Retirement Monitor, October 27, 2004

The Triangle-based SRC, Inc. has recently implemented a new savings plan for government employees and retirees called the North Carolina Accelerated Savings Assets Program, or NCASAP. It is a voluntary savings benefit through which North Carolina employees and retirees earn rebates from everyday shopping with participating merchants.  Those funds are deposited into the savings account of the employee’s choice.  The program is offered in partnership with the NC Department of State Treasurer.

NCASAP is offered at no cost to the employee and does not require a new credit or debit card or a new savings account.  The employee can register an existing credit or debit card with NCASAP and when they use the card at a participating merchant, a rebate is sent to their savings account. 

Employees can enroll up to five credit or debit cards.  None of the personal information collected by this service can be sold or reused by a third party under any circumstances.   After two years of enrollment, the average annual savings per employee is projected to be $200.  Retail merchants fund the service entirely, so neither the State nor the employees pay anything to participate. 

Employees can enroll in the savings program at www.ncasap.com or they can call the toll-free line: 1-877-ASAP BUCKS (877-272-7282), Monday through Friday, from 8:30 a.m. to 6:00 p.m.