Table of Contents
- Coming Soon: Legislative Digests for Affected Employers
- Study Reveals Plan Sponsors Unaware of Role
- Employer Reimbursements
Coming Soon: Legislative Digests for Affected Employers
The NC Retirement Systems is compiling the digests of legislative actions affecting retirement law taken by the General Assembly this year. Employers will receive a special edition of the Monitor in the next few weeks outlining changes that will impact their system.
Study Reveals Plan Sponsors Unaware of Role
In, "Keep this top of mind: You are a fiduciary," Pension & Investments magazine shared startling facts from a J.P. Morgan Asset Management study, revealing that 43% of plan sponsors are unaware of their fiduciary role.
The Supplemental Retirement Board of Trustees, chaired by Treasurer Dale R. Folwell, CPA, provides strong fiduciary oversight of the State-sponsored NC 401(k) and NC 457 Plans, as well as the NC 403(b) Program, which allows employers (as plan sponsors and fiduciaries) to take advantage of investments and certain other services provided by the State’s vendors.
These high-quality, low-fee supplemental plans allow employers who offer them to rest assured – they have a fiduciary partner keeping a continual, watchful eye on fund managers and investment fees, investment performance, participant costs, online and print communications, and educational resources. The Board also keeps a close eye on its vendors’ roles and responsibilities (including their relationships with each other) and on its plan documents’ compliance with IRS requirements. To learn more about the plans, contact your NC Total Retirement Plans local retirement educational counselor.
Employer Reimbursements
Beginning with July 2017 reimbursements, employer reimbursements for the North Carolina Disability Income Plan will be transferred electronically through CMCS (Cash Management Control System). Manual Checks will no longer be issued; however, the employer will continue to receive the DIPNC Employer Reimbursement Report after the transfer is completed. The new payment process will provide a faster settlement of funds and eliminate producing and mailing paper checks. This enhances controls and reduces risk.