Retirement Monitor Update: December 5, 2005
Bridge Loan Program Available to Retirees Affected by Recent Delays
Please contact any local branch office of the State Employees’ Credit Union or credit union call center at 1-888-732-8562 for additional information about the bridge loan program.
Legislative changes to the State’s return-to-work policy caused a sharp increase in retirement applications for the month of October 2005. In fact, the Retirement Systems Division received more than three times the retirement applications it usually receives during October, or over 1600 applications. The increase in applications has caused a processing backlog and will delay payment of the first benefit check for retirees with effective dates of Oct. 1, Nov. 1, Dec. 1, Jan. 1 and Feb. 1.
This delay in payment could cause financial difficulties for some retirees, especially during the holiday season. State Treasurer Richard H. Moore has arranged for eligible retirees to receive a short-term, no interest loan for a one-time charge of only 50 cents from the State Employees’ Credit Union (SECU) or the Local Government Federal Credit Union (LGFCU) to help prevent financial hardship during this period.
Please inform retirees who are affected by this delay about the bridge loan option. To apply for a loan, they should contact any local branch office of the SECU or the credit union call center at 1-888-732-8562.
They will be required to provide a retirement application acknowledgement letter and their most recent paycheck stub.
In addition, they must sign an agreement with the credit union describing the terms of the loan and their responsibility to pay it in full upon receipt of their first benefit check, or shortly thereafter.
Please assure retirees that even though their benefit check is delayed, their first check will include payments retroactive to their retirement date. You should also know that retired state employees and teachers will NOT experience a break in health coverage. Their health coverage through the State Health Plan will be effective 30 days after their retirement date, whether they receive their benefit check or not. Their employer provides health insurance during the 30 days immediately following their retirement date.
Treasurer Moore and the staff of the Retirement Systems Division are grateful to SECU and LGFCU for providing this loan option to new retirees. It is our hope that this program will prevent financial difficulty for affected retirees during this high-volume period.
Retirement Monitor Update: December 12, 2005
Retirement Conferences for Employees to be Held Statewide
Please contact Alice Devane at 919-508-5187 or alice.devane@nctreasurer.com to host a conference or ask questions about the conferences.
The Retirement Systems Division will conduct retirement conferences for employees in the Teachers’ and State Employees’ Retirement System and the Local Governmental Employees’ Retirement System in locations throughout the State from January through March 2006. The conferences serve as an orientation for new employees, as planning sessions for employees closer to retirement age and as educational sessions for personnel officers and other staff who handle retirement matters. Registration is not required. Additional conferences will be scheduled later this year.
Please see the dates and locations below and forward them to your employees.
January 17, 2006
N.C. DEPARTMENT OF TRANSPORTATION
Highway Building Auditorium (Downtown)
New Bern Avenue
Raleigh, NC
Teachers’ and State Employees’ Retirement System – 9:30 AM
Local Governmental Employees’ Retirement System – 1:30 PM
EAST MOORESVILLE INTERMEDIATE SCHOOL
1711 Landis Hwy
Mooresville, NC
Teachers’ and State Employees’ Retirement System – 9:30 AM
Local Governmental Employees’ Retirement System – 1:30 PM
February 15, 2006
TOWN OF FARMVILLE
Upstairs Courtroom
3672 North Main Street
Farmville, NC 27828
Teachers’ and State Employees’ Retirement System – 9:30 AM
Local Governmental Employees’ Retirement System – 1:30 PM
February 16, 2006
PUBLIC WORKS COMMISSION
Conference Room
955 Old Wilmington Rd.
Fayetteville, NC
Teachers’ and State Employees’ Retirement System – 9:30 AM
Local Governmental Employees’ Retirement System – 1:30 PM
UNC WILMINGTON
Cameron School
601 S College Road
Wilmington, NC
Teachers’ and State Employees’ Retirement System – 9:30 AM
Local Governmental Employees’ Retirement System – 1:30 PM
WAKE TECH COMMUNITY COLLEGE
Student Services Building Conference Center
9101 Fayetteville Road
Raleigh, NC
Teachers’ and State Employees’ Retirement System – 9:30 AM
Local Governmental Employees’ Retirement System – 1:30 PM
March 31, 2006
HAYWOOD COMMUNITY COLLEGE
Services Building Auditorium
185 Freedlander Drive
Clyde, NC
Teachers’ and State Employees’ Retirement System – 9:30 AM
Local Governmental Employees’ Retirement System – 1:30 PM