Table of Contents
- Timely & Accurate Employer Reporting
- Employer-Implemented New Systems & Testing
- Memorandum to LGERS Employers Regarding Additional Sick Leave
- Retirement Processing - Employer Reminders
- Short-Term Disability Update
- IRS Contribution Increases for 2024
- Virtual & On-Demand Training and Webinars
- NC State Health Plan: Keep you Contact Information Current
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 has been updated to include 2024 dates and is located on our website.
myNCRetirement Tip: Create a calendar reminder so you meet the required deadlines.
Employer-Implemented New Systems and Testing
Are you updating or implementing a new payroll system? Once you have finalized writing your business requirements and the new system is in place, the Retirement Systems Division is here to help with testing. If you intend to use a vendor for your system changes, you should still plan on being part of that process as the key contact for reporting.
We request that you notify us as soon as possible if you are making a change or upgrade so we can schedule testing that aligns with your planned start date. You should expect testing to take at least 90 days.
Memorandum to LGERS Employers Regarding “Additional Sick Leave”
The Retirement Systems Division (RSD) has been informed about “additional sick leave” policies adopted by certain local governments for their employees. Although the details may vary, the basic concept appears to be that in addition to sick leave under pre-existing policies, employees will accrue large amounts of additional sick leave, but only in certain selective years of their career. Employers who have already adopted such policies, or may adopt them, are encouraged to review this letter thoroughly.
As a reminder, the Retirement Systems Division works on a first-in first-out basis for retirement processing. It is important to take time to complete and send the employer-required Form 6C in a timely manner in order to process member retirements.
Employer Reporting Reminders:
The last day worked is not the Retirement date. The Retirement date is the first day of the members Retirement.
Do you need to send member documents to the Retirement Systems Division?
Employers should send member records to MemberRecords@nctreasurer.com. This will ensure timely handling of important documents.
Requires employers who are requesting reimbursement of the second six months of short-term disability benefits to do so prior to January 1, 2024. Please note, the reimbursement section of short-term disability changed in July 2019, which now requires the employer to pay for the entire short-term disability period. Therefore, this will only apply to members whose short-term disability benefits were effective prior to July 1, 2019, and whose employers have not yet requested the reimbursement of the second six months of the short-term disability period.
IRS Contribution Increases for 2024
The Internal Revenue Service (IRS) recently announced increases to the amount individuals can contribute to their defined contribution plans in 2024. Highlights include:
- For 2024, the standard contribution limit for the NC 401(k) Plan and NC 457 Plans (the Plans) is $23,000, up from $22,500.
- The catch-up contribution limit for each Plan (for those who are 50+ years of age by December 31, 2023) remains $7,500. Therefore, participants in the NC 401(k) Plan and NC 457 Plan who are 50 and older can contribute up to $30,500 in each Plan, starting in 2024.
- The increase in the standard contribution limit for the NC 457 Plan also means the special catch-up contribution limit increases to $23,000 for employees in the NC 457 Plan who are within three years of their normal retirement age. Therefore, eligible employees can contribute up to $46,000.1
- Full details around the new contribution limits for 2024 can be found here on the IRS website. If you have specific questions about implementing these contribution increases for your employees, please reach out to the NC Plans Service Team by calling 866NCPlans (866-627-5267), or by email at NCPlans@empower.com. You can also reach out to your dedicated NC 401(k)/NC 457 Plans’ Retirement Education Counselor; click here to find your counselor and their contact information.
[1] However, special catch-up contributions over the three years prior to normal retirement age are limited to the total by which contributions in the years prior to normal retirement age were less than the standard limit.
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.
Employer Webinars
MyNCRetirement Employer Training Webinars
Empower Retirement Benefits Webinars
Member Webinars
Retirement Planning Webinars
Empower Retirement Benefits Webinars
For All State Health Plan Members: Keep Your Contact Information Current!
It’s important that the State Health Plan has your updated contact information so we can communicate with you on a regular basis about your health plan benefits.
For that reason, it’s critical that you have a valid address, phone number and email address in the Plan’s enrollment system, eBenefits, to ensure you are receiving important health plan information.
You can easily access eBenefits from the State Health Plan’s website at www.shpnc.org and click eBenefits at the top of the website.
A couple of important things to keep in mind:
- In eBenefits, if the fields to update your contact information are grayed out, you will need to contact your employing unit to update your information. If you are employed by a state agency, you will need to log in to BEACON to update your address AND log into eBenefits to update your email address and phone number. It’s necessary to update in BOTH places.
- If you are a retired member, you will need to make sure your information is updated within eBenefits AND ORBIT. The two systems do NOT coordinate, so you will need to ensure that your contact information is updated in BOTH places.
For assistance, please call the Plan’s Eligibility and Enrollment Support Center at 855-859-0966.