Policy on Participant Contributions North Carolina Supplemental Retirement Plans

Adopted: August 26, 2021
Last Revised: December 1, 2022

1. A participant is responsible for establishing and changing, including terminating, the amount of the participant’s compensation that is contributed to a plan.
    
2. When establishing and changing contributions, participants must use the process and complete the form (which may be online or by telephone) that are provided by the Department or the Plans’ recordkeeper. Paper forms must be received by the plans’ recordkeeper within 90 days of the participant’s signature. The recordkeeper is Empower as of the date of this policy.
    
3. A participant may roll over (contribute) a distribution from the NC 401(k) Plan or another retirement plan to the NC 401(k) Plan to the extent permitted by Tax Code Section 402(c).
    
4. A participant may roll over (contribute) a distribution from the NC 457 Plan or another retirement plan to the NC 457 Plan to the extent permitted by Tax Code Section 402(c) and 457(e)(16).
    
5. Neither an alternate payee nor a beneficiary is permitted to contribute to the NC 401(k) Plan or the NC 457 Plan.

Revision History and Effective Dates