Retirement Monitor - June 2024 (2024)

Table of Contents

• LGERS Employer Contribution Rates
• TSERS, ORP, CJRS, LRS Employer Contribution Rates
• Retiree Return to Work Allowance 2024
• MARS (Member Annual Retirement Statement
• Important Reminders: NC 401(k) and NC 457 Plans
• Virtual and on-demand training options
• Encourage Your State Health Plan Employees to Keep Their Contact Information Current!
• 'Understanding Your Medical Plan Options When You Become Medicare-Eligible' Webinars Scheduled through August!
  

Employee and Employer contributions are due via the monthly Contribution Summary Instructions (CSI) by 5:00 p.m. on the 5th business day of the month along with the Monthly ORBIT payroll report. If the 5th falls on a weekend, contributions are due the following business day by 5 p.m. This schedule has been updated to include 2024 dates and is located on our website.

myNCRetirement Tip: Create a calendar reminder so you meet the required deadlines.

Timely Reporting and Invoice Payments
To maintain correct information, it is important that you take time to correct errors in ORBIT. Please respond to your Employer Reporting Team representative promptly so that any issues can be addressed, and necessary adjustments can be processed as soon as possible. As a reminder, employers now have access to their monthly ORBIT Error Reports on our website:

1. Log into ORBIT as an employer
2. Under the REPORTING options, select “Report Viewer”
3. Select the “Employer Reporting” report type
4. Select the “Detail Records in Error by Agency and Report Month – Self Service” report
5. Select the “Report Month” and “Report Year
6. The “Exception Type” and “Source of Entry” are auto populated and cannot be changed
7. Select the Export Type which is either “Adobe PDF” or “Excel” 

TSERS, ORP, CJRS, LRS Employer Contribution Rates
Employer contribution rates effective July 1, 2024, will be the rates from Section 39.26.(c) of Session Law 2023-134 unless further adjusted by the legislature.

After a six-month break in TSERS, or a one-month break in LGERS and return to work in a position that does not require membership in those systems, a retiree is subject to the earning restrictions below.

• 50% of your gross pre-retirement salary (excluding termination payments) or
• $40,980 (2024 amount)

MARS is in ORBIT

The Member Annual Retirement Statement (MARS) is now in ORBIT.

This statement provides active members with information about their service accrual and retirement contributions for the calendar year ending December 31, 2023.

Exclusively available in ORBIT self-service, MARS focuses on the foundation of retirement for public servants in the state of North Carolina – the pension benefit. This statement is a tool for obtaining the most accurate data and information about your potential retirement benefits.

Eligible members will be able to view:

• Personal information on file like address, phone, email.
• Retirement Systems in which the member has been or is a member.
• Principal beneficiaries.
• Estimated potential retirement benefit from the North Carolina Retirement Systems.
• Links to the NC Supplemental Plans (NC 401(k) and NC 457 Plans) so members can enroll, increase savings and/or view statements for the plans in which they are a participant.
• Link to mySocialSecurity so members can create an account and receive a real-time estimate from the Social Security Administration based on their work history and contributions.

 Click Here for more information about YOUR MARS!

Important Reminders: NC 401(k) and NC 457 Plans’

A series of enhancements were recently made to plan administration and data security after the NC 401(k) and NC 457 Plans (the Plans) migrated to a new recordkeeping platform at Empower.

Payroll reminders:

• If you have a payroll-related question, call 866-NCPlans (866-627-5267) and select Option 3. One of Empower’s payroll experts will handle your question. The Plan Service Center (previously called the Plan Sponsor Center), Empower’s plan administration website, has a resource page with tutorials and reference guides.

Forms reminders:

• Forms for the NC 401(k) and NC 457 Plans were updated in March and any outdated forms received will not be accepted. The Plans’ new forms are available on the Plan Service Center.
• Many participant transactions can be completed online (rather than by submitting a form) when the participant logs in to their NC 401(k) and/or NC 457 account. These are indicated by a blue and white check mark next to the form name on the web page.
• Many NC 401(k) and NC 457 Plan forms for participants are available online and most completed forms can be submitted from a participant’s account. To locate the desired form, participants should visit myNCPlans.com, click NC 401(k) & NC 457 in the top navigation, then click Information for Employees in the drop-down menu, and select Forms & Documents in the right-hand sidebar.
• You can contact your NC 401(k)/NC 457 Plans’ Retirement Education Counselor, email ncplans@empower.com, or call the Customer Service Center at 866-NCPlans (866-627-5267) to request any form.

Encourage Your State Health Plan Employees to Keep Their Contact Information Current!

The State Health Plan is launching a campaign to encourage State Health Plan members to update their contact information with the Plan.

It is important that the Plan has updated contact information so we can communicate with employees on a regular basis about their health plan benefits. It is critical that they have a valid address, phone number and email address in the Plan’s enrollment system, eBenefits, to ensure they are receiving important health plan information in order for them to maximize their benefits all year long.

Please encourage your State Health Plan employees to take time to make sure their address is updated, particularly if they have recently moved. They can easily access eBenefits from the State Health Plan’s website at www.shpnc.org and click eBenefits at the top of the page.

Here is how to remind your Plan employees to update their information!

Employees of state agencies need to log into BEACON to update their address AND log into eBenefits to update their email and phone number. It is necessary to update this information in BOTH places.

Employees of groups with payroll interfaces with eBenefits need to keep their demographic information updated with their employer so it sends to eBenefits on a timely basis. This means your employees cannot update their information in eBenefits – employing units will have to update it.

Employees of groups who enter their data manually need to update their demographic information directly into eBenefits.

'Understanding Your Medical Plan Options When You Become Medicare-Eligible' Webinars Scheduled through August!

The State Health Plan is again offering online webinars with important information on “Understanding Your Medical Plan Options When You Become Medicare-Eligible.”

These popular, free webinars are designed for active employees who will soon be 65, are already 65 or older, and retirees getting ready to turn 65. Each webinar lasts approximately 2 hours and will explain important information regarding Medicare, your retirement health benefit options and offer the opportunity to ask questions.

Webinars are scheduled through August. If you haven’t already, register soon, as these webinars are expected to fill quickly! To register, visit the State Health Plan website.