Retirement Monitor - May 2022

In this issue: Timely and Accurate Employer Reporting; Submitting Correct Information; Time Teaching Certification Reminder?; Local Governmental Employees' Retirement System Rates Effective 7/1/22; Changes to the Monthly Pension Spiking Watch List; Employer Contacts Still Needed; NC 403(b) Forms Due; Employer & Member Webinars; SHP: Webinars for Medicare-Eligible Actives and Retirees

Table of Contents

 

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

 

Timely and Accurate Employer Reporting

Employee 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. If the 5th falls on a weekend, contributions are due the following business day by 5 p.m. This schedule information is also located on our website.

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When an employer submits their monthly report, they are attesting that the information provided is correct. If there are errors on the monthly file, it is the employer’s responsibility to respond to error reports with timely and accurate information for the Employer Reporting team to make corrections. If there is a delay in responses this may impact the processing of refunds, retirements, death and disability benefits. 

If a member calls to check the status of their benefits, the Retirement System will refer them back to their employer until all records are corrected. If you have questions about reporting, please contact Employer Reporting for assistance.  OER@nctreasurer.com

 

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Teaching time certification is done through the NC Department of Public Instruction. This information is not available from NC Retirement Systems or in ORBIT.

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Local Governmental Employees' Retirement System Rates Effective 7/1/22

LGERS employer contribution rates effective July 1, 2022, are posted to the Retirement Systems’ website:  LGERS-Employer-Contribution-Rates-Eff-July-1-2022.

Beginning this year, the rates are being posted publicly rather than mailing individual letters to every employer, to improve efficiency and transparency, and reduce costs. The table is ordered by five-digit employer code, but is also searchable (by employer name) within a browser, or by downloading the PDF and using “Edit”->”Find” in Adobe.

The specific rate(s) paid by each employing unit will include the “base rate” from the table above, and other adjustments that are specific to the unit.

Click here for TSERS, CJRS, LRS, ORP Contribution Rates.

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Monthly Reports of Employees Whose Retirements May Involve Contribution-Based Benefit Cap (CBBC or “Pension Spiking”) Provisions

Each month, RSD sends each employer a list of the employer’s current employees who are most likely to require an additional employer contribution under the CBBC provisions should they elect to retire within the next 12 months. Many employers did not receive a monthly report for April 2022, and for those who did receive them, the reports reflected an incomplete list. As part of resolving the technical issues, the May reports were delayed from their usual timing and mailed by May 26, 2022. Should you have questions about the May report or subsequent reports, please contact our office.

 

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Online Retirement applications continue to be a popular feature of the ORBIT system. As of this month, 1,065 state and local employees have completed their retirement process through the application. We appreciate your promotion of Online Retirement with your employees. Did you take the time to designate a contact for your agency for Online Retirement? It’s not too late! Click here to provide that information for your agency. This will ensure your employees have a smooth retirement experience and do not experience any delays in their retirement process.

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Are you a school or community college that has the NC 403(b) Program as
one or more of the investment options in your 403b Plan?

REMINDER: FORMS ARE DUE MAY 31. 
CONTACT YOUR EMPOWER RETIREMENT EDUCATION COUNSELOR.

 

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Virtual and on-demand training options help you understand employer roles, responsibilities and assist employees with retirement related matters.  Employer Training is available throughout the year.

There are ongoing retirement planning and information sessions are available for new members, mid-career and those nearing retirement. We encourage member participation so they can learn about their benefits and plan for their financial future.

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Reminder: 'Understanding Your Medical Plan Options When You Become Medicare-Eligible' Webinars Under Way through July!

The State Health Plan is again offering online webinars with important information on “Understanding Your Medical Plan Options When You Become Medicare-Eligible.”

These popular, free webinars are designed for active employees who will soon be 65, are already 65 or older, and retirees getting ready to turn 65. Each webinar lasts approximately 2 hours and will explain important information regarding Medicare, your retirement health benefit options and offer the opportunity to ask questions.

Webinars are scheduled through July. If you haven’t already, register soon, as these webinars are expected to fill quickly!

 

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