After-tax deductions go into these plans after taxes have been paid. Carolina Talent YOUR GUIDE TO GETTING STARTED University of North Carolina Optional Retirement Program Invest in your retirement and yourself today, with help from the University of North Carolina ORP and Fidelity. Your retirement account with the ORP carrier. This program is an option or alternative to the North Carolina Teachers' and State Employees' Retirement System (TSERS). NCFlex offers a TRICARE Supplement Plan, which is available to military retirees or qualified National Guard and Reserve members. Read it carefully. To be eligible for group health insurance you must be receiving a monthly retirement benefit under the UNC ORP. Plans are effective the 1st of the month after hire date. Under current law, if you were first hired prior to October 1, 2006, and retire with five or more years of Optional Retirement Program (ORP) participation and receive a monthly benefit under the ORP, you are eligible to participate in the States Retiree Health Plan at little to no cost. The Exit Interview should take approximately 15 minutes and will cover such topics as: Keys (to buildings, desks, drawers, filing cabinets, etc. Submit Forms within 60 calendar days of eligibility. The UNC 403 and a UNC 457 plans are supplements to TSERS (Teachers and State Employees Retirement System) and ORP (Optional Retirement Program), the two mandatory retirement plan options offered to state employees. The value of your account is based on the amount of contributions made to your account and the performance of the investment funds you select. We offer the benefit plans you would expect from a leading employerincluding employer paid medical and retirement for eligible employees and a variety of health, life and income protection plans which can be valuable to your specific needs. Since you select the investment vehicle(s) for the contributions you assume the investment risk for your retirement plan. Take a look and see what a difference enrolling in these plans could make in achieving your goals. How Do I Choose? University of North Carolina Retirement Programs UNC offers multiple retirement programs to suit your needs. Contributions begin on day one of eligibility and retroactive contributions are deducted in one lump sum. There is no investment risk for the individual since the state takes on the risk and guarantees the retirement benefit. 919-843-2300 UNC-Chapel Hill, 104 Airport Drive University of North Carolina 403 (b) Plan (UNC 403 (b) Plan) Plan ID: 08310. All deductions are withdrawn from your pay on a pre-tax basis, which lowers your taxable income and saves you money. This allows the online systems to electronically shake hands for your enrollment. Review the UNC System Retirement Planning Guide. PDF UNC-Chapel Hill Faculty Retirement Planning Guide The ORP is a defined contribution plan. Read over the first page then scroll to the bottom to continue. Contributions to your account are made by you and the University. 2 Total returns are historical and include change in share price and reinvestment of dividends and capital gains, if any. Qualification for unreduced or reduced benefits. Eligibility requirements are specific to your retirement plan. If an ORP participant leaves UNC System employment before completing five years of participation, but within 12 months of separation from the UNC System, and continues participation in a core retirement plan at another institution, as outlined in the Plan document, the UNC System will vest the participant in the value of the UNC System contribution. . The retirement benefit for a defined benefit plan is based on a formula and not on the amount you or the state contribute. Newly hired/newly eligible employees have 60 calendar days to make a retirement choice/election between the two mandatory retirement plans. Investing involves risk, including risk of loss. UNC Optional Retirement Program (ORP) The University of North Carolina Optional Retirement Program (ORP) is a defined contribution plan. Schedule time with a financial professional to get help with your financial goals. 104 Airport Drive TSERS. Local Gov't/Legislative/Judicial Retirement Transfer & Reciprocity ORP Enrollment Form Carriers: Fidelity Investments and TIAA. Before investing, consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. Employees are 100% vested in the UNC Systems contributions after 5 years of participation in the ORP. The UNC 403 and a UNC 457 plans are supplements to TSERS (Teachers' and State Employees' Retirement System) and ORP (Optional Retirement Program), the two mandatory retirement plan options offered to state employees. addition, without expressly or constructively terminating this Agreement, The University . CB #1045 Payroll Services It then enables users to compare the plans and to help them estimate and compare possible future benefits using a hypothetical illustration. For more details about the State Health Plan of North Carolina, please watch these videos. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance. Mandatory Retirement - uncfsu.edu Your Retirement, Your Choice In this guide, we'll introduce you to the programs and . UNC-Chapel Hill 2023 UNC Charlotte. Once enrolled, you may not change election (irrevocable). Chapel Hill, NC 27599-1045, Human Resources Login now. Note: To continue the State Health Plan coverage in retirement, the employee must elect and begin to receive a monthly retirement payment option from the ORP carrier. For more information about retirement options, review theMandatory Retirement Plan Decision Guide. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917. All rights reserved. The default investment is a life-cycle fund based on your age. Employees approaching retirement should review the Retirement Planning Guide. The annual retirement benefit for the Optional Retirement Program (ORP) is based on: Your final accumulation in the plan (contributions, investment and dividend earnings) . With a Defined Benefit Plan, benefits are based on salary, years of service and a retirement factor. The employee determines the investment direction of both contributions. 12 for more information. See pg. 3In general, the bond market is volatile, and fixed income securities carry interest rate risk. The method of payment you elect at the time of retirement. First Step Choose how much to save. About Human Resources The University of North Carolina System offers this plan as part of workplace benefits. The University provides employees with access to a variety of benefit plans that promote health and wellness, in addition to helping you build financial resources for retirement. For more information or to open a self-directed brokerage account, first enroll in your Fidelity workplace retirement savings plan. At any time, you may use investments from any and all tiers. Retirement System) or ORP (Optional Retirement Program). It is recommended that employees contact their Benefits Consultant to schedule an appointment to complete the appropriate documents to begin the retirement process approximately 90-120 days in advance of their effective retirement date. The ORP is a defined contribution plan. Fidelity and/or TIAA), . Under the ORP, you control your investment choices, distribution methods, and retirement goals, whereas the State controls the investments under TSERS. PDF Your Mandatory Retirement Plan 2019 Decision Guide - UNC Human Resources PO Box 1510 Pembroke, NC 28372, Political Science and Public Administration, Southeast American Indian Studies Program, University School Partnerships and Clinical Practice, Teachers' and State Employees' Retirement System (TSERS), Equal Employment Opportunity/Affirmative Action, Average salary based on the highest 48 consecutive months of earnings, Multiplied by a Retirement Factor of 1.82%, Multiplied by your creditable years of service, 30 years of creditable service at any age or, Your final accumulation in the plan (contributions, investment and dividend earnings). IMPORTANT: TIAA doesn't offer loans on Roth accumulations in 403(b)/401(k) plans. The Standard Long Term Disability Plan is best suited for those employees who participate in the Optional Retirement Program. . How Do I Enroll? These benefits include Dental, Vision, Health & Dependent Day Care Flexible Spending Accounts, Cancer, Critical Illness, Voluntary Accidental Death & Dismemberment, and Group Term Life Insurance. Employees who participate in the ORP are immediately 100% vested in their own contributions. Submit the enrollment formwithin 60 calendar days of eligibility. ** The current yield of the money market mutual fund listed above reflects the current earnings of the fund, while the total return refers to a specific past holding period. If you become disabled, the total value of your Optional Retirement Program account is available for income benefits that will begin upon retirement. Late enrollment also requires additionalevidence ofinsurabilityfor consideration. You should compare investments and share classes that are available in your plan's lineup with those available through BrokerageLink, and determine the available investment and share class that is appropriate for your situation. That will allow you to set up your account. Benefits 2023 - University of Northern Colorado Chapel Hill, NC 27599 As a result, the University will deduct the contribution from your pay before calculating federal or state income tax withholding. Phased Retirement - University of North Carolina at Charlotte PDF The University of North Carolina Optional Retirement Program Comparison Domestic Partner Dental Insurance *** The yield without applicable waivers or reimbursements, whenever Fidelity is subsidizing all or a portion of the fund's expenses as of the current reporting period. Our calculator can help you determine what's right for you. Office of Human Resources I want to open a new retirement account, University of North Carolina Optional Retirement Program (UNC ORP). First, you must choose from the two carriers, and then you must select from the different investment funds to meet your investment objectives and goals. PDF University of North Carolina Phased Retirement Application and Employee contributions to the Optional Retirement Program are made on a pre-tax basis as provided under Section 414(h) of the Internal Revenue Code. Important Information About Upcoming Request for Proposal for UNC Choose the plans you would like to enroll in and select Enroll Now: For your convenience, you can complete the online enrollment process for all of the following plans: University of North Carolina Optional Retirement Program (UNC ORP) Plan ID: 57555. The University of North Carolina Optional Retirement Program (ORP) is an option or alternative to the North Carolina Teachers and State Employees Retirement System (TSERS) for faculty and staff. Tenured faculty occupying full-time administrative or staff positions are eligible to participate in the program when they vacate such positions. Supplemental Retirement Plans (UNC System 403(b) Plan, NC 401(k) Plan, NC Deferred Compensation Plan (457(b) Plan), and the UNC System 457(b) Plan. Email: mathew.morgan@tiaa.org PDF Optional Retirement Program 2023 Summary - Fayetteville State University Benefits Forms - UNCSA - University of North Carolina School of the Arts Voluntary supplemental disability benefits plans are available for long-term disability coverage; premiums are payroll deducted. Login now. You can start, stop and change these plans and deductions whenever you want (subject to payroll processing timelines). To resign from a position due to retirement, a letter should be submitted to your supervisor (with a cc: to the Library HR Office) indicating that you are leaving your position. The University has authorized two companies to offer investment products under the ORP: Fidelity Investments and TIAA. Customer Service: 1-800-842-2888https://www.tiaa.org/public/tcm/unc, 1 University Drive Under the Enroll Online section, click on the UNC Asheville Retirement Plans link. 1-800-343-0860 (Retirement Services) UNC makes supplemental retirement savings programs available to eligible employees as authorized under Sections 403(b)(1), 403(b)(7), 457(b) and 401(k) of the Internal Revenue Code. Retirement | Human Resources | UNC Charlotte Your Retirement, Your Choice At The University of North Carolina (the University), we know how important it is to prepare for retirement. For more information, please visit the Office of Human Resources website: Leaving University Employment. The UNC Phased Retirement Program (PRP) is designed to provide an opportunity for eligible full-time tenured faculty members to make an orderly transition to retirement through half-time service, as reflected in the PRP policy and guidelines. ORP-1 Form (Election and Forfeiture Agreement), ORP-2 Form (Notice of Change in Retirement Vendor), ORP-3 Form (Acknowledgement of Participation), Fidelity UNC ORP Investment Options Guide. University Policies Contribution allocations may be changed during any future month for which the payroll office can accommodate the change. | Email: benefits@unc.edu | Fax: 919-962-6010. In addition, participants of the Optional Retirement Program are covered under theNorth Carolina Disability Income Plan(DIPNC). CB #1045 If you have questions, please contact the Benefits and Leave Administration Office at: benefits@unc.edu or ask a Benefits Consultant during your in-person Welcome to Carolina Blue new employee orientation program. Optional Retirement Program (ORP) | Human Resources | ECU Employees must complete 5 years of membership service (5 years of contributing to TSERS) to be fully vested in their retirement benefits. You can find the ORP-1 Form by clicking here. 910.521.6000, Lumbee Hall 347 704-867-8622 Investing involves risk, including risk of loss. Investment return and principal value of an investment will fluctuate, therefore you may have a gain or loss when you sell your shares. Employees enrolled in this plan contribute 8% of their salary to TIAA, MetLife, or AIG while UNC contributes 11.5%. The University contributes toward the monthly cost of coverage for regular full-time employees. 104 Airport Drive Retirement | Office of Human Resources You can then register with TIAA. Optional Retirement Program - UNC Human Resources Once enrolled, you may not change your election (irrevocable). Principal invested is not guaranteed. hr@unc.edu, Careers Employees enrolled in the ORP can access and manage their retirement account through their designated carriers website: Employees enrolled in the ORP are immediately 100% vested in the value of their contributions. Ifan employee hasat least5years of contributory retirement service, but less than10years of retirement service credit,the employee is eligible for coverage but will pay 100% of the cost of coverage. Use this information, in addition to the information found on new.unc.edu to make your retirement decisions and make sure you are starting off on the right track toward saving for retirement as you further your career here at UNC. The value of your account is based on the amount of contributions made to your account and the performance of the investment funds you select. These figures do not include the effect of sales charges, if any, as these fees are waived for contributions made through your retirement plan. 919-843-2300 Under the ORP, you control your investment choices, distribution methods and retirement goals, whereas the State controls the investments under TSERS. On theTIAA website, select UNC Asheville as your campus. The University of North Carolina Optional Retirement Program (ORP) is an option or alternative to the North Carolina Teachers and State Employees Retirement System (TSERS) for faculty and staff. Western Carolina University - Benefits Each ORP carrier makes available optional forms of payments and a variety of retirement payment options designed to allow you to tailor-make your retirement program to meet your financial needs. An employeemay be eligible to continue health insurance under the North Carolina State Health Plan when retiringand electing to begintheirmonthly retirement benefit. Employer and employee contribution percentages are established by the General Assembly. Submit the enrollment formandhealth statement(if applicable) within 30 days of eligibility or qualifying life event. Retirement Programs - The University of North Carolina at Pembroke Confirm an exit interview appointment with the Library Human Resources Office (see Exit Interview below for details). Enter your SSN and 57555 as the access code. The University contributes an amount set by the state legislature each year which funds the: The University contribution to TSERS is not a match to your contribution, it can change each year and does not go into the same account as your 6% contribution. The two retirement programs available to UNC Pembroke employees are: Teachers and State Employees Retirement Plan (TSERS). Step One It's complimentary, thanks to your employer. Retirement Planning: New Employees - UNC Human Resources In the event of the plan participants death, the total account value (employee and employer contributions) becomes 100% vested and available to the designated beneficiary(ies) on record. The University of North Carolina Optional Retirement Program (ORP) is an option or alternative to the North Carolina Teachers' and State Employees' Retirement System (TSERS) for faculty and staff. Vested participants in the UNC ORP may beeligible to continue group health insurance coverage as a retiree under the State Health Plan. The effective date of retirement is always the first day of a month. Email: jared.mcvey@fmr.com Participation in a retirement plan is mandatory for permanent employees working 30 or more hours per week. This consequence is irrevocable. Features include Affordable Care Act (ACA) preventive services covered at 100% if performed by an in-network provider and wellness premium credits that reduce your monthly cost. Institutional Research + Effectiveness Planning, Benefits, Employee Wellness and Work Life, Your Mandatory Retirement Plan Decision Guide, Schedule an Appointment with a Fidelity Consultant, Schedule an Appointment with a TIAA Consultant, Explore Asheville, NC | Visit Asheville, NCs Official Tourism Website, Locally: Cleo Morgan, phone: 1-800-642-7131/ email: Cleo.Morgan@fmr.com, 1-800-842-2776 (Telephone Counseling Center). To leave contributions, withdraw, rollover ORP accounts, or participate in similar plan with another education institution, please contact: Melanie Johnson, Benefits Manager 828-227-7218 mjohns15@unca.edu. UNC Group Term Life Insurance Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement. hr@unc.edu, UNC-Chapel Hill Note: Employees in the ORP who leave UNC Asheville employment should complete anORP-3 formand submit it the HR Benefits Office. Benefit Program Administration recommends that application be made at least 60 days prior to the planned retirement date in order to ensure timely payment of the first retirement check. Schedule an appointment with the Benefits Specialist at the Office of Human Resources (962-3071) to file an application of retirement with the Retirement System, Step Three UNC Charlottebenefits@charlotte.edu704-687-8134, ORPTIAATamara Johnson Gratetamjohnson@tiaa.org704-988-1456FidelityJared McVeyjared.mcvey@fmr.com704-614-4167. Username: Your username (up to 15 characters) can be a customer ID that you've chosen or your Social Security number (SSN). Submit a Letter of Resignation With a Defined Contribution Plan, retirement benefits are based on the accumulation (your contributions, the university contributions and the interest and dividends earned) and your age at the time you begin the benefit. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. PDF University of North Carolina Retirement Programs - Human Resources Mandatory Retirement Plan Election FormMandatory Retirement Plan Decision Guide, The Teachers and State Employees' Retirement System (TSERS). Employees may also elect to receive a lump sum distribution, as permitted by the Optional Retirement Program carrier(s), or leave the balance on deposit to accumulate tax-deferred earnings until a retirement payment option is elected. Waivers and/or reimbursements may be discontinued any time. Diversity & Inclusion Supplemental Retirement Plans - UNC Human Resources The purpose of this website is to present some basic information about retiring from either the Teachers and State Employees Retirement System (TSERS) or the Optional Retirement Program (ORP). From the Self Service page, click on the My Benefits tile. Expand All What are my retirement plan options? Did you know that the UNC System provides a unique set of supplemental retirement plans for faculty and staff? UNC Optional Retirement Program With a Defined Contribution Plan, retirement benefits are based on the accumulation (your contributions, the university contributions, and the interest and dividends earned) and your age at the time you begin the benefit. Retirement Programs UNC-Chapel Hill offers multiple retirement programs to suit your needs. Once an enrollment or default has been submitted, the selection is irrevocable. This plan aligns with the Teachers and State Employees Retirement System (TSERS). Employee contributions to The University of North Carolina Optional Retirement Program are mandatory and are made on . An employee is considered fully vested after five years of participation in the ORP. There are no age or service requirements to meet in order for a vested participant to begin receiving a benefit. For more information about retirement options, review the Mandatory Retirement Plan Decision Guide. Welcome to Carolina Blue: Benefits Materials The employee will also need to set up an ORP account with TIAA and/or Fidelity (see What Are My Choices below).
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