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Retirement

蘑菇短视频offers both mandatory and voluntary retirement plans to help eligible faculty and staff plan a financially secure retirement. The university offers several retirement plan options and resources to help employees achieve their financial goals.
Eligible faculty and staff must enroll in one of two state-mandated retirement programs (TSERS or ORP) within 30 days of their hire/eligibility date. If enrollment information is not submitted within 30 days of retirement eligibility (hire date or date of benefits-eligible employment), employees are defaulted into the TSERS plan. 
  • Once a mandatory retirement plan election has been submitted, it is a binding choice even if the submission is made with more time remaining within the 30-day enrollment window. 
  • The employee contribution to the mandatory retirement plans, both ORP or TSERS, is a state-mandated 6% on a pre-tax basis. The contribution to the mandatory retirement plans cannot be increased or decreased, per state law. In order to contribute additional funds towards retirement, employees can participate in voluntary retirement plans.
  • 'Your Retirement, Your Choice'

  • TSERS is as a defined benefit plan (pension plan) and the benefit you receive at retirement is based on a formula. This formula considers your years and months of creditable service, your age, and your 鈥渁verage final compensation,鈥� which is the average of your salary during your 48 highest-paid consecutive months. Neither the investment experience of the plan assets nor the amount contributed by you and the University, on your behalf, directly determines the amount of the guaranteed benefit you will receive at retirement.
  • Employer and employee contribution percentages are established by the General Assembly. Employee contributions to TSERS are made on a pre-tax basis. As a result, the University will deduct the contribution from your pay before calculating federal or state income tax withholding. The employee contribution for TSERS is 6%, this amount cannot be adjusted. 
  • Vesting: You become vested once you have completed a minimum of five years of retirement service credit with the Retirement System. This means that you are eligible to apply for lifetime monthly retirement benefits based on the retirement formula, and the age and service requirements of the Retirement System in which you participate, provided you do not withdraw your contributions.To view your TSERS account, access the State Retirement Systems鈥� ORBIT retirement online system at: .  Click on ORBIT and then select 鈥淩egister鈥� if this is your first time logging in to this System and follow the instructions.

  • Under the ORP, you control your investment choices, distribution methods and retirement goals, whereas the State controls the investments under TSERS. TIAA offers investment products under the ORP.
  • Employer and employee contribution percentages are established by the General Assembly. Employee contributions to the Optional Retirement Program are made on a pre-tax basis as provided under Section 414(h) of the Internal Revenue Code. As a result, the University will deduct the contribution from your pay before calculating federal or state income tax withholding.
    • Currently, the employee contribution is 6% and the employer contribution is 6.84%. This amount cannot be changed. 
  • Vesting: Employees who participate in the ORP are immediately 100% vested in their own contributions. An employee is considered fully vested after five years of participation in the ORP. If termination from employment occurs with less than five years of ORP participation, the employee becomes 100% vested in the ORP employer contribution provided all of the following requirements are met.
    • Your subsequent employer is an institution of higher education or health care that sponsors a substantially similar or 鈥渓ike鈥� retirement plan
    • The successor plan offers a 鈥渓ike retirement plan鈥� that is underwritten by the carrier currently underwriting the Optional Retirement Program benefit.
    • You begin participation in that successor plan as your 鈥渃ore retirement plan鈥� within 12 months following your termination of eligible service in the plan (usually your termination of employment) with The University of North Carolina
  • Effective March 15, 2025, all contributions to your supplemental retirement plans must be directed to only one of the aggregated plans. A participant cannot contribute to both the NC 401(k) with Empower and UNC 403(b) with TIAA at the same time. Additionally, a participant cannot contribute to both the NC 457(b) with Empower and UNC 457(b) with TIAA at the same time.
  • 蘑菇短视频offers voluntary retirement plan options to help eligible staff and faculty plan and save for retirement. These voluntary plans help staff and faculty supplement their retirement savings to meet retirement goals and also offer potential tax benefits.
  • 蘑菇短视频does not make contributions to voluntary retirement plans. Contributions are deducted from employees鈥� pay on a pre-tax or Roth (after-tax) basis.
Plan Options UNC 403(b) Plan NC 401(k) Plan UNC 457 Plan NC 457 Plan
Plan Options TIAA Empower TIAA Empower
Eligibility Any Employee whose pay is subject to FICA taxes
Maximum Annual Contribution Limit 2025 $23,500; an additional catch-up contribution of $7,500 is available if age 50 or older $23,500; an additional catch-up contribution of $7,500 is available if age 50 or older. A super catch-up contribution of $11,250 is available for ages 60-63. Ages 64+ will go back to the $7,500 catch up. $23,500; an additional catch-up contribution of $7,500 is available if age 50 or older $23,500; an additional catch-up contribution of $7,500 is available if age 50 or older. A super catch-up contribution of $11,250 is available for ages 60-63. Ages 64+ will go back to the $7,500 catch up.
Plan Coordination The UNC 403b Plan and NC 401(k) plan share the same contribution limit and are aggregated. You may only contribute to one of these plans at a time. The maximum you can contribute to one of these plans is $23,500 or if age 50 or older $31,000. If you are participating in the NC Plans Super Catch Up for Age 60-63, the aggregated limit between these plans is $34,750.

Your contributions to the ORP, TSERS and 457 plans are not included in this limit.		 The UNC 457 Plan and NC 457 plan share the same contribution limit and are aggregated. You may only contribute to one of these plans at a time. The maximum you can contribute to one of these plans is $23,500 or if age 50 or older $31,000. If you are participating in the NC Plans Super Catch Up for Age 60-63, the aggregated limit between these plans is $34,750.

Your contributions to the ORP, TSERS and 403b/401k Plans are not included in this limit.
Contribution Options Both Pre-Tax and After-Tax (Roth) options are available for all plans
Accessing Funds Earliest to occur of: separation from service, age 59陆, retirement, disability or death. Contact your vendor for loan and hardship withdraw options while still employed.
Early Withdrawal Penalty (Before age 59.5) Yes Yes None
  • None

Meet with representatives from our retirement plan vendors for financial and retirement related advice. These certified financial advisors meet with employees at no cost or obligation to the employee and provide expert advice and resources to 蘑菇短视频Staff and Faculty.

 

TIAA - UNC 403 (b), UNC 457 Plans

Empower (Prudential)- NC 401 (k) Plan, NC 457 Plan


CAPTRUST:

  • CAPTRUST is a third-party, independent group of advisors working with the UNC System.  Captrust provides institutional and private investors with financial advice and fiduciary support.  For nearly 30 years, CAPTRUST advisors have been helping investors make informed, strategic investment decisions.  You may contact CAPTRUST directly at 1-800-967-9948 or .