Sunday, October 27, 2013

Supplemental Retirement Plan Decision Guide

Supplemental Retirement Plan Decision Guide - University of North ...The University of North Carolina Your Supplemental Retirement Plan Decision Guide Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to EnrollSupplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to Enroll Appalachian State University East Carolina University Elizabeth City State University Fayetteville State University NC A&T State University North Carolina Central University NC State University UNC – Asheville UNC – Chapel Hill UNC – Charlotte UNC – Greensboro UNC – Pembroke UNC – Wilmington UNC School of the Arts Western Carolina University Winston-Salem State University NC School of Science and Mathematics Other Affiliates: – UNC Health Care – UNC Press Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to

Enroll 1 Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to Enroll At the University, you have a valuable opportunity to save for your retirement future by participating in either the Teachers’ and State Employees’ Retirement System (TSERS) or the University of North Carolina Optional Retirement Program (ORP). While both these options provide a valuable opportunity for you to prepare for your future, you may want to consider boosting your retirement savings by participating in one or more of these supplemental retirement plans: • UNC System 403(b) Plan • State’s 457 Deferred Compensation Plan • State’s 401(k) Plan Inside this decision guide, we’ll take a closer look at each of the supplemental retirement plans, explore how they can work with either TSERS or the ORP to help you maximize your opportunity to prepare for retirement, and direct you to online tools and resources that can help you make the right choice for your future. Supplemental Retirement Plans: Flexibility for Your Future Supplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to EnrollSupplemental Retirement Plans Plan Options Overview Investment Carriers Before You Enroll Ready to Enroll 2 The Bigger Picture Preparing for retirement is not a one-time event — it’s a process that should span your entire career. The earlier you start and the more consistently you save, the more likely you are to enjoy the retirement you worked so hard to achieve. That’s why it’s so important to maximize your retirement savings opportunity while you are working — and the University’s supplemental retirement plans can help you reach your retirement goals. 1. Once you enroll in either TSERS or the ORP, you’ve taken the first step — both plans offer a valuable retirement savings opportunity. 2. Next, consider whether you want to participate in one or more of the supplemental retirement plans at UNC. 3. Remember, Social Security and any personal savings you may have are also part of your financial picture in retirement, though experts estimate Social Security only replaces about 40% of your pre-retirement income. MajOR SOuRCES Of RETIREMEnT InCOME TSERS or the ORP UNC System 403(b) Plan State’s 457 Deferred Compensation Plan State’s 401(k) Plan Personal Savings Social Security Did you know? Most experts estimate you’ll need between 70-90% of your pre-retirement income to maintain your standard of living in retirement. Of course, how much you need in retirement depends...

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