Policy Statement North Carolina Supplemental Retirement Plans

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

The North Carolina Supplemental Retirement Plans are voluntary defined contribution retirment plans that are offered as an optional employment benefit to state and local governmental employees. The plans, which are tax-advantaged under various provisions of the Internal Revenue Code, consist of the Supplemental Retirement Income Plan of North Carolina (NC 401(k) Plan) and the North Carolina Public Employee Deferred Compensation Plan (NC 457 Plan). The Supplemental Retirement Plans are created by the North Carolina General Statutes and are governed by state statutes as well as the Internal Revenue Code.

N.C.G.S. Ch. 135, Art. 5 creates the Supplemental Retirement Board of Trustees as an independent governing body with a fiduciary duty to administer the plans - which includes administering the plans for the exclusive benefit of participants and beneficiaries. To this end, the Board has adopted plan documents for the Supplemental Retirement Plans, as required by federal law. In addition, the Board has adopted the following policies:

  1. Participants and Beneficiaries
  2. Employer Participation
  3. Participant Contributions
  4. Investments and Accounts
  5. Distributions
  6. Loans
  7. Domestic Relations orders
  8. Plan Administration
  9. Complaints and Requests

The Board holds regularly scheduled public meetings each quarter, as well as special meetings as needed. The Board's Audit Subcommittee also meets twice per year. The meeting schedule, agenda and materials are available on myNCRetirement.com.

The Board and Department may be contacted by email (supplementalboard@nctreasurer.com) or by mail:

North Carolina Department of State Treasurer
Attention: Supplemental Retirement Plans
3200 Atlantic Avenue
Raleigh NC 27604

The plan documents and policies for the Supplemental Retirement Plans are available on myNCRetirement.com.

Additional information about the Supplemental Retirement Plans is available on myNCPlans.com.

Additional information for employers is available on myNCPlans.com.

References in the policies to the "Recordkeeper" refer to the vendor retained by the Board and Department to provide administrative services for the Supplemental Retirement Plans related to contributions, distributions, investments and accounts. As of the date of this Policy Statement, the recordkeeper for the Supplemental Retirement Plan is Empower. Empower may be contacted by telephone at 866-NCPLANS (866-627-5267). In addition, contact information for Empower's Retirement Education Counselors is available on myNCPlans.com.

Revision History and Effective Dates

VersionEffective DateDescription of Changes
1.0August 26, 2021Original Version
1.1December 1, 2022Changed Prudential Retirement to Empower, removed reference to the NC 403(b) Program and updated URL to myNCPlans.com

 

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This page was last modified on 07/02/2025