1) Employer determines employee’s eligibility for Discontinued Service Retirement in accordance with N.C.G.S. 128-27 and requests a calculation of the cost.
Eligibility – Discontinued Service Retirement
Employees age 55 or older, with not less than 20 years of creditable service may be eligible for an unreduced monthly retirement benefit.
2) Employer sends letter or email to N.C. Local Governmental Employees’ Retirement System (LGERS) to request calculation of Discontinued Service Retirement and provides the following information:
Contact the Retirement Systems Division at NCRetirement@nctreasurer.com
|As soon as applicable employee(s) is (are) identified.|
|3) Retirement System calculates cost for Discontinued Service Retirement and notifies employer.||Approximately 2 weeks assuming there are no complications when the service audit is performed.|
|4) After receiving Retirement Systems Division cost, the employer determines whether to pay Severance Pay or Discontinued Service Retirement.|
5) If the employer decides to pay the Discontinued Service Retirement, the following supporting documentation must be provided by the Employer:
|Application may not be submitted more than 120 days prior to discontinued service retirement date.|
Employers with questions regarding the DSR process should contact the Retirement Systems Division at (919) 814-4590 to request assistance with Discontinued Service Retirement, Severance and Incentive Packages.