Table of Contents
- 2017 myNCRetirement Statements Now Available
- In addition to the MRS, the TBS is available for TSERS Members
- Retirement Planning Conferences and Employer Training
- Virtual Appointments with a Retirement Counselor Now Available
- GoalMaker Enhancements around the Corner!
- Fiduciary Responsibility – The Rules Are Real
- Kudos!
In addition to the MRS, the TBS is available for TSERS Members
Often when we're asked about the value of our compensation as public servants, employees only think about their salary figure. However, they may be surprised to learn that in addition to their salary their employer is contributing as much as 30 percent more in benefits!
To help employees understand exactly what their employer is contributing on their behalf for retirement benefits, health coverage and future Medicare and Social Security federal benefits, the North Carolina Retirement Systems created the Total Benefits Statement (TBS). This tool will help members of the Teachers' and State Employees' Retirement System (TSERS) see exactly how much their employer is contributing for these benefits.
Why is this just available for members of TSERS?
We're rolling out the TBS to members of TSERS first since there are a lot of variations between local government employer benefit offerings. Although you won't see a customized TBS, members of other retirement systems will still see an example with an explanation of the many ways that employers are compensating employees in addition to their salary. Encourage your employees to log in to ORBIT today and check it out!
Retirement Planning Conferences and Employer Training
The Retirement Systems conducts retirement planning conferences and employer training on site, as well as through webinars. Upcoming conferences and trainings include:
May 23 – New Bern
LGERS & TSERS Total Retirement Planning Conference
May 24 – Webinar
LGERS Retirement Planning Conference
May 24 – Webinar
TSERS Retirement Planning Conference
June 13 – Raleigh
Long-Term Disability Benefits (DIPNC) Employer Training
If you have several employees that want to attend a retirement planning conference and there isn't one scheduled near your office, find a room where you can hook up a computer to a larger screen and sign up for one of our webinars!
For registration information and a full list of upcoming conferences and training sessions, click here. If you'd like to host a retirement planning conference or employer training event, contact us at employertraining@nctreasurer.com.
Virtual Appointments with a Retirement Counselor Now Available
When your employees are within 12 months of retirement, if they feel the need to meet with a counselor to better understand their retirement benefits, they may request an appointment through ORBIT. If they live 120 miles (two hours) or more from Raleigh and would prefer a virtual appointment, they should indicate that on the appointment request form. During a virtual appointment, a counselor will use our webinar software to conduct the meeting. Your employees will need a computer or tablet with VOIP (or a telephone) and an internet connection to be able to see and hear the counselor. Our office will provide details when we call to confirm the appointment.
GoalMaker Enhancements around the Corner!
More than 60 percent who participate in the high-quality NC Total Retirement Plans 401(k), 457 or 403(b) choose the easy-to-use, “set-it-and-forget-it” asset allocation tool, GoalMaker, which provides model portfolio options as participants move to and (coming next month) through retirement. We know you have heard a lot about the exciting changes coming to GoalMaker next month. If you need a refresher, or want to point your employees to a great place for information, watch our three-minute video and view participant letters on the DST website.
Fiduciary Responsibility – The Rules Are Real
In an environment where national debates—and litigation—continue and where regulations seem to be in limbo, employers who partner with us on the NC Total Retirement Plans 401(k), 457 and/or 403(b) can rest assured. They benefit from shared fiduciary responsibilities with the Supplemental Retirement Board of Trustees, and its Chair, State Treasurer Dale R. Folwell, CPA, at the helm.
Offering supplemental retirement plans to your employees is one of the best things you can do to recruit and retain them, and it’s also a great way to help them prepare for a secure retirement. However, when you offer a supplemental retirement plan you’re obligated to provide important—and legally binding—fiduciary responsibilities of loyalty and care, including (among many other roles) keeping a strong eye on:
- fees,
- fund managers,
- providers and their relationships to each other,
- investments offered and their performance, and
- much more.
Employers who partner with the NC Total Retirement Plans give their employees the opportunity to invest in best-in-class savings options with some of the lowest fees in the nation. Along with these, employers get the strong partnership with and oversight of the Supplemental Retirement Board of Trustees, which, in its fiduciary role, provides continual oversight of investments, fund managers, fees, providers and more.
To learn more, call your Retirement Educational Counselor.
Kudos!
