Teachers and State Employees - Retirement System

TEACHERS’ AND STATE EMPLOYEES’ RETIREMENT SYSTEM your retirement benefits Department of State Treasurer Raleigh, NC Revised January 2012 teachers’ and state employees’ retirement system 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 government employees, is committed to providing you with information that will help you make informed de- cisions 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 Teachers’ and State Employees’ Retirement System, including: ■■ Benefits you will

receive at retirement once you meet the service and age requirements ■■ Benefits you may receive if you become disabled (Disability Income Plan of North Carolina) ■■ 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 teachers’ and state employees’ retirement system Your Retirement Benefits Contents Page Contents Page Your Retirement System Benefits In Brief . 5 NC 401(k) And NC 457 Transfer Benefit . 22 Becoming A Member Of The System. 5 Retiree Health Coverage. 22 Who Pays For The System. 6 Income Tax. 23 Tax-Deferred Savings Advantages. 6 Retirement Benefits. . . . . . . . . . 23 How To Qualify For Benefits. 7 Death Benefits. . . . . . . . . . . . 25 Becoming Vested. . . . . . . . . . . .7 Refunds. . . . . . . . . . . . . . .25 Service Retirement (Unreduced Benefits). . .7 Reemployment After Retirement. 25 Early Retirement (Reduced Benefits) . . . . 7 Important Information To Remember. 28 Disability Retirement. . . . . . . . . . 7 Disability Income Plan Of North Carolina. 29 Reciprocity Between Retirement Systems. . .8 Covered Participants . 29 If You Leave The System Before Retirement . .8 Termination Of Coverage. . . . . . . . 29 How Your Beneficiaries Are Protected. 8 Who Pays For The Plan. . . . . . . . .29 Death Benefit. . . . . . . . . . . . . 8 Claim Forms . . . . . . . . . . . . .29 Survivor’s Alternate Benefit. . . . . . . .9 What Constitutes Disability. 29 How Your Benefit Is Calculated. 9 Salary Continuation --...

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