North Carolina Employee Retirement Agreement
Description
How to fill out Employee Retirement Agreement?
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FAQ
Complete and sign your Form 6, and submit it to your HR office. State law prohibits you from signing your retirement application more than 120 days before your retirement date. After certifying your final salary, sick leave, and vacation time, your HR office will then submit your completed application to the System.
Members should fill out and submit Form 5 (Withdrawing Your Retirement Service Credit and Contributions) to the Retirement Systems Division. After your Form 5 is processed, you will receive a paper check by mail unless you request that your contributions be rolled into another type of eligible retirement account.
Retirement Benefits The formula for TSERS is: Average salary based on the 48 highest consecutive months of earnings. Multiplied by a Retirement Factor of 1.82% (set by state statute) Multiplied by your creditable years of service.
* Amounts withdrawn before age 59½ may be subject to a 10% federal income tax penalty, applicable taxes and plan restrictions. Withdrawals are taxed at ordinary income tax rates.
You may still receive a retirement benefit, even if you leave early or before service retirement. You are entitled to a benefit at a later date if you leave for any reason at any age after you have completed five years of creditable service, provided you do not withdraw your contributions.
TSERS is a Defined Benefit Plan, which means retirement benefits are based on salary, years of service and a retirement factor. The formula for TSERS is: Average salary based on the 48 highest consecutive months of earnings. Multiplied by a Retirement Factor of 1.82% (set by state statute)
The one-time supplement will be paid to monthly payees who retired on or before October 1, 2023, and are living as of October 1, 2023. This payment is equal to 4% of the annual retirement allowance, where the annual retirement allowance is 12 times the monthly allowance that was payable for October 2023.