Costs to You
The North Carolina Retirement Systems does incur small administrative costs in processing these transfers, specifically to answer questions from members, set up recurring payments, and complete the transfer. In order to avoid passing these costs on to members who do not elect the transfer or to the taxpayers, the Supplemental Retirement Board of Trustees has established a one-time fee of $100 per account transferred to be subtracted from the transferred amount before calculating the monthly benefit. Because the ongoing cost of a monthly direct deposit is minimal, there are no additional fees charged after the one-time fee. The one-time fee is charged only if you chose to complete the transfer.
The fee above is much lower than what many private providers would charge. We are able to keep the fee low by building on existing economies of scale from running the Retirement Systems and avoiding marketing costs and sales commissions.