Table of Contents
- 2018-2019 Contribution Rates for TSERS Employers Set
- GoalMaker Enhancements Complete: New Enrollment Forms available online now
- Shout Out to Employers Recently Hosting Retirement Planning Conferences
- Kudos!
2018-2019 Contribution Rates for TSERS Employers Set
The 2018-2019 contribution rates for the Teachers’ and State Employees’ Retirement System (TSERS) were set with the approval of the state budget, Senate Bill 99 (Session Law 2018-5),which was enacted on Tuesday, June 12, 2018.
The employer contribution rate payable from July 1, 2018, to June 30, 2019, for TSERS members increased from 17.13 percent to 18.86 percent of the covered payroll of members, effective July 1, 2018. The contributions will be deposited as follows:
| Retirement System Pension Fund | 12.29% |
| Death Benefit Trust Fund | 0.16% |
| Retiree Health Benefit Fund | 6.27% |
| Disability Income Plan | 0.14% |
| | 18.86% from July 1, 2018, to June 30, 2019 |
An additional five percent employer contribution for state-employed law enforcement officers is required in the NC 401(k) Plan. Therefore, the total budgeted employer contribution for law enforcement officers is 23.86 percent effective July 1, 2018. Of this 23.86 percent, five percent is payable to Prudential Retirement (the NC 401(k) Plan administrator), and 18.86 percent is payable to the Retirement Systems Division from July 1, 2018, to June 30, 2019. Should you have questions about the NC 401(k) Plan payment for state-employed law enforcement officers, contact Prudential at NC.Payroll@prudential.com.
NOTE: The NC Retirement Systems’ Payroll Services Section will be updating our system with the new employer contribution rates on Monday, July 2, 2018.
The new contribution rate becomes effective July 1, 2018. Your July Contribution Summary Instruction (CSI) report should include the new required rate of 18.86 percent; otherwise your report will be out of balance. Please ensure that your software is updated to calculate the new rate prior to submission of your agency’s July 2018 ORBIT report.
Please share this information with your Chief Administrative Officer, Chief Financial Officer, and Personnel/Benefits Officer.
Employer Contribution Rate for Participants in the Optional Retirement Program
The total employer contribution rate for participants in the Optional Retirement Program (ORP) remains at 13.25 percent, effective July 1, 2018. Of this amount, 6.41 percent of the covered payroll of ORP participants is payable to the Retirement Systems Division from July 1, 2018, to June 30, 2019. The contributions will be deposited as follows:
| Retiree Health Benefit Fund | 6.27% |
| Disability Income Plan | 0.14% |
| | 6.41% from July 1, 2018, to June 30, 2019 |
GoalMaker Enhancements Complete: New Enrollment Forms available online now
Enhancements to the popular NC Total Retirement Plans GoalMaker asset allocation tool are complete! Now, these award-winning Plans offer more portfolios along participants’ retirement savings path – especially for those early in their careers and for those who are in retirement. Now there’s even more reason to stay in these high quality Plans to and through retirement. Employers, please note that Enrollment and Allocation Change Formshave been updated. Please discard any outdated versions you may have on hand, including those contained in your supply of enrollment kits as well as versions you may have posted to internal web pages. New forms are available on the Forms page at the NCPlans website. If you have any questions, please call your Retirement Education Counselor.
Shout Out to Employers Recently Hosting Retirement Planning Conferences
The Retirement Systems Division would like to thank a few employers for recently hosting a Retirement Planning Conference for their employees, and for employees in their surrounding area. In particular, we’d like to thank:
- Central Piedmont Community College – 180 attendees
- City of Charlotte – Solid Waste Services – 205 attendees
- City of Kinston – 160 attendees
We try and reach all corners of the state with our conferences. If you’d like to host a Retirement Planning Conference, please email employertraining@nctreasurer.com.
If you’d like to see the upcoming schedule of events, including Retirement Planning Conferences in Spindale and Lincolnton (as well as upcoming webinars), and Employer training in Raleigh and online, click here.
Kudos!
