NC 401K and NC 457 Plans
The N.C. Supplemental Retirement Plans are administered by Prudential Retirement. To enroll in the NC 401K Plan, an employee must be a contributing member (full-time) to the N.C. Teachers and State Employees Retirement System. The NC 401K Plan is the UCPS 401K provider.
The NC 457 Plan is open to full-time, part-time or temporary employees, including rehired-retired teachers.
There are no minimum contributions to either plan and you may participate in both. Please contact Prudential directly at 1-866-NCPLANS (1-866-627-5267) to enroll, to change or cancel your monthly contribution amount, to inquire about a loan/withdrawal or with any questions you may have.
You may also contact your local representative, Christy Kelly, Retirement Education Manager, at 919-602-8226. Ms. Daly is available to meet with you to help you with enrollment, make changes to your account, review your investment portfolio, etc.
Note: The amount that an employee can contribute to their NC 401K Plan account in 2014 is $17,500 and an additional $5,500 if you are 50 years old or older by December 31, 2014 (per IRS requirement 402(g) limits). If an employee is participating in both a 401K and a 403b plan, the contribution limits must be coordinated so that the maximum deferral between the plan does not exceed $17,500 (or $23,000 if 50 or older in 2014). Rollovers of previous employer retirement plans do not impact the maximum amount an employee can contribute to either of these plans. The contribution limits for 2014 can include Roth after-tax contributions, pre-tax contributions, or a combination of the two. You may increase/decrease your contribution rate at any time. You may stop contributions at any time. Your account is always 100% vested.
Annuity Vendor Listing
See above link for Approved Benefits Providers
403b/457 Plans are available to all part-time and/or full-time employees.
NOTE: The maximum deferral amount in 2014 to a 403b Plan is $17,500 and the maximum deferral amount to a 457 Plan is $17,500. In addition, the catch-up limit for those who are 50+ by December 31, 2014 remains at $5,500. 457 limits continue to be counted independently of 401K/403b limits so it is possible to contribute the maximum to a 457 Plan and the maximum to a 401K/403b plan (combined). If an employee is participating in both a 401K and a 403b Plan, the contribution limits must be coordinated so that the maximum deferral between the plans does not exceed $17,500 (or $23,00 if 50+ in 2014). Rollovers of previous employer retirement plans do not impact the maximum amount an employee can contribute to either of these plans.