N.C. Supplemental Retirement Plans Investment Performance

The supplemental retirement income plans – 401(k) and 457 Deferred Compensation – will offer new investment options. In an effort to help members evaluate the new investment options, including a list of managers, investment styles and guidelines, and associated fees, members can visit the plans’ new website, and follow the directions below.

• Go to www.ncplans.prudential.com
• Click on “I’m a member”
• Go to either “401(k)” or “457” and click on “Plan Investments”
• Click on the “Next Page” link which will take you to a list of investment types
• There is a link that says, “Click here for fund fact sheets”. Here you can access fact sheets for your various investment options.

Additional performance information on the new fund managers is also available on the Retirement Systems Division Website at http://www.nctreasurer.com/dsthome/RetirementSystems, then click on the “Hypothetical Historical Investment Performance” link in the middle of the page.

For questions on the investment options, or to request fact sheets, members should call the Supplemental Retirement Income Plan Call Center at 1-866-NCPlans (1-866-627-5267).  

You may also contact one of our Regional Retirement Educational Managers with further questions:

Lorraine Rodriguez (Lorraine.rodriguez@prudential.com) at 704-987-0468

Kristin Wilkie (kristin.wilkie@prudential.com) at 704-948-8387

Medical Benefits:

Once you receive a monthly income benefit as a retired employee, you are eligible to participate in the State Health Plan. For employees first hired on or after October 1, 2006 who retire with at least 20 years of service in the retirement system, health coverage will be provided at no cost. Those employees first hired on or after October 1, 2006 who retire with at least 10 years of service in the retirement system will only be required to pay 50% of the monthly premium for health coverage. Employees first hired prior to October 1, 2006 and who retire with at least 5 years of service, will be provided medical coverage at no cost. You are responsible for any and all dependent coverage premiums.

Death Benefit:

After one year of contributory service and prior to retirement, you are automatically covered by the NC State Death Benefit Plan, which is term life insurance. Upon your death, your beneficiary will receive a lump sum payment equal to your previous twelve (12) month salary, with a minimum payment of $25,000 and a maximum payment of $50,000. This benefit is also paid if you die within 180 days of the last day for which you were paid salary. It is in addition to any other benefits to which you may be entitled.

Social Security:

You are a member of the Federal Social Security System (FICA). Contributions to FICA are made by both you and CMS. Social Security benefits include retirement, disability payments and survivor's insurance. Your monthly pension from the retirement system is designed to coordinate with social security when you retire.

Disability Income Benefits – Short-Term and-Long Term:

A comprehensive short-term and long-term disability income plan is provided at the employer's expense for employees who are members of the North Carolina Teachers' and State Employees' Retirement System and meet certain service requirements. The short-term disability plan is available to you if you have accumulated one (1) year of contributory retirement service earned within thirty-six (36) months preceding your disability. Eligibility for benefits begins after you have been medically disabled for sixty (60) consecutive days. The monthly benefit equals fifty percent (50%) of one-twelfth (1/12) of your annual salary.

While out on short-term disability, you are eligible for medical benefits provided you have at least five years of service. If you do not meet this service requirement, you may continue coverage by paying the full premium.

After exhausting short-term disability benefits, if you have at least five (5) years of contributory retirement service earned within ninety-six (96) months preceding the close of your short-term disability benefits you may apply for long-term disability benefits. Long-term disability benefits provide a monthly income equal to sixty-five percent (65%) of one-twelfth (1/12) of your annual salary not to exceed $3,900 per month. Long-term disability benefits continue until the end of the disability or the earliest date you become eligible for unreduced retirement benefits. Benefits from both plans are subject to coordination with other programs. Full-time public school employees injured in the course of employment through an episode of violence are entitled to full salary during disability for up to one (1) year.

What is Long-Term Care (LTC)?

Long-Term Care includes a wide range of medical and support services for people who may not be sick but are frail and need custodial care. Custodial care involves providing an individual assistance with activities of daily living (ADLs) or supervision of someone who is cognitively impaired.

Think of the activities that you performed when you woke up this morning.

Did you:

• Climb out of bed
• Walk to the bathroom
• Use the toilet
• Use the bath or shower
• Get dressed
• Eat breakfast

While you are healthy it is easy to take for granted the above Activities of Daily Living (ADLs). However, when you or a loved one is stricken with a degenerative condition such as stroke or Alzheimer's disease, performing these ADLs becomes impossible without the assistance of another person.

Your group long-term care insurance plan passed by the NC Legislature in 1997 for NC Teachers and State Employees and their family members will help pay the bill for assistance with ADLs.

Find complete details and enroll in the NC State Long-Term Care Benefits Plan any time online at www.prudential.com/gltc (group name: stateplan, password: stateplanltc)

You may also call the plan directly for an explanation of benefits, for answers to questions and/or to get a quote of the premium cost at 1-800-284-9648.