Retirement Monitor Update: January 28, 2004 Volume III
Free Parking Now Available for Retirement Appointments
Employees who make an appointment with the Retirement Systems can now park for free during their visit. Parking costs from all state controlled parking decks and parking lots surrounding the Retirement System, located at 325 N. Salisbury St., Raleigh.
Map to Retirement System
Parking fees will be waived with a validated ticket from the System's Member Services Section.
Record Retirement Applications for January 2004
The Retirement Systems Division received applications from 2,182 employees who want to retire in January 2004 - a total surpassing previous January totals and a potential sign of things to come
Service Purchase Forms Updated Online
The Retirement Systems Division is continually updating forms and applications to reflect changes to law and policy, and to make them easier to use. Two forms, Form 398 and Ret-255, used by members to purchase creditable service toward retirement have now been updated and posted on the web.
Treasurer Moore Seeking Funding for Investment Division
Investing the pension dollars of North Carolina's public employees is one of the primary duties of the Department of State Treasurer State and local government retirement systems earned investment returns of 7.6 percent during fiscal year 2003, ranking second in the nation, despite the market turmoil of the last few years. But the Division responsible for North Carolina's success is in crisis, stymied by a lack of resources from the General Assembly.State Treasurer Richard Moore has asked legislators for the additional funding needed to maintain strong investment growth.
NC 401(k) Plan Transition Clears Final Hurdle
The nine-month transition of the NC 401(k) Plan from BB&T to Prudential Retirement cleared its final hurdle on Jan. 16, when monies from the investment options previously offered in the Plan moved to the new investment options offered by Prudential. This transition has been a long but rewarding process, and one that will result in $22 million in savings for Plan members over the next five years. The investment options offered by Prudential have performed well and Prudential has kept its commitment to add 37 percent more staff to the Plan.
2004 Annual Compensation Limits Announced
Federal and State laws limit the amount of compensation subject to contributions to a retirement plan. This dollar figure is adjusted each year. This month, the Retirement Systems Division announced those limits for calendar year 2004: $305,000 is the annual limit for an employee hired on and before Jan. 1, 1996 and $205,000 is the annual limit for an employee hired on and after Jan. 1, 1996.
Call Center Statistics for December 2003
The Retirement System received 14,462 calls from members during Dec. 2003. Members who called the System were on hold an average of 6.44 minutes before speaking to a benefits counselor, down from 13.18 minutes in Dec. 2002. The new phone line dedicated to human resources and benefits professionals (919-807-3100) received 429 calls in Dec. 2003. Human resources and benefits professionals were on hold an average of 2:22 minutes before speaking to a benefits counselor.