North Carolina Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan
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How to fill out Retirement Plan Transfer Agreement For The Motorola, Inc. Pension Plan?
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FAQ
To submit a request to establish reciprocity, log in to your myCalPERS account and select Retirement, then select Retirement Summary from the drop-down list. Under Reciprocity, select submit a request to establish reciprocity.
Average Indexed Monthly Earnings (AIME) After we determine the number of years, we choose those years with the highest indexed earnings, sum such indexed earnings, and divide the total amount by the total number of months in those years. We then round the resulting average amount down to the next lower dollar amount.
Retirement Salary in North Carolina Annual SalaryMonthly PayTop Earners$77,248$6,43775th Percentile$60,000$5,000Average$61,814$5,15125th Percentile$41,800$3,483
Under TSERS, the State controls the investments and assumes all of the investment risks. The plan funds are invested by professional money managers selected by TSERS. The ORP is a defined contribution plan. The value of your benefit is not based on a predetermined formula.
Multipliers are sometimes known by other terms, such as ?accrual rate? or ?crediting rate? but they mean the same thing. A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.
Optional $10,000 Contributory Death Benefit When you retire, we will mail you a Form 333 (Choosing the Contributory Death Benefit for Retired Members). To enroll, you must make your election within 60 days of the effective date of your retirement.
Your annual retirement benefit is based on this formula: 1.82% of your average final compensation TIMES your years and months of creditable service. If you are between birthdays when payments start, the reduction will be adjusted proportionately.
DEFINED BENEFIT (TCRS) EXPLAINED Lifetime monthly benefits payable to vested members at retirement. Benefits are determined by a set formula: Accrual Factor (1%) x AFC (average highest consecutive five year salaries) x Years of Service = Monthly Benefit.