Retirement Monitor, December 16, 2003, Volume II
By the numbers:
The Retirement System received 17,936 calls from members during Nov. 2003. Members who called the System held an average of 4.45 minutes before speaking to a benefits counselor, down from 12.48 minutes in Nov. 2002.
The new phone line for human resources and benefits professionals only (919-807-3100) received 216 calls in November. Human resources and benefits professionals held an average of 1.48 minutes before speaking to a benefits counselor.
New Maps to Retirement System Issued with Appointment-Only Policy Reminder
State and local government employees who visit the Retirement System in Raleigh commonly report two frustrations: 1) The maze of one-way streets leading to the System's office in the Albemarle Building is disorienting for visitors unfamiliar with the Raleigh area. 2) Once they reach their destination, some visitors are turned away because they do not have an appointment. Click here to see our policy about appointments and to get a map to the Retirement Systems office.
14 Updated Forms Now Available Online
Forms for 14 common retirement transactions have been updated and posted online. Click here to access them.
NC 401K Deadline Passes, Investments To Swap In January
With the passage of the December 1 opt-out deadline, the NC 401K Plan transition has entered its final leg. On January 16, 2004, the funds remaining in the mutual funds offered by BB&T will swap into comparable options offered by Prudential Retirement. Members will receive a notice confirming movement of their funds shortly after the swap.
Treasurer Moore Announces New Mutual Fund Safeguards For NC 401K Plan Members
In response to recent mutual funds scandals and questions from investors on how to choose a mutual fund, State Treasurer Richard Moore released new Mutual Fund Protection Principles on Nov. 18, which call for greater sunshine and transparency in mutual fund practices.
Report Released On Fiscal Health of the Local Governmental Employees' Retirement System
The Local Governmental Employees' Retirement System is funded at 99.4 percent according to a report released in October 2003, placing the System's fiscal health above the average of public funds nationwide.
Treasurer Moore Named to NYSE Board of Executives
State Treasurer Richard Moore was appointed to the NYSE Board of Executives, an advisory board to the New York Stock Exchange, this month. Moore is the first and only public pension fund representative to serve on the Board, which was created to help reshape the New York Stock Exchange's governing structure.
Director's Report: Update from Michael Williamson
The Retirement Systems Division, part of the Department of State Treasurer, is working to improve service to you, our human resources and benefits partners, and to our members. I want to take this opportunity to remind you of our new employer line, to update you on our progress, and to let you know about our new information technology system.
Summary of Retirement Monitor Survey
A survey of human resources and benefits professionals was included in the inaugural edition of the Retirement Monitor, published on Nov. 13, 2003. Of those who received the Monitor, 79 took the survey. The Retirement System appreciates your responses and will incorporate your feedback into future Retirement Monitors, the new employer website, form redesign and other communication tools.