Guide - UNC Human Resources Waivers and/or reimbursements may be discontinued any time. From the Self Service page, click on the My Benefits tile. 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. Benefits Forms - UNCSA - University of North Carolina School of the Arts 2 Total returns are historical and include change in share price and reinvestment of dividends and capital gains, if any. PDF Optional Retirement Program of The University of North Carolina Two Preferred Provider Organization (PPO) plans are available to UNC Faculty and Staff. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. There is no investment risk for the individual since the state takes on the risk and guarantees the retirement benefit. The Optional Retirement Plan (ORP) is a defined contribution plan and is a 401(a). PDF Your Mandatory Retirement Plan 2019 Decision Guide - UNC Human Resources 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 [email protected]. 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. The purpose of this email is to inform you of these changes and how you may be affected. 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. An application must be filed with the Retirement System at least one day but not more than 120 days before the effective date of retirement. Contributions to your account are made by you and the University. Eligible employees have 60 days from the first day of employment to elect to enroll in the Optional Retirement Program. Principal invested is not guaranteed. PDF UNC-Chapel Hill Faculty Retirement Planning Guide The UNC Phased Retirement Program (PRP) is designed to provide an opportunity for eligible full-time tenured faculty members to make an orderly transition to retirement through half-time service, as reflected in the PRP policy and guidelines. The annual retirement benefit for the Optional Retirement Program (ORP) is based on: Employees contribute 6% of salary per month. Employer Contribution 24.50%;see below for a breakdown:17.28% - Pension Accumulation Fund0.13% - Death Benefit Trust Fund6.89% - Retiree Health Plan Reserves0.10% - Disability Income Plan, *Includes 0.01% Qualified Excess Benefit Arrangement (QEBA). Under the ORP, an employee controls their investment choices, distribution methods, and retirement goals, whereas the State controls the investments under TSERS. The Exit Interview should take approximately 15 minutes and will cover such topics as: Keys (to buildings, desks, drawers, filing cabinets, etc. 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 . 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. If after 30 minutes, you still cannot see the My Benefits tile, contacts OHR Benefits at [email protected] or call 919-962-3071. UNC-Chapel Hill Your Mandatory Retirement Plan Decision Guideprovides a comparison between the Teachers and State Employees Retirement System (TSERS) and Optional Retirement Program (ORP). 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. 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. 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. 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 Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Retiree health insurance under the State Health Plan of North Carolina, if you are eligible. The Optional Retirement Program Summary provides a quick summary of the Optional Retirement Program. The successor plan offers a like retirement plan that is underwritten by one of the two carriers currently underwriting the Optional Retirement Program benefit. Chapel Hill, NC 27599-1045, Human Resources Retirement selection must be made in ConnectCarolina Self Service not later than 60 days of your hire or eligibility date. To consult with a plan advisor: Fidelity. TheOptional Retirement Program Summaryprovides a quick summary of the Optional Retirement Program. The formula for TSERS is determined by state statute and is: Employees contribute 6% of salary per month. Take a look and see what a difference enrolling in these plans could make in achieving your goals. Under the Enroll Online section, click on the UNC Asheville Retirement Plans link. On theTIAA website, select UNC Asheville as your campus. Password: Use 6 to 20 letters, numbers and/or special characters. The University of North Carolina at Charlotte is pleased to offer faculty the flexibility of the Phased Retirement Program. 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 University of North Carolina at Charlotte 9201 University City Blvd Charlotte, NC 28220-0001. Retirement Plan election is irrevocable as long as you remain in a position within the University of North Carolina System. Schedule a 1:1 Consultation to discuss and plan for your needs - right at work. COVID-19 Resources 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. As a result of a recent review, the UNC System has decided to make some changes to the investment lineup for the UNC Optional Retirement Plan (ORP) and the UNC System 403 (b) and 457 (b) Plans. This is only if the The University of North Carolina System retirement plan accepts rollovers. Please be sure to include your last day of work (mm/dd/yyyy). TSERS is a defined benefit plan. PDF Optional Retirement Program of The University of North Carolina Form Since you select the investment vehicle(s) for the contributions you assume the investment risk for your retirement plan. (As interest rates rise, bond prices usually fall, and vice versa. During this period, the employee will need to select an ORP carrier and complete anORP 3 Formthat is returned to the University Benefits Office. The University of North Carolina System | Retirement Benefits - TIAA Investing involves risk, including risk of loss. Consult an attorney or tax professional regarding your specific situation. These figures do not include the effect of sales charges, if any, as these fees are waived for contributions made through your retirement plan. Local Gov't/Legislative/Judicial Retirement Transfer & Reciprocity Mandatory Retirement Plan Election FormMandatory Retirement Plan Decision Guide, The Teachers and State Employees' Retirement System (TSERS). Enrolling in these plans is an easy process through ConnectCarolina. 919-843-2300 Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. Use this information, in addition to the information found on new.unc.edu to make your retirement decisions and make sure you are starting off on the right track toward saving for retirement as you further your career here at UNC. Absent such waivers or reimbursements, the returns would have been lower. Plan Options - University of North Carolina - Fidelity NetBenefits 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. If you want to have your after-tax deductions grow tax-free, then the after-tax (Roth) plan is the way to go. 2023 UNC Charlotte. If you become disabled, the total value of your Optional Retirement Program account is available for income benefits that will begin upon retirement. An ORP participant must choose the ORP carrier that will invest their contributions, select the funds in which to invest, and review and redirect investments in the future if needed. Employees hired on or after January 1, 2021 who enroll in either the Teachers' and State Employees' Retirement System (TSERS) or the University of North Carolina Optional Retirement Plan (ORP) will not be able to continue health insurance coverage under the North Carolina State Health Plan (State Health Plan) when they retire. Talk with a financial professional to get help with your financial goals. The NCFlex State Insurance Plans provide a variety of pre-tax plans to meet the needs of state employees and their family. addition, without expressly or constructively terminating this Agreement, The University . For more information, please visit the Office of Human Resources website. Enhanced 80/20 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. The employee will also need to set up an ORP account with TIAA and/or Fidelity (see What Are My Choices below). Carolina Talent 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. Late enrollment also requires additionalevidence ofinsurabilityfor consideration. Read over the first page then scroll to the bottom to continue. The retirement benefit for a defined benefit plan is based on a formula and not on the amount you or the state contribute. Copyright 2023 Fayetteville State University. See pg. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance. PDF University of North Carolina Retirement Programs - Human Resources A: No. Enter your SSN and 57555 as the access code. The completed form can be sent by email to [email protected] or faxed to 252-328-9918. UNC ORP Plan (refer to pages 6-8). Review the UNC System Retirement Planning Guide. Use this information, in addition to the information found on new.unc.edu to make your retirement decisions and make sure you are starting off on the right track toward saving for retirement as you further your career here at UNC. Enrollment is completed online atconnectcarolina.unc.edu (Click SelfService). Plans are effective the 1st of the month after hire date. That will allow you to set up your account. The provision gives these eligible employees 60 days from the start date in their new position to choose to either stay in the TSERS or move to the ORP. A little extra saved today could make a big difference in retirement. Typically, benefits selections can only be changed during annual enrollment or if you experience a qualifying life event marriage, birth or adoption, etc. Fidelity Investments Micheal Kitto, CRPC Phone: 1-800-248-4213 Division of Human Resources and Equal Opportunity and Compliance, 2023 UNC-Chapel Hill Office of Human Resources, Welcome to Carolina Blue: Benefits Materials, UNC Mandatory Retirement Plans (enroll within 60 days), Review State Health Plan options (enroll within 30 days), Review NCFlex Benefit Plans (enroll within 30 days), Review Additional Benefits (enroll within 30 days), Contact the Benefits and Leave Administration Office if you need help, Teachers and State Employees Retirement System, University of North Carolina Optional Retirement Program, North Carolina 457(b) Deferred Compensation Plan, Division of Human Resources and Equal Opportunity and Compliance. 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. For your convenience, you can complete the online enrollment process for all of the following plans: Error: You must select the checkbox of at least one plan before selecting Enroll Now. All rights reserved. Email: [email protected] Vested participants in the UNC ORP may beeligible to continue group health insurance coverage as a retiree under the State Health Plan. In order to accommodate University and State deadlines regarding retirement paperwork, we suggest at least a one-month notification. This plan aligns with the Teachers and State Employees Retirement System (TSERS). Investing in stock involves risks, including the loss of principal. In all cases, retirees must pay the full cost of dependent coverage. For more information, please visit the Office of Human Resources website: Leaving University Employment. With a Defined Benefit Plan, benefits are based on salary, years of service and a retirement factor. 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. University of North Carolina Optional Retirement Program (UNC ORP) The ORP is a defined contribution plan. These supplemental plans allow you to use payroll deduction to put aside a large amount of money on a pre-tax or after-tax (Roth) basis. These may be fixed annuity payments or payments on a variable basis, or a combination thereof. under the North Carolina State Health Plan when you retire and elect a monthly retirement benefit. If you want to increase your retirement savings, you can participate in one or more of the following supplemental retirement plans: UNC System 403 (b) Plan, UNC System 457 (b) Plan, State's 457 Deferred Compensation Plan and State's 401 (k) Plan (depending on eligibility). | Email: [email protected] | Fax: 919-962-6010. For more details about the State Health Plan of North Carolina, please watch these videos. Benefits 2023 - University of Northern Colorado The cost, if any, is determined by two factors: (1) when state employmentbegan, and (2) which health planisselected. You must enroll within 60 days of your hire date. Employer and employee contribution percentages are established by the General Assembly. [email protected], Careers The ORP is a defined contribution plan. 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. How to Contact the Retirement System: Phone: Toll Free 1-877-NCSECURE (627-3287) Internet: www.MyNCretirement.com E-Mail: [email protected] Each ORP carrier makes available optional forms of payments and a variety of retirement payment options designed to allow you to tailor-make your retirement program to meet your financial needs. COVID-19 Resources [email protected], Careers For more information about the authorized companies or their products, including investment options, services and fees, refer to the UNC Optional Retirement Program (ORP) website for additional details. Contribution allocations may be changed during any future month for which the payroll office can accommodate the change. 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. An employeemay be eligible to continue health insurance under the North Carolina State Health Plan when retiringand electing to begintheirmonthly retirement benefit. Note: Employees in the ORP who leave UNC Asheville employment should complete anORP-3 formand submit it the HR Benefits Office. Fidelity and/or TIAA), . This effect is usually more pronounced for longer-term securities.) 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. Employees who participate in the ORP are immediately 100% vested in their own contributions. If you currently use your SSN to log in, you may want to create a unique username instead, for added security. You can find the ORP-1 Form by clicking here. This consequence is irrevocable. How Do I Enroll? Your retirement account with the ORP carrier. Student Services & Customer Service: 1-800-343-0860www.netbenefits.com/unc, TIAA (formerly TIAA-CREF)Mat Morgan

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