Retirement Monitor - September 2018

<p>In this issue:</p> <p>How to Report Military Differential Pay in ORBIT; State Health Plan Open Enrollment Set for September 29-October 31, 2018; Survey Shows NC 401(k)/NC 457 Plan Fees are Nearly Half Those of Our Peers; Kudos!​</p>

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ORBIT logoHow to Report Military Differential Pay in ORBIT

Some employers voluntarily agree to continue paying full wages to their employees who are called to active duty. This type of pay is called military differential pay. Military differential pay is intended to make up some or all of the difference between the employee's higher civilian salary wages and his/her active duty military pay.

Military differential pay should be reported through ORBIT with a pay type of “Summer Pay” so that the Retirement Systems Division (RSD) can process the member’s payroll record accurately. Currently, many agencies are incorrectly reporting military differential pay as “Regular Pay” which prevents RSD from providing the member with the correct creditable service when they return from active duty.

We appreciate your important role in reporting payroll through ORBIT to ensure that the Retirement Systems has the information necessary to provide accurate benefits to members.

If you have any questions regarding employer reporting, please contact our ORBIT Payroll Reporting Section by e-mail at OER@nctreasurer.com or by phone at 1-877-627-3287.

 

State Health Plan Open Enrollment Set for September 29-October 31, 2018

Your employees who are State Health Plan members will receive a 2019 Open Enrollment Decision Guide in the mail this month which will include information that members can use when they are selecting the best plan for themselves and their families.

Please encourage employees to visit the State Health Plan website for a quick overview of what actions they will need to take during Open Enrollment and some upcoming opportunities to learn more. Webinars to assist active employees with Open Enrollment will be available throughout September and October.

 

Survey Shows NC 401(k)/NC 457 PlanNC Supplemental Plans logo
Fees are Nearly Half Those of Our Peers​

Our more than 275,000 participants make the NC Total Retirement Plans among the largest governmental supplemental savings plans in the country. That means we can – and do – leverage our size to offer high-quality features and benefits at very competitive costs.

Recently, we participated in a benchmarking survey to gauge where we stand on participant costs when compared to our peers. Total annual recordkeeping and administrative fees per participant for the NC Total Retirement Plans 401(k) and 457 are approximately $47 per participant, compared to our peers who charge an average of $73 per participant! In the long run, the work we do to keep fees low means more potential savings for our participants – your employees. These high-quality savings plans continue to substantially support your efforts to recruit and retain first-class personnel. Visit NCPlans.prudential.com to learn more.

 

Kudos!

September Employer Kudos

 

 

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