Retirement Monitor - October 2017

<p>In this issue:</p> <p>Correcting Employer ORBIT Reporting Errors; Verifying Submission of Your ORBIT Report; Changes to Form 170; State Health Plan Open Enrollment is Under Way​</p>






Table of Contents

  • Correcting Employer ORBIT Reporting Errors
  • Verifying Submission of Your ORBIT Report
  • Changes to Form 170
  • State Health Plan Open Enrollment is Under Way​​

Correcting Employer ORBIT Reporting Errors

More than 8,000 state or local employees did not receive a 2016 Annual Benefits Statement earlier this year because of reporting errors. This statement is very important to employees as it provides them with an easy-to-understand, fully customized snapshot of the status of their retirement savings and helps them identify ways to increase their chances of enjoying their retirement. But in order to deliver this valuable resource to employees, we’re relying on you. To help us provide an accurate ABS for your employees next year, please correct all outstanding ORBIT reporting errors no later than December 31, 2017. 

Beginning this month, the Chief of Payroll Processing will be contacting upper management for employers who have not responded to DST staff requests for error correction information. If errors are not corrected in a timely manner, your employees may not receive their myNCRetirement Statement (replaces the Annual Benefits Statement) in 2018 or may receive inaccurate information.

We appreciate your assistance and continued support in providing timely and accurate information about your employees to the Retirement Systems Division through ORBIT reporting.


Verifying Submission of Your ORBIT Report​

The ORBIT employer reporting file is not considered submitted unless two components are posted for the given reporting month. The ORBIT Employer Report encompasses two distinct transactions to comply with monthly contribution reporting to the Retirement Systems Division:

  • Detail File: This file captures all employee demographic and pay information
  • Contribution Summary Instructions (CSI): This file captures all employer and employee contributions and impacts an employee’s ability to receive retirement credit

The Detail File and CSI must be posted for the given reporting month. The CSI must be submitted by 4:30 p.m. on the fourth business day of the month to avoid a penalty.  After each file submission, you will receive a confirmation page. Please ensure that you have a copy of both confirmation pages for each monthly report. Please note that the confirmation page now contains a time/date stamp.

If you are having trouble submitting your monthly file, please contact the ORBIT Reporting Team at 1-877-627-3287 or​ prior to the deadline so our staff can assist you with your monthly ORBIT report submission. If emailing, please include your agency name and number in the subject line.


Changes to Form 170

When a new retiree submits their retirement application or when an existing retiree wants to change their banking information for retirement benefits, they both complete the Form 170, Authorizing Direct Deposit.

The new version of Form 170 requires the member to have the form notarized. We’ve added this additional layer of security because we hold member security and protection as our highest priority.

Our staff continually monitors security concerns and industry trends, and we’ve noticed an increase in the number of financial entities that are targeted by criminals who try to steal member payments by changing direct deposit information without the member’s knowledge. The Retirement Systems Division is making this change to protect our members from this type of fraud and abuse.

If you have printed versions of this form in your office, please discard those. In fact, the most convenient way for your employees to complete this form would be to log in to ORBIT to make their designation. Changes made in our secure website do not require a notary and will not be delayed by mail transit time.

In addition to requiring notarization, we are also extending our processing time to give members a chance to take action if a fraudulent form is submitted or a fraudulent online change is made through ORBIT. This means that forms or ORBIT direct deposit changes received this month will go into effect the following month. For example, if an employee submits a Form 170 or makes an online change this month, the employee will see their retirement benefit in their new account no sooner than next month’s payment.

Also, please inform your employees that while the Retirement Systems Division is processing their Form 170 or ORBIT direct deposit designation, it is best not to make any changes at the bank until the form has been processed and the member sees their retirement benefits posted to their desired account.


State Health Plan Open Enrollment is Under Way!

Changes are coming in 2018 for State Health Plan members. Open Enrollment is under way through Oct. 31, 2017. The State Health Plan’s Board of Trustees, under the direction of Treasurer Dale R. Folwell, CPA, approved several changes for the 2018 benefit year. These changes are meant to reduce plan complexity for members while still maintaining quality health coverage and providing long-term financial stability for the State Health Plan.

For details, click here.

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