ORBIT

Retirement Monitor - March 2, 2021

Tuesday, March 2, 2021

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Table of Contents

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Graphic with a triangle and the text 5th at 5:00 in it and exclamation points around itEmployee and Employer contributions are due via the monthly Contribution Summary Instructions (CSI) by 5:00 p.m. on the 5th business day of the month along with the Monthly ORBIT payroll report. This schedule information is also located on our website.

 

Do you offer one or more of the North Carolina Supplemental Retirement Plans (NC 403(k), NC 457 Plans, or the NC 403(b) Program) and have employee(s) that have separated employment? Let us know so we can code the employee(s) account(s) properly, assist with a  timely stop to employer contributions, if any, and work towards a seamless transfer of benefits if the employee has started work with another eligible employer.  Visit NCPlans.retirepru.com for employer specific guidelines or connect with your Retirement Education Counselor.

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Graphic with the words "All in a Day's Work and the NC Total Retirement Plans logo

 

What to Report on Statement of Income Forms for 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. The deadline to submit the completed 2020 Statement of Income form to the Department of State Treasurer, Retirement Systems Division is Monday, June 1, 2021.

Disability recipients should report the GROSS amount of any salary, fees, and commissions for work or services performed, and other benefits paid to you for the previous year. However, they are not required to report any stimulus money or unemployment benefits on their Statement of Income form that they received during the 2020 tax year because of the coronavirus pandemic.

View our Statement of Income Frequently Asked Questions on our website.

 

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Local Governmental Employees’ Retirement System Contribution Rate Changes

The Board’s policy increases in the “base” rates effective July 1, 2020, and July 1, 2021, equal to 1.20 percent of reported compensation each year, as follows:

Effective Date Non-Leo "Base Rate" LEO "Base Rate"
July 1, 2020 10.15% 10.90%
July 1, 2021 11.35% 12.10%

 

 

 

 

In 2019, the Board was presented with several options and, with the support of local government association groups, chose this gradual increase over no action.
 

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Graphic with the words Notification: Local System Court Cost Offset to Employer Contribution Rate for Law Enforcement Officers

 

Pursuant to N.C. General Statutes §143-166.50(d), the Department of State Treasurer is required to use certain funds derived from court costs to offset employer contribution rates paid for law enforcement officers participating in the Local Governmental Employees’ Retirement System (LGERS). The department reviews receipts of these funds and updates the offset periodically.

The Executive Director of the Retirement Systems Division has set the Court Cost Offset on the LGERS Employer Contribution Rate at 0.20% of Law Enforcement Officer payroll for the fiscal year beginning July 1, 2020.

 

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Graphic with the words "How to Report a Felony Forfeiture" on it

 

The North Carolina Department of State Treasurer (DST) Retirement Systems Division (RSD) is responsible for reviewing and applying North Carolina’s Felony Forfeiture Statutes (N.C.G.S § 128-38.4A ; N.C.G.S §135-18.10A), to the retirement accounts of state and local government employees who are convicted of any felony under federal law or the laws of this State related to their employment or holding office.

The Compliance Section within RSD has created a Felony Forfeiture email address that allows State and Local Government Employers and Citizens to report an employee who has been criminally charged with an offense committed while in service as a State or Local Government employee, or holding office.

How to Report a Felony Forfeiture:

Email: FForfeitureReporting@nctreasurer.com

Or Write to:

NC Department of State Treasurer Retirement Systems Division
Attn: Compliance Section
3200 Atlantic Avenue
Raleigh, NC 27604

 

Purpose of Felony Forfeiture Reporting: To report an employee who has been criminally charged with an offense directly related to their employment as a State or Local Government employee or holding office.

What information to report: Please provide as much detail as possible concerning who, what, when, where, how, and financial value, if applicable.

Privacy: Individuals who provide information concerning Felony Forfeiture may provide information anonymously or provide their name and contact information. However, the Compliance Section would prefer that you provide a way for our staff to contact you in case more information is needed.

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Grahic with the words "Retirement Planning Conferences" and graphic showing a podium in the middle with people sitting on either side of it

 

The Department of State Treasurer Retirement Systems Division conducts retirement conferences for members of the Teachers’ and State Employees’ Retirement System and the Local Governmental Employees’ Retirement System.

The conferences provide an orientation for new members, pre-retirement planning information for members closer to retirement, and educational information for personnel officers and others who handle retirement matters. In addition, Prudential Retirement, our third-party administrator, also offers information on the NC 401(k) and NC (457) Plans, or the NC 403(b) Program at the conferences.

Registration is required for Retirement Planning Conferences or webinars and we reserve space for employers to provide this opportunity to employees as a group.

If you are interested in hosting or participating virtual conference for your employees, please contact Doug Mayer to schedule (doug.mayer@nctreasurer.com).

Click here to view our prescheduled events.

We also host a series of events exclusively for employers that help you navigate employer rules and responsibilities. Click here to download the pdf.

 

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"Understanding Medical Plan Options When You Become Medicare-Eligible" Webinars are Under Way! 

The State Health Plan is offering online webinars with important information on “Understanding Your Medical Plan Options When You Become Medicare-Eligible.” These popular, free webinars are designed for State Health Plan active employees who will soon be 65, are already 65 or older, and retirees getting ready to turn 65. Webinars are scheduled through August 2021. Each webinar lasts approximately 2 hours and will explain important information regarding Medicare, retirement health benefit options and offer the opportunity to ask questions. Visit the Plan's website to register for one of the online events.