In this Issue:
Happy Holidays from the NC Retirement Systems Division
As another year draws to a close, many of you are in the midst of preparations for this holiday season. This is a very special time of year, as it provides many of us with some time to enjoy the company of family and friends. I urge each and every one of you to reflect on these special moments and savor the relationships that we have tried so hard to cultivate over the years.
On behalf of the nearly 200 employees in the NC Retirement Systems’ Division, we hope this holiday season is an exceptionally good and safe one, and that the New Year brings you much health, happiness and prosperity.
Help Your Employees Update Beneficiaries
Please encourage your employees to visit www.MyNCRetirement.com/beneficiaries for information about how to update their beneficiaries for the NC pension plan, supplemental retirement plans, NC Flex plans, and retiree offerings.
Reminder – TSERS Employer Contribution Rates Increasing January 1, 2017
The Retirement Systems Division originally communicated the employer contribution rates for the 2016-2017 fiscal year to TSERS employers in August. The State Health Plan also recently sent information to TSERS employers regarding the Retiree Health Benefit Fund portion of the employer contribution rates changing in January 2017. The contribution rates will be increasing in January as a result of an increase in the Retiree Health Benefit Fund portion of the contribution rate. Below is a breakdown of the TSERS employer contribution rate for general employees that will be charged for service rendered to the agency after January 1.
Please keep in mind that the current employer contribution rate of 16.12% for December 2016 must be submitted to the Retirement Systems Division by the fourth business day of January 2017 (no later than January 6, 2017), and the new 16.54% employer contribution rate for January 2017 must be submitted to the Retirement Systems Division by the fourth business day of February 2017 (no later than February 6, 2017).
Annual Compensation Limits in 2017 for Retirement System Contributions
Federal and state laws impose an annual limit on the amount of compensation that a member can contribute to a qualified retirement plan. These limitations apply to the Teachers’ and State Employees’ Retirement System (TSERS), Local Governmental Employees’ Retirement System (LGERS), Consolidated Judicial Retirement System (CJRS), and Optional Retirement Program (ORP). The limitations may be adjusted from year-to-year according to Section 401(a)(17) of the Internal Revenue Code. The limitations for calendar (tax) year 2017 are as follows:
Coming Soon: ORBIT Redesign!
NC 403(b) Program Recordkeeping Transition on Track for February 22, 2017
The NC ABLE Program Launches January 26, 2017 – Offering People with Disabilities and Their Families the Chance to Save and Invest Without Losing Benefits
2017 Communications Strategies Will Focus on Increasing Enrollments
NC Open Book