North Carolina Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service The North Carolina Retirement Benefits Plan is a comprehensive retirement program available to eligible employees in the state of North Carolina. This retirement plan provides financial security and peace of mind to individuals who have dedicated their careers to serving the state. The main objective of the North Carolina Retirement Benefits Plan is to provide retirement income to its members. The plan offers a defined benefit pension, which means that retirees receive a predetermined monthly payment based on their years of service and final average salary. The pension amount is guaranteed for life and is determined by a formula that takes into account factors like age, years of service, and salary history. In addition to the defined benefit pension, the North Carolina Retirement Benefits Plan also offers a supplemental retirement option called the North Carolina 401(k) Plan. This plan allows employees to contribute a portion of their salary on a pre-tax basis, providing additional retirement savings. The State matches a portion of the employee's contributions, further enhancing their retirement savings potential. Another type of retirement benefit available under the North Carolina Retirement Benefits Plan is the North Carolina Deferred Compensation Plan (457 Plan). This plan allows employees to defer a portion of their salary on a pre-tax basis, similar to the 401(k) Plan. The funds in the 457 Plan can be invested in a variety of options, allowing employees to tailor their investment strategy according to their risk tolerance and retirement goals. The North Carolina Retirement Benefits Plan also offers retiree health care benefits. Retirees have the option to participate in the State Health Plan, which provides comprehensive health care coverage, including medical, dental, and prescription drug benefits. The availability and cost of retiree health care benefits may vary depending on an individual's years of service and retirement date. To qualify for the North Carolina Retirement Benefits Plan, employees must meet certain eligibility requirements, such as completing a specific number of years of service. The plan is open to most state employees, including teachers, law enforcement officers, firefighters, and other government workers. Overall, the North Carolina Retirement Benefits Plan provides a comprehensive and robust retirement package for eligible employees. It combines a defined benefit pension, supplemental retirement savings options like the 401(k) and 457 plans, and retiree health care benefits. This multi-faceted approach ensures that employees have a secure and comfortable retirement, knowing that they will receive a consistent income and have access to quality healthcare services.

The North Carolina Retirement Benefits Plan is a comprehensive retirement program available to eligible employees in the state of North Carolina. This retirement plan provides financial security and peace of mind to individuals who have dedicated their careers to serving the state. The main objective of the North Carolina Retirement Benefits Plan is to provide retirement income to its members. The plan offers a defined benefit pension, which means that retirees receive a predetermined monthly payment based on their years of service and final average salary. The pension amount is guaranteed for life and is determined by a formula that takes into account factors like age, years of service, and salary history. In addition to the defined benefit pension, the North Carolina Retirement Benefits Plan also offers a supplemental retirement option called the North Carolina 401(k) Plan. This plan allows employees to contribute a portion of their salary on a pre-tax basis, providing additional retirement savings. The State matches a portion of the employee's contributions, further enhancing their retirement savings potential. Another type of retirement benefit available under the North Carolina Retirement Benefits Plan is the North Carolina Deferred Compensation Plan (457 Plan). This plan allows employees to defer a portion of their salary on a pre-tax basis, similar to the 401(k) Plan. The funds in the 457 Plan can be invested in a variety of options, allowing employees to tailor their investment strategy according to their risk tolerance and retirement goals. The North Carolina Retirement Benefits Plan also offers retiree health care benefits. Retirees have the option to participate in the State Health Plan, which provides comprehensive health care coverage, including medical, dental, and prescription drug benefits. The availability and cost of retiree health care benefits may vary depending on an individual's years of service and retirement date. To qualify for the North Carolina Retirement Benefits Plan, employees must meet certain eligibility requirements, such as completing a specific number of years of service. The plan is open to most state employees, including teachers, law enforcement officers, firefighters, and other government workers. Overall, the North Carolina Retirement Benefits Plan provides a comprehensive and robust retirement package for eligible employees. It combines a defined benefit pension, supplemental retirement savings options like the 401(k) and 457 plans, and retiree health care benefits. This multi-faceted approach ensures that employees have a secure and comfortable retirement, knowing that they will receive a consistent income and have access to quality healthcare services.