DCCC offers multiple retirement programs to suit your needs. Read more about the plans and systems offered below.
Teachers’ and State Employees Retirement System (TSERS)
The Teachers’ and State Employees’ Retirement System (TSERS) is a defined benefit plan providing lifetime post-retirement income in the form of a monthly benefit payment. The benefit payment for a retiree who elects the Maximum Benefit and retires at an unreduced retirement age is based on the following formula:
Most employees are eligible for unreduced retirement at the earliest of:
- Age 65 with 5 year of service,
- Age 60 with 25 years of service, or
- Any age with 30 years of service
If you are a permanent full-time employee and work at least 30 hours per week for nine months per year, you automatically contribute six percent of your compensation to TSERS on a pre-tax basis. As a result, your taxable income is lowered and the amount of your annual taxes are reduced. The state also pays a percentage of your compensation to TSERS. All contributions are invested by the Department of State Treasurer.
You are vested in TSERS after you have five years of retirement membership service. This means that once you meet retirement eligibility requirements, you may apply for a guaranteed monthly lifetime benefit based on a retirement formula.
For more information on TSERS visit the North Carolina Retirement website.
Retiring Medicare Eligible Member
For more on retiree benefits visit the North Carolina State Health Plan website and select the menu option for Retiree Benefits.
Supplemental Retirement / Savings Programs
NC Total Retirement Plans
The NC 401(k) and the NC 457 are defined contribution plans. Under these plans, choose your contribution rate and your investments. The benefit you receive at retirement is based on your contribution and the investment performance of the plan you choose.
Saving on your own is one important way to enjoy the retirement you envision. Consider contributing to the NC 401(k) and NC 457 supplemental retirement plans. Each of these supplemental plans, along with your NC pension plan, and any additional outside assets, will help you achieve a more secure retirement.
For more information on retirement plans visit the North Carolina Retirement website.
Employees may arrange tax sheltered annuity plans through payroll deduction. Several options are available.