NC State University offers both mandatory and voluntary retirement plans to help eligible faculty and staff plan a financially secure retirement. The university offers several retirement plan options and resources to help employees achieve their financial goals.
Eligible faculty and staff must enroll in one of two state-mandated retirement programs within 60 days of their hire/eligibility date. If enrollment information is not received by the benefits office within 60 days of retirement eligibility, employees are defaulted into the TSERS plan. Once an enrollment has been submitted, the plan selection is irrevocable.
- NOTE: NC State will take a “general retirement” amount of 6% of base salary during the 60-day enrollment period. Once a retirement plan is selected, the general retirement amount is refunded and then sent to the selected vendor.
Regular, non-temporary SHRA (hired on or after 1/1/2013) or EHRA employees-working at least 30 hours per week (.75 FTE or greater), for nine or more months per year on a recurring basis-are eligible to select the Optional Retirement Program (ORP) or Teachers’ and State Employees’ Retirement System (TSERS).
- Special Provision: SHRA employees originally hired prior to 10/01/2013 and who are transferring to another position, and have NOT been eligible to opt into the Optional Retirement Plan (ORP) in the past have 60 days from the start date of their new position to choose to either stay with TSERS or move to the ORP. Once this choice is made, employees will not be eligible to choose another retirement option in the future. Employees considering this option should contact their assigned benefits consultant.
Need more information?
For more information contact Benefits, Employee Wellness and Work Life at 919-515-2151, or your Benefits Consultant.