Table of Contents
- Retirement Systems Division Experiencing High Call Volume and Peak Season for Retirement Processing
- Speaking of Retirement Processing…
- Statement of Income Forms to be Mailed to Disability Benefit Recipients in February 2019
- Our Website is Being Upgraded
- Telephone Counseling Now Available for Retiring Members
- Dates for 2019 Employer Training Series Announced
- Happy Birthday ABLE!
- Be a Retirement Super Star
- Kudos!
Retirement Systems Division Call Center Experiencing High Call Volume
Due to a recent email we sent regarding taxes, and the high volume of retirements at this time of year, the Retirement Systems Division’s Call Center and member services teams are experiencing very high call and email volume. In an effort to serve you and your employees as quickly as possible, we are recommending that calls be made later in the week and/or that callers take advantage of our new Callback Assist feature when offered.
The Callback Assist feature allows callers to choose between being called back when they are the next person in line or it allows them to schedule a call-back at a time that is more convenient for them. This feature is offered when the system calculates that a caller will be on hold for more than three minutes. The system gives callers who choose this option priority over other incoming calls and ensures that we’re able to respect your time.
Here are some of the most frequently asked questions we’re receiving right now with tips on how to find immediate assistance:
- 1099R: retirement tax forms are available NOW to view, download and print from your ORBIT account. Paper copies will be mailed out by Jan 31, 2019, and reprints may be requested after Wednesday, February 13, 2019.
- ORBIT Access: detailed instructions can be found at https://orbit.myncretirement.com. You can access how-to videos and step-by-step guides on Orbit Help.
- Retirement Application Status: please note that our current processing time is approximately 60 days due to higher than normal volume. If you completed an online retirement application, you can log in to your account at any time to check the status by clicking the “Apply for Retirement Online” menu option. Members who apply online will also receive email reminders about next steps.
Peak Season for Retirement Processing
The months of January through July are the time of year when the N.C. Retirement Systems Division (RSD) receives an increased number of retirement applications, and 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 before their retirement date to apply online for retirement through ORBIT or to submit their Form 6, Claiming Your Monthly Retirement Benefit. The online retirement application uses the same process that we use for paper applications, but has many benefits for members and employers, including:
- Consolidated forms. With the online application's simplified user experience, the retirement process will be more efficient for you and your employees. Every decision that has to be made is combined into one unified online application, instead of multiple paper forms!
- Targeted on-screen help. Integrated videos, examples and links are embedded into the online application and are aimed at educating members on a topic at the exact point they're asked to make a decision.
- Built-in pension rules. The online application ensures that every choice made is within the allowable range of choices that a member can make. These built-in rules prevent delays in the processing of a member's retirement application, making your job that much easier.
As with paper applications, we will still coordinate with you to verify an employee's information, with one small improvement: When your employee retires, RSD will contact you by email and will include an electronic copy of the Form 6C that is prepopulated, so you can help your employee's retirement application process quickly.
We will still accept paper applications, but we encourage members to try the online application. There has been a real outpouring of positive feedback about the online application, and we feel strongly that your employees will enjoy it too.
Speaking of Retirement Processing…
Have you provided your email address to the Retirement Systems Division? To make sure you are informed as soon as your employees submit an online retirement application, we are asking for a specific contact for online retirement applications for faster information verification. Please click here to fill out our online form if you have not already done so. A general email account that is monitored by multiple people and will not change is best for this purpose. If that's not available for your agency, please provide contact information for a second contact in case the first contact is unavailable when one of your employees retires.
Statement of Income Forms to be Mailed to Disability Benefit Recipients in February 2019
The Retirement Systems Division (RSD) will mail approximately 10,000 Statement of Income (SOI) forms in February 2019 to disability benefit recipients. North Carolina law requires each disability benefit recipient to report earnings from employment and benefits from certain other sources each year to RSD.
Any benefit recipient failing to respond by April 15, 2019, may have his/her monthly disability benefit suspended. If the monthly benefit is suspended, any State Health Plan health coverage the benefit recipient was receiving will also be suspended. If the benefit is suspended, and we later receive the required information, the monthly benefit may be re-instated retroactively; however, the State Health Plan coverage, if applicable, will not be re-instated retroactively. As a result, a benefit recipient may experience a lapse in health coverage for a month or more.
Please inform any employees you have who are receiving disability benefits to be on the lookout for this Statement of Income form and emphasize the importance of completing and returning that form.
Our Website is Being Upgraded
In early 2019, the myNCRetirement.com website will be completely redesigned! We’ve collaborated with the Department of Information Technology and with members to reimage how our site is structured. We are working diligently to develop a simpler menu structure that focuses on what visitors to our site look for and removes the barriers to finding that information. We feel confident that the new website will be easier to navigate and will be both mobile-friendly and ADA compliant.
Stay tuned for more information!
Telephone Counseling Now Available for Retiring Members
In addition to in-person and virtual counseling sessions, the Retirement Systems Division now offers telephone one-on-one counseling appointments for members within one year of their retirement date. To schedule a counseling session, contact 877-627-3287, select active employee, and then select option 5 and indicate that you or your employee would like to schedule a telephone appointment. You can also email us at nc.retirement@nctreasurer.com to request an appointment.
Dates for 2019 Employer Training Series Announced
Last year, the Retirement Systems Division offered a series of employer training sessions for TSERS and LGERS human resources personnel, employees assisting in retirement-related matters and employees responsible for ORBIT payroll reporting. These sessions were a big hit, so we’re offering them again in 2019! Training sessions are held in our office or via a simulcast webinar. You may attend one or all parts of your system’s series. If you attend all parts of a series, you will receive a Certificate of Completion from the NC Retirement Systems.
A full list of the TSERS and LGERS training sessions can be found on the Employer page of our website. Employers can attend a training session by registering through the EventBrite registration link provided.
If you’re interested in hosting an employer training session at your location, send us an email us at employertraining@nctreasurer.com.
Happy Birthday ABLE!
It’s been two years since the launch of the NC ABLE Program, and we’re celebrating! Nationwide, more than 13,000 people with disabilities have opened Achieving a Better Life Experience (ABLE) accounts, which allow qualified individuals to save for today’s needs and invest for their future plans, while still maintaining critically needed Medicaid and other supports. In all, NC ABLE Program participants have saved more than $3 million in total assets, while individual balances in NC ABLE accounts average just over $5,500 – more than double the “countable resource limit” of $2,000 as set by law.
“We understand that living with a disability or supporting someone with one can add some challenges to everyday life. Saving and investing shouldn’t be one of them,” said Marquita Robertson, Executive Director of The Collaborative and member of the NC ABLE Program Board of Trustees. “This program allows these individuals the chance to plan for their future without putting their much-needed benefits at risk. It’s truly revolutionizing investment and savings options that once weren’t available.”
NC ABLE account funds can be used to pay for a wide variety of qualified disability expenses including rent and housing expenses; transportation and educational expenses; employment training and supports costs; assistive technology costs; and many other approved expenses. Contributions are limited to $15,000 per year. Rule changes in the federal 2017 Tax Cuts and Jobs Act now permit more savings for those participants who work and permits roll-ins from some 529 college savings accounts. To learn more or enroll, visit NC.SaveWithABLE.com or call 888-627-7503.
Be a Retirement Super Star
There is no question of the value of North Carolina’s K-12 teachers and community college faculty and staff. As an employer of these individuals, you want to make sure they are taken care of in every aspect of their employment, including retirement, but maybe you’re unsure about what it means to be a plan sponsor of a retirement program like a 403(b).
This is a common question for employers. You can leverage the partnership you already have with the Department of State Treasurer to help.
When you offer a 403(b) program, you give these valuable employees the opportunity to save for retirement and enjoy financial security within retirement. That’s what we call being “retirement ready.”
As part of your role, you have important fiduciary responsibilities like loyalty and care, including (among many other roles) keeping a strong eye on:
- fees,
- fund managers and their relationships to you,
- investments offered and their performance, and
- much more
Sounds intimidating, right? You don’t need to worry; the Department of State Treasurer is here to help.
When choosing the NC 403(b) Program, the Supplemental Retirement Board of Trustees provides continual oversight of investments, fund managers, and fees, as well as the opportunity to use plan documents approved by the Board. This way you’re providing a solid retirement option for your staff, but you’re not flying blind.
To learn more about the NC 403(b) Program and offer high-quality, low-cost investment options, call your Retirement Educational Counselor.
Kudos!
