Retirement Monitor - April 2019

<p>In this issue:</p> <p>Our Members Matter; State Health Plan Information Sessions Under Way; New Retirement Website Launching in May; myNCRetirement Statements Now Posted in Member&#39;s ORBIT Accounts; Helping Your Employees Be Retirement Ready;&nbsp;Kudos!​</p>

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Table of Contents

Our Members Matter

The Retirement Systems Division’s Member Services mission is to provide exceptional customer service efficiently, respecting others’ time, so we may serve more.

One of our new and exciting Call Center tools that helps us live out that mission is Call Back Assist (CBA).   

When there is a wait time due to high call volume, CBA gives our members the opportunity to be called back, while not losing their place “in line,” instead of remaining on hold until a counselor is available to answer.

Another option CBA gives our members is the ability to schedule a call back when it’s more convenient for them.  

Either way, when members choose the CBA option, their call takes priority over the other calls coming into the department and it gives them back time to do other important things.

We’re hoping you can help us give back precious time to our members by spreading the word.

"Understanding Your Medical Plan Options When You Become Medicare-Eligible" Information Sessions Under Way!

The State Health Plan is offering in-person information sessions on “Understanding Your Medical Plan Options When You Become Medicare-Eligible.” These popular, free sessions are designed for active employees who will soon be 65, are already 65 or older, and retirees getting ready to turn 65.
 
Each session lasts approximately 2 hours and will explain important information regarding Medicare, their retirement health benefit options and offer the opportunity to ask questions. 
 
The in-person sessions are held across the state and will run through June. Employees should visit the State Health Plan website to register for one of the onsite events.

If employees are unable to attend an in-person meeting, the Plan is offering convenient online webinars on the same topic now through July. Employees interested in a webinar can click here to register for one of the webinars.

 

 

New Retirement Website Launching Early May​ 

The Retirement System’s website will launch in early May. We’re very excited to update our site for our members, employers and other stakeholders. The myNCRetirement.com web address will continue to work, but you may want to visit the site sometime in May to update any links you may have bookmarked on the old site.

Please note that this redesign will not affect ORBIT.

 

 

Helping Your Employees Be Retirement Ready

Each and every day the Retirement Systems Division and participating plan employers work together to help our members be financially prepared for their retirement years. To do that, we provide invaluable tools for employers to use to help keep their employees informed and offer long-term, retirement solutions.

Take Advantage of the Recently Released myNCRetirement Statements
One of the most comprehensive tools provided by the Retirement Systems Division is the myNCRetirement Statement (MRS). The MRS gives your employees an overall look at their retirement accounts and helps them learn whether or not they are projected to be able to replace at least 80 percent of their pre-retirement income. 

A common retirement misconception is that your pension and social security benefits will be enough to replace at least 80 percent of your income after retirement, also known as being “retirement ready.”  In reality, only 47 percent of our state and local government employees with just those two accounts are ready for retirement. By contrast, 72 percent of participants who are enrolled in a pension, social security and at least one supplemental plan are on the right track to retirement readiness.

Encourage your employees to view their MRS today by logging into their ORBIT account.

There’s More You Can Do as an Employer
The NC Supplemental Retirement Plans are valuable tools that help your employees prepare for a more financially secure future. But did you know there’s more you can do than simply including these plans in your benefits offering? Adding an employer contribution when offering the plans is an important step that more than 460 public employers in North Carolina have already taken.

Not only is offering an employer contribution to the plans a powerful motivator for enrollment, but they are often more affordable than a salary increase, and they can help you stick out among the crowd when recruiting new employees.

To learn more about enhancing your benefits package with an employer contribution to the supplemental plans, contact your Retirement Education Counselor or call 866-NCPlans (866) 627-5267.

Part of our responsibility to you as the employer is to ensure you have all you need to sufficiently and effectively manage your employee’s retirement savings accounts. When you succeed, we succeed. Learn more about and take advantage of all we can offer you by visiting the plan sponsor site today or giving us a call at the number above. 

 

Kudos!

Kudos graphic for April 2019

 

 

 

 

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