Table of Contents
- 2016 Retirement System Laws
- Retirement Systems Peak Season for Retirement Processing
- Peak Call Season
- Virtual Counseling Sessions Now Available
- Coming Soon: 2016 Annual Benefits Statements!
- IRS Warns of Email Scam Targeting Employers
2016 Retirement System Laws
The 2016 Edition of North Carolina Retirement Systems Laws is now available on our website.
Retirement Systems Peak Season for Retirement Processing
The months of March through July are the time of year when the N.C. Retirement Systems receives an increased number of retirement applications. We make every effort to process retirement applications as quickly as possible.
To facilitate timely application processing, members are encouraged to use the full 120 days available prior to their retirement date to sign and submit their Form 6, Claiming Your Monthly Retirement Benefit.
Upon receipt of the Form 6, the Retirement Systems will process and send additional forms to members to complete and return, including the Form 6E, Choosing Your Retirement Payment Option. Please remind your retiring employees that retirement benefits begin only after they have submitted a completed Form 6E. All forms can be found in ORBIT.
Peak Call Season
The retirement processing peak causes an increase in the number of calls to the Retirement Systems. Wait times have grown significantly during this busy season with wait times of 10+ minutes before a counselor is able to assist. We know how precious time is and we do not want you to spend yours waiting to get retirement answers, forms or information, so we’ve created tools to help you, as well as your employees, find the information you need in a timely manner.
Automated phone system – access your ORBIT information 7 days a week, 24 hours a day at 1-877-627-3287.
FAQs on website – The Retirement Systems has a comprehensive list of FAQs on our website.
ORBIT –
In ORBIT, Active Employees can:
- View creditable service history and contributions
- Download personalized forms
- View Annual Benefits Statements
- View beneficiary designations
- Add or update phone numbers and email address
- Access estimate calculators for personalized estimates for service purchase, retirement benefit, or the NC 401(k)/NC 457 Plan Transfer Benefit
And Retirees can:
- Review benefit payment history
- Download personalized forms
- Update tax deductions
- Add or update contact information, including your mailing address, phone numbers, and email address
- Create a Transfer Benefit estimate
We recently redesigned our ORBIT site. We have developed some Frequently Asked Questions to help members navigate the new ORBIT environment.
Virtual Counseling Sessions Now Available
For members who have to travel 3 hours or more, or have special travel challenges, Virtual Retirement Counseling Sessions are now available. If you have access to a computer, meet these requirements, and an appointment is available before your retirement date, you can take advantage of this option. Email us at NCRetirement@nctreasurer.com to schedule your Virtual Counseling Session. To help us identify your request more quickly, please put “Virtual Counseling” in the subject line of your email.
Coming Soon: 2016 Annual Benefits Statements!
If you are a current North Carolina public employee with more than 12 months of service (as of Dec.31, 2016) your 2016 Annual Benefits Statement will post to your ORBIT account in early May. Your ABS will show your projected sources of income in retirement.
Your ABS lists your service in the NC Retirement Systems as of Dec. 31, 2016, Social Security, and contributions to the NC 401(k) and NC 457 Plans, and the 403(b) Program. The statement also calculates any outside assets (other 401(k), IRA accounts, etc.) that you entered into the Retirement Income Calculator on the Prudential site. These combined assets will be calculated into your projected monthly retirement income.
Stay tuned for the announcement about when you can access your Annual Benefits Statement.
IRS warns of email scam targeting employers
A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in today” message before the request.
The IRS has established a process that will allow employers and payroll service providers to quickly report any data losses related to the W-2 scam. See details at Form W-2/SSN Data Theft: Information for Businesses and Payroll Service Providers. If notified in time, the IRS can take steps to prevent employees from being victimized by identity thieves filing fraudulent returns in their names. There also is information about how to report receiving the scam email even if you did not fall victim.
As a reminder, tax professionals who experience a data breach also should quickly report the incident to the IRS. Tax professionals may contact their local stakeholder liaison. See details at Data Theft Information for Tax Professionals.