NC State offers voluntary retirement plan options, in addition to the mandatory retirement plans (TSERS or ORP), to help eligible staff and faculty plan and save for retirement. These voluntary plans help staff and faculty supplement their retirement savings to meet retirement goals and also offer potential tax benefits.
The employee contribution to the mandatory retirement plans, both ORP or TSERS, is a state-mandated 6% on a pre-tax basis. The contribution to the mandatory retirement plans cannot be increased or decreased, per state law. In order to contribute additional funds towards retirement, employees can participate in one or more of the voluntary retirement plans listed below.
NC State does not make contributions to voluntary retirement plans. Contributions are deducted from employees’ pay on a pre-tax or Roth (after-tax) basis.
Enrollment & Change Forms | On-Campus Financial Advisers | Supplemental Plan Decision Guide
Voluntary/Supplemental Retirement Plan Options
Plan Options | UNC 403(b) Plan | NC 401(k) Plan | UNC 457 Plan | NC 457 Plan |
|---|---|---|---|---|
| Vendors | TIAA & Fidelity | Prudential | TIAA & Fidelity | Prudential |
| Eligibility | Any Employee whose pay is subject to FICA taxes | Only available to employees eligible for the mandatory retirement plan(s) | Any employee whose pay is subject to FICA taxes | Any employee whose pay is subject to FICA taxes |
| Maximum Annual Contribution Limit 2023 | $22,500; an additional catch-up contribution of $7,500 is available if age 50 or older | |||
| Plan Coordination | The UNC 403b Plan and NC 401(k) plan share the same contribution limit and are aggregated. The maximum you can contribute to one/both of these plans is $22,500 or if age 50 or older $30,000. Your contributions to the ORP, TSERS and 457 plans are not included in this limit. | The UNC 457 Plan and NC 457 plan share the same contribution limit and are aggregated. The maximum you can contribute to one/both of these plans is $22,500 or if age 50 or older $30,000. Your contributions to the ORP, TSERS and 403b/401k Plans are not included in this limit. |
||
| Contribution Options | Both Pre-Tax and After-Tax (Roth) options are available for all plans | |||
| Accessing Funds | Earliest to occur of: separation from service, age 59½, retirement, disability or death. Contact your vendor for loan and hardship withdraw options while still employed. | |||
| Early Withdrawal Penalty (Before age 59.5) | Yes | Yes | None | None |
Pre-Tax or After-Tax (Roth)
One of the great things about these plans are that you have payroll deductions on a pre-tax or after-tax basis. Unlike an IRA or Roth IRA, you have much higher contribution limits through payroll deduction.
- If you get tax refunds back each year, you may want to consider contributing on an after-tax basis. You pay the taxes on your contributions now, and the money grows tax free.
- If you pay taxes every year after you do your taxes, you may want to consider pre-tax deductions. These lower taxable income and you pay less taxes now. In retirement, when you take out the money, you then pay taxes on distribution from the plan or through minimum distributions at age 70 1/2 if you are no longer worker for NC State.
Enrollment & Changes to Coverage
Employees may enroll and change their supplemental plan contributions at any time throughout the year. After researching the plan options and vendors to enroll or make changes employees must take the following steps:
1. Complete an Enrollment/Change Form
To begin a monthly deduction, employees must complete one the below enrollment/change forms and submit them to the University Human Resources Benefits Office at hrsbenefits@ncsu.edu, via fax at 3-2528, or by campus mail at Campus Box 7215. Forms must be received no later than the 10th of the month in order to be effective in the current month’s payroll.
Form Options |
UNC 403(b) Plan |
NC 401(k) Plan |
UNC 457 Plan |
NC 457 Plan |
| Enrollment Form | Salary Reduction Agreement | Prudential 401(k) Enrollment Form | Salary Deferral Agreement | Prudential 457 Enrollment Form |
| Change Form | Salary Reduction Agreement | Prudential 401(k) Change Form | Salary Deferral Agreement | Prudential 457 Change Form |
| Leave Payout Deferral Form | Salary Reduction Agreement | One Time Contribution Form | Salary Deferral Agreement | One Time Contribution Form |
2. Setup your account online with your chosen vendor.
Once you have chosen a plan and a vendor, you must set up your online account, choose your investments, and elect your beneficiaries.
- TIAA: (select your UNC institution and then ENROLL NOW)
- Fidelity: (click the UNC 457(b) Plan and then ENROLL NOW)
- Prudential: Log into your account or contact Christy Kelly to set up your account access, christy.kelly@prudential.com | 919-602-8226
On-Campus Financial Planners
Meet with representatives from our retirement plan vendors for financial and retirement related advice. These certified financial advisers meet with employees at no cost or obligation to the employee and provide expert advice and resources to NC State Staff and Faculty.
Fidelity Investments
- 1-800-343-0860 (Retirement Services)
- Cleo Morgan | 919-500-1056 | cleo.morgan@fmr.com
- Schedule an Appointment with a Fidelity Consultant
TIAA
- 1-800-842-2776 (Telephone Counseling Center)
- Locally: Erick Bell | 919-687-5231 | erick.bell@tiaa.org
- Schedule an Appointment with a TIAA Consultant
Prudential (Empower)
- 1-866-627-5267 (Telephone Counseling Center)
- Locally: Christy Kelly | 919-602-8226| christy.kelly@prudential.com
- Schedule an Appointment with a Prudential Consultant
CAPTRUST
CAPTRUST is a third-party, independent group of advisors working with the UNC System. Captrust provides institutional and private investors with financial advice and fiduciary support. For nearly 30 years, CAPTRUST advisors have been helping investors make informed, strategic investment decisions. You may contact CAPTRUST directly at 1-800-967-9948 or click here to schedule an appointment online.