In this Issue:
LGERS Benefit Recipients Cost of Living Adjustment
During its January meeting, the Board of Trustees for the Local Governmental Employees’ Retirement System (LGERS) granted a 0.105% cost-of-living adjustment (COLA) effective July 1, 2016, which is the maximum COLA that the Board is authorized to grant for local government retirees under state law.
LGERS benefit recipients will receive this COLA amount in their July 2016 benefit, if they were in receipt of an LGERS retirement allowance as of July 1, 2015. If their LGERS retirement became effective between August 1, 2015 and June 1, 2016, they will receive a pro-rated portion of 0.105%.
The NC Retirement Systems will notify LGERS benefit recipients of the increase in early to mid-July by postcard mailing.
Properly Coding LGERS EMS Workers and Firefighters
Reminder: The Retirement Systems requests that all local agencies use the Plan Code “LOCF” in reporting EMS workers and firefighters to our agency. The Retirement Plan Codes drive many of the eligibility processes within our system.
Please update any EMS workers and firefighters that have been coded with a “LOCG” Plan Code to the “LOCF” Plan Code on your next report. This change is necessary so we can properly code our EMS and firefighters population and pay future benefits.
Accessing Employer Monthly ORBIT Error Reports
Employers now have access to their monthly ORBIT Error Reports on our Self-Service website starting with the January 2016 ORBIT Error Report. You will not have access to any error reports prior to this month.
Once the report has generated you will be asked to open it at the bottom of your screen.
This provides the ability to check your Monthly ORBIT Errors as soon as your report has posted. You may save this report and add your responses according to the Error Message and then email the report to your ORBIT Employer Reporting representative. Your representative will correct these records in error status according to your written instructions.
The Numbers Show It - Employers who offer a Match or Contribution Make a Big Impact on Retirement Readiness!
Seventy-seven percent of employees who work for an employer offering a contribution to the NC Total Retirement Plans are “Retirement Ready.” That’s nearly 8 in 10 NC employees who – as of today – are on track to replace 80% of their income each year while in retirement. Just over half of employees (53%) who do not enjoy the benefit of an employer contribution are “Retirement Ready.” That’s a major difference and it shows the big impact employers can make when they chose to offer a match or contribution in one of the NC Total Retirement Supplemental Plans.
Today, more than 450 NC employers offer a contribution or a match. If you are not one, learn more about the impact you could make at myncretirement.com.
Need Employer Training?
The Retirement Systems Division is offering employer training in Elizabethtown and Newton in June. Click on the link below and scroll down to view the subject, date and time.
NC Open Book