Retirement and Benefits Overview
This document provides information on retirement system options for Teachers and State Employees Retirement System (TSERS) and Optional Retirement Program (ORP). It highlights the features of TSERS and ORP, including plan details, benefits, enrollment processes, and state health and other benefit plans. Enrollment procedures and dependent verification requirements are also outlined.
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RETIREMENT SYSTEM OPTIONS Teachers and State Employees Retirement System (TSERS) Optional Retirement Program (ORP) MANDATORY ENROLLMENT in TSERS or ORP
TSERS PLAN HIGHLIGHTS Traditional defined benefit plan Steady monthly income for life Monthly benefit determined by a formula Stable and secure retirement income Professional asset management by the NC Treasurer s Office Accumulate retirement income without individual risk Vesting period-5 Years
ORP HIGHLIGHTS Defined contribution plan Greater control over investments Greater choice of distribution options Portability outside of North Carolina 2 Vendors to choose from: TIAA or FIDELITY 100% Vested in Employee Contributions Day 1 100% Vested in Employer Contributions-5 Years
STATE HEALTH PLAN & OTHER BENEFIT PLANS Health Insurance: 80/20 & 70/30 PPO plans Employer premium: $674.54/month Supplemental Benefits: Life Insurance, Vision, Dental, Accident, AD&D, Cancer, Critical Illness, Flexible Spending Accounts, Tricare Supplemental Plan Supplemental Disability: The Standard and Lincoln
Enrollment must be completed online Log in to myWCU Select Human Resources/Human Resources Home Click on the Access Benefits tab Telephone enrollment: 855.859.0966 Your employment information is automatically uploaded in the enrollment system The upload occurs each Monday
Dependent verification documentation is required for all dependents. You can upload these documents in eBenefits, the Plan s enrollment system Dependent coverage will not be approved without documented proof of dependents
ANNUAL ENROLLMENT Annual Enrollment for the new calendar year plan year is scheduled for October 9, 2023, thru October 27, 2023 New plan year will be from January 1, 2024, to December 31, 2024 Plan design changes and premiums for 2024are still pending
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