Local Governmental Employees Retirement System - State Treasurer

LOCAL GOVERNMENTAL EMPLOYEES’ RETIREMENT SYSTEM FOR LOCAL LAW ENFORCEMENT OFFICERS your retirement benefits Department of State Treasurer Raleigh, NC Revised January 2012 local governmental employees’ retirement system for local law enforcement officers NORTH CAROLINA DEPARTMENT OF STATE TREASURER RETIREMENT SYSTEMS DIVISION JANET COWELL STEVEN C. TOOLE STATE TREASURER DIRECTOR Welcome to the North Carolina Retirement Systems! The Department of State Treasurer, which administers the retirement systems for state and local law enforcement officers, is committed to providing you with information that will help you make informed decisions about your financial future. I encourage you to familiarize yourself with the benefits described in this booklet. This handbook outlines the benefits available to you as a member of the Local Governmental Employees’

Retirement System, including: ■■ Benefits you will receive at retirement once you meet the service and age requirements ■■ Benefits your beneficiary may receive if you die while you are an active employee or after you retire (death benefits) ■■ Qualifications for reemployment after retiring I also encourage you to visit our website, www.myncretirement.com, for retirement resources, and to register on ORBIT, your safe and secure online access to your personal retirement ac- count information. You can also contact the North Carolina Retirement Systems if you have additional questions. Our customer service representatives can assist with the status of an application or answer questions about retirement, disability and death benefits. Thank you for your service to North Carolina. Sincerely, Janet Cowell 1-877-627-3287 Toll-free 919-807-3050 (Raleigh area) nc.retirement@nctreasurer.com www.myncretirement.com january 2012 Your Retirement Benefits local governmental employees’ retirement system for local law enforcement officers Your Retirement Benefits Contents Page Contents Page Your Retirement System Benefits In Brief . 4 Transferring Service And Becoming A Member Of The System. 4 Contributions Between Systems. 18 Who Pays For The System. 5 Refund Of Contributions. 18 Tax-Deferred Savings Advantages. 5 Interest . . . . . . . . . . . . . . .19 How To Qualify For Benefits. 6 Applying For And Receiving Becoming Vested. . . . . . . . . . . .6 Monthly Benefits. 19 Service Retirement (Unreduced Benefits). . .6 Retirement Application Process . . . . . .19 Early Retirement (Reduced Benefits) . . . . 6 Your First Monthly Benefit. . . . . . . .20 Disability Retirement. . . . . . . . . . 6 Post-Retirement Increases. . . . . . . .20 Reciprocity Between Retirement Systems. . .7 NC 401(k) And NC 457 Transfer Benefit . 20 If You Leave The System Before Retirement . .7 Income Tax. 21 How Your Beneficiaries Are Protected. 7 Retirement Benefits. . . . . . . . . . 21 Death Benefit. . . . . . . . . . . . . 7 Death Benefits. . . . . . . . . . . . 23 Survivor’s Alternate Benefit. . . . . . . .8 Refunds. . . . . . . . . . . . . . .23 How Your Benefit Is Calculated. 8 Reemployment After Retirement. 23 Example Of How A Benefit Is Calculated....

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