Length of Payments

If you need additional income in retirement, you may ask yourself if you need that income for a fixed period of time or for the rest of your life.   

Examples for needing additional income Fixed period or lifetime?
Fill a gap until you start Social Security​ Fixed period
Make remaining payments on a mortgage Fixed period
Pay college tuition for children Fixed period
Cover basic living expenses (food, clothing, utilities) Lifetime
Cover recurring optional expenses Lifetime
IRS required minimum distributions Lifetime
Ongoing medical expenses​ Lifetime​


The NC 401(k)\NC 457 Transfer Benefit is designed to provide monthly income for the rest of your life, and possibly a survivor, from the time you transfer the funds from the plan(s) to your retirement benefit. If you need income only for a fixed period of time, a systematic or partial withdrawal directly from your NC 401(k)/457/403(b) may be a better alternative.
The NC 401(k), NC 457, and NC 403(b) accounts feature systematic withdrawals that let you establish recurring income planned to last for a fixed period of time, or until your balance is reduced to $0. Contact Prudential Retirement or TIAA-CREF for more information on this option.


Features of systematic withdrawals include:

1. The money remains in your NC 401(k), NC 457, NC 403(b) or any supplemental  account and remains invested as you specify. 

2. You can change or cancel the systematic withdrawal at any time; and, if you die before withdrawing your full balance, the remainder will go to your designated beneficiary(ies). There may be certain restrictions if you choose to receive a life expectancy payment from the plan(s).