Retirement Monitor - April 2021

In this issue: Reminders; All in a Day's Work - CSI due date, Employer Banking Changes and Contact Info, Did You Know?, Supplemental Plan Reminders; Local Government Contribution Rate Changes; MARS will be in ORBIT soon; Keep SHP Contact Information Current; Retirement Planning Conferences; Lunchtime Webinars; Community College Employees; Local Government Employees Retirement Planning Webinars; Teachers and State Employees Retirement Planning Webinars

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Table of Contents

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

 

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.

 

 

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Has Your Agency or Unit had Changes to Your Banking? Or Your Agency Contact Person's Information?

Be on the lookout for new forms available to you soon, to update your Agency Contact and Banking information. These Forms will ensure security, efficiency, and consistency for these changes by collecting the same information from each Agency on an easy-to-complete form. The forms will result in an acknowledgement letter to confirm the changes and will advise if you did not make this request please contact us.

 

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As a reminder, employers now have access to their monthly ORBIT Error Reports on our website:

  1. Log into ORBIT as an employer
  2. Under the REPORTING options, select “Report Viewer”
  3. Select the “Employer Reporting” report type
  4. Select the “Detail Records in Error by Agency and Report Month – Self Service” report
  5. Select the “Report Month” and “Report Year.
  6. The “Exception Type” and “Source of Entry” are auto populated and cannot be changed.
  7. Select the Export Type which is either “Adobe PDF” or “Excel”

You can now check your monthly ORBIT errors as soon as your report has posted. You may save this report and add your response on how to correct the error message, and then email the report to your ORBIT Employer Reporting Team representative. Your representative will correct these records in error status according to your written instructions.

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Graphic with the word "Reminders" on it and a triangle with a face on it holding an exclamation point in its right hand.

 

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 word Updates with a magnifying glass over the Total Retirement Plans' logo

 

Local Governmental Employees’ Retirement System Contribution Rate Changes

(LGERS) Local Governmental Employees’ Retirement System Employer Contribution Rate Letters were mailed to employers on April 8, 2021.

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 "Coming Soon to your ORBIT MARS" on it. Also a rocket ship with the Total Retirement Planning logo on it and an astronaut

 

 

Mars will be in your ORBIT soon!

The annual myNCRetirement statement (MRS) is transitioning to MARS (My Annual Retirement Statement). MARS will be in your ORBIT soon. We will keep you updated on its release for active members.

This new release will be available for active members with complete, error-free data and over one full calendar year of service and contributions for the year ending December 31, 2020.

MARS, available exclusively in ORBIT, will focus on the foundation of retirement for each public servant in the state of North Carolina – the pension benefit. This statement provides members with a tool that provides the most accurate data and information about their potential retirement.

Each eligible member will be able to view:

  • Personal information like address, phone, email.
  • Retirement Systems in which the member has been or is a member.
  • Principal beneficiaries.
  • Estimated potential retirement benefit from the North Carolina Retirement Systems.
  • Links to the NC Supplemental Plans (NC 401(k) and NC 457 Plans and NC 403(b) Program) so members can enroll, increase savings and/or view statements for the plans in which they are a participant.
  • Link to mySocialSecurity so members can create an account and receive a real-time estimate from the Social Security Administration based on their work history and contributions.

We will keep you updated on the release of MARS for active members.

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Graphic with the state health plan logo on the right, and a graphic representation of two people sitting at a table across from each other with speech bubbles above their heads.

Encourage Your State Health Plan Employees to Keep Their Contact Information Current!

The State Health Plan is launching a campaign to encourage State Health Plan members to update their contact information with the Plan.

It is important that the Plan has updated contact information so we can communicate with employees on a regular basis about their health plan benefits. It is critical that they have a valid address, phone number and email address in the Plan’s enrollment system, eBenefits, to ensure they are receiving important health plan information in order for them to maximize their benefits all year long.

Please encourage your State Health Plan employees to take time to make sure their address is updated, particularly if they have recently moved. They can easily access eBenefits from the State Health Plan’s website at www.shpnc.org and click eBenefits at the top of the page.

Here is how to remind your Plan employees to update their information!

Employees of state agencies need to log into BEACON to update their address AND log into eBenefits to update their email and phone number. It is necessary to update this information in BOTH places.

Employees of groups with payroll interfaces with eBenefits need to keep their demographic information updated with their employer so it sends to eBenefits on a timely basis. This means your employees cannot update their information in eBenefits – employing units will have to update it.

Employees of groups who enter their data manually need to update their demographic information directly into eBenefits.

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Banner with "Retirement Planning Conferences" and NC Total Retirement Plans logo. Also has people sitting on both sides of a podium as if waiting for a presenter.

 

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

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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Every Wednesday through July 28 at 11:30am

Take an hour for lunch and watch the Teachers' and State and Local Governmental Employees’ Total Retirement Planning Conference at 11:30am. The program is 60-minutes and will explore the resources available to help you plan for retirement.  Registration Link: https://attendee.gotowebinar.com/rt/136402527832935696.

 

Header graphic with the NC Total Retirement Plans logo, and the words "TSERS Retiremetn Planning Webinar for Community College Employees" on it. Also shows a computer with a person on it to represent attending a webinar.

 

Every Wednesday through June 30 at 1:00pm

This interactive online web conference will provide Teachers and State Employee members who serve in North Carolina Community Colleges with the tools to successfully navigate the Road to Retirement Readiness, while also providing 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.  Registration Link: https://register.gotowebinar.com/rt/5458425834120099339.

 

Header border with the words "LGERS Retirement Planning Webinar"on it, and the NC Total Retirement Plans logo. Also has a graphic representation showing two people on computer screens as if they're attending a webinar.

 

Mondays and Thursdays through June 30, 9:30am and 1:30pm times available

The Department of State Treasurer is hosting a Total Retirement Planning Conference for Local Governmental Employees. The program is 90-minutes long and will highlight Retirement Readiness and explore the resources available to help you plan for retirement. Dates and times vary, click here to register for the event(s) that fits your schedule: https://www.myncretirement.com/calendar-node-field-event-dates/month/.

 

Graphic header with the NC Total Retirement Plans logo and the words "TSERS Retirement Planning Webinar" on it. Also a graphic representation of people on a zoom call, showing four participants on a computer screen.

 

Mondays and Thursdays through June 30, 9:30am and 1:30pm times available

The Department of State Treasurer is hosting a Total Retirement Planning Conference for Teachers and State Employees. The program is 90-minutes long and will highlight Retirement Readiness and explore the resources available to help you plan for retirement. Dates and times vary, click here to register for the event(s) that fits your schedule: https://www.myncretirement.com/calendar-node-field-event-dates/month/.

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