Reminder – Employer Contribution Rates Increasing January 1, 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 employer contribution rate increases for general employees that will be charged for service rendered to the agency after January 1.
The new employer contribution rate is applicable to all earnings for the month of January 2017 and must be submitted to the Retirement Systems Division by the fourth business day of February 2017 (no later than February 6, 2017).
Final Reminder: Correcting Employer ORBIT Reporting Errors-last time before ABS issued
The Retirement Systems Employer Reporting team indicates that many state and local employers have at least one error that will prohibit one or more of their employees from receiving their Annual Benefits Statement this year.
To help us provide an accurate ABS for your employees this year, please correct all outstanding ORBIT reporting errors no later than February 10, 2017. If errors are not corrected in a timely manner, your employees may not receive their ABS, or may receive an incorrect statement.
We appreciate your important role and continuing support in providing timely and accurate information about your employees to the Retirement Systems Division through ORBIT reporting.
Host a Retirement Planning Conference
We have a request for HR Directors in the public school systems: If you have a Teacher Work Day coming up, how about hosting a Retirement Planning Conference?
These conferences will provide an orientation for new members, pre-retirement planning information for members closer to retirement, and educational information for personnel officers and others who handle retirement matters. In addition, Prudential Retirement, our third-party administrator, also offers information on the NC 401(k) and NC 457 Plans, and the NC 403(b) Program.
To host a Retirement Planning Seminar call Doug Mayer, Educational Outreach Coordinator at (919) 814-4043 or email Employer.Training@NCTreasurer.com with your request.
NC 403(b) Program Recordkeeping and Communications Transition on Track for February 22
The Department of State Treasurer and the North Carolina Total Retirement Plans are on track for a successful transition of NC 403(b) Program recordkeeping and communications services, as planned, on February 22. We’re excited about this transition from TIAA to Prudential Retirement, which has been proudly supporting the retirement readiness of our North Carolina Total Retirement Plans’ participants since 2003. If you offer the NC 403(b) Program, be on the lookout for another detailed email coming to your Inbox this week, highlighting specifics of the transition — including important dates, asset transfer information, and fund lineup change, as well as a copy of the participant letter mailed this week.
NC ABLE Launches January 26, 2017!
NC ABLE launches January 26 at NC.SaveWithABLE.com (link will not work until Jan. 26). These affordable and tax-advantaged accounts allow eligible individuals to save up to $14,000 a year without endangering eligibility for certain means-tested federal and state benefit programs, including Medicaid and Supplemental Security Income (SSI). Parents/guardians of children with disabilities can open accounts on behalf of those who qualify.
NC ABLE accounts aren’t just for education expenses! ABLE account funds can be used to pay for a wide variety of qualified disability expenses including rent and housing expenses, transportation and educational expenses, employment training and supports costs, assistive technology costs, and many other approved expenses. Enrollment takes only a few minutes and is completed ONLINE. Starting Jananuary 26, visit NC.SaveWithAble.com. Keep in touch with us on Facebook, Twitter and Instagram.