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Treasurer Cowell Talks Retirement Readiness with Carrboro Teachers

For Immediate Release

September 25, 2014

Treasurer Cowell Talks Retirement Readiness with Carrboro Teachers

New state-sponsored 403(b) program to help educators save for retirement

CARRBORO, N.C. - State Treasurer Janet Cowell visited Carrboro Elementary School on Thursday to congratulate Chapel Hill-Carrboro City Schools' leaders for adopting the new NC 403(b) program. The centralized, state-sponsored NC 403(b) Program is designed to give school districts another option to help their teachers and faculty more effectively plan for retirement.

Addressing a crowd of teachers, Chapel Hill-Carrboro City Schools staff members, and elected officials, Treasurer Cowell emphasized the benefits of the supplemental retirement program. By offering a statewide plan with enhanced oversight and leveraged economies of scale, Cowell believes that members will be able save more effectively over the course of their careers.

"I understand the challenges teachers face - my mother is a school teacher and I know how hard you work," Treasurer Cowell told those in attendance. "The NC 403(b) Program offers a vetted, state-sponsored, low-cost plan that can help provide for you when you retire. I am excited to have teachers and educators begin to sign up for this benefit."

The Department of State Treasurer is highly focused on the issue of retirement readiness, with nearly 68 percent of all active North Carolina public employees currently on track to replace 80 percent of their pre-retirement income. The addition of the NC 403(b) will help drive that number even higher. To date, 27 school districts statewide have adopted the Program.

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The NC Total Retirement Plans offer state and local employees access to the NC 401(k), 457, and 403(b) Plans as a means to save for retirement. The plans contain combined assets of more than $8.5 billion for more than 294,000 participants. For more information, visit www.myncretirement.com.