Benefits: Retirement

Retirement Plan Contribution Limits For 2014! For more detailed information, click here.

Participation in a retirement plan is mandatory for permanent employees working 75% time (30 hours) or more. (Employees working less than 75% time cannot participate.) Employees must contribute 6% of salary, deducted prior to Federal and State income taxes, to the retirement plan and are vested after five years of participation. (Note: Employees may contribute more than 6% for retirement through a Supplemental Retirement program [see below]).

The three retirement programs available to UNCW employees are:

In addition, the university offers a Phased Retirement Program for tenured faculty.

Teachers and State Employees Retirement Plan (TSERS)

Eligibility: Available to permanent employees working 30 hours or more per week. Employees contribute 6% of salary per month.

TSERS is a defined benefit plan. With a Defined Benefit Plan, benefits are based on salary, years of service and a retirement factor. The retirement benefit is not based on the amount of contributions nor the investment earnings. There is no investment risk for the individual since the state takes on the risk and guarantees the retirement benefit. TSERS is not “portable” except to other North Carolina state agencies, including the 16 constituent institutions of the UNC System, NC Community Colleges, and NC Public Schools.

Vesting:

The retirement benefit for a defined benefit plan is based on a formula and not on the amount you or the state contribute. The formula for TSERS is determined by state statute and is:

The University contributes an amount set by the state legislature each year which funds the:

The University contribution to TSERS is not a match to your contribution, it can change each year and does not go into the same account as your 6% contribution.

You qualify for full (or unreduced) retirement benefits with:

You qualify for a reduced retirement benefit with:

Options at termination of employment differ depending on whether or not you are vested:

Less than 10 Years of Service (Not Vested):

More than 10 Years of Service (Vested):

For detailed information about TSERS, including full (or unreduced) and reduced retirement benefits, death benefits, survivor benefits, please see the TSERS Handbook.

Retirement System homepage
TSERS Estimate of Benefits
TSERS Applications and Forms
TSERS Purchasing Service Credit
Choosing a Retirement Program (for employees eligible for TSERS or ORP)

Optional Retirement Program (ORP)

Eligibility: Available to permanent employees working 30 hours or more per week. Employees contribute 6% of salary per month.

The ORP is a defined contribution plan. With a Defined Contribution Plan, retirement benefits are based on the accumulation (your contributions, the university contributions and the interest and dividends earned) and your age at the time you begin the benefit. Since you select the investment vehicle(s) for the contributions you assume the investment risk for your retirement plan. See Choosing a Retirement Program.

The annual retirement benefit for the Optional Retirement Program (ORP) is based on:

The University contributes an amount set by the state legislature each year that funds:

University contribution:

Under the ORP, you have a number of choices to make regarding your retirement fund. First, you must choose from the four carriers, and then you must select from the different investment funds to meet your investment objectives and goals. The four carriers are:

AVAILABLE THROUGH JUNE 30, 2014

You may elect to allocate both your and the university's contributions to one carrier or you may allocate your contributions to one carrier and the University's contributions to another carrier. You can change which carrier either of the contributions go to at anytime.

The UNC Office of the President published a quarterly comparison of fund performance for all funds available through the ORP. If you have questions about fund performance, please contact the ORP carrier directly. Past performance is not necessarily an indicator of future performance.

Options at termination of employment differ depending on whether or not you are vested:

Less than 5 Years of Service (Not Vested):

More than 5 Years of Service (Vested):

TSERS or ORP - Considerations

For more information contact Kelly Kennedy, HR benefits counselor for faculty and administrators, at 910-962-3006 or kennedyk@uncw.edu or contact the UNCW representative for each carrier:

Fidelity Investments
Joshua Soucy
Workplace Planning & Guidance Consultant
919-257-8674 (c)
joshua.soucy@fmr.com

TIAA-CREF
Logan Sharpe
Financial Consultant
919-812-7131(c)
lsharpe@tiaa-cref.org

Lincoln Financial Group
Paige Lowry
Senior Retirement Consultant
910-256-4220 (c)
paige.lowryleonard@lfg.com

VALIC
David Haden, CFP
Senior Financial Advisor
910-301-2710 (c)
david.haden@valic.com

Employees wising to contribute more than 6% of salary to retirement should see Supplemental Retirement Plans.

Teachers' and State Employees' Retirement System For State Law Enforcement Officers (LEO)

Eligibility: Permanent full-time law enforcement officers. Employees contribute 6% per month.

LEO is a defined contribution plan for law enforcement officers only. Benefits are based on salary, years of service and a retirement factor. The retirement benefit is not based on the amount of contributions nor the investment earnings. There is no investment risk for the individual since the state takes on the risk and guarantees the retirement benefit.

The retirement formula for LEO is determined by state statue and is:

Law enforcement officers qualify for full (or unreduced) retirement benefits as follows:

Law enforcement officers qualify for reduced (early retirement) benefits at:

Early retirement benefits are determined by the same formula as unreduced retirement benefits multiplied by a reduction percentage based on your age and/or service at early retirement. The reduction percentages can be found in the Retirement Handbook.

For detailed information about LEO please see the LEO handbook.

Retirement Forms
Retirement Estimator

Additional Benefits to Law Enforcement Officers

As a law enforcement officer you are automatically enrolled in the State of North Carolina 401(k) Plan and the university contributes 5% of your salary into your account in the Plan. You may elect to make additional contributions on a tax-deferred basis.

Additional Information

If you would like information about supplemental retirement plans (401k, 403b or 457 deferred compensation) please go to supplemental retirement plans.

Disclaimer: The information contained on this website is general in nature. Applicable laws and regulations are complex and subject to change. Information on this website cannot alter, modify, or otherwise change the controlling documents of any plan. For legal and tax advice employees should consult an attorney or tax adviser.


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