UNC Health Care is pleased to announce that all permanent employees working 30 hours or more have the option to enroll in the University of North Carolina Optional Retirement Program (ORP) during a 60-day enrollment period this fall.
UNC Health Care is pleased to announce that all permanent employees working 30 hours or more have the option to enroll in the University of North Carolina Optional Retirement Program (ORP) during a 60-day enrollment period this fall.
The ORP provides an alternative to the North Carolina Teachers and State Employees Retirement System (TSERS). Between Oct. 1, 2012 and Nov. 29, 2012, you have the option of staying in the TSERS retirement plan or moving your account to the ORP.
UNC Health Care will host a number of sessions in September to answer your questions about the ORP and to allow you to speak with representatives from the four ORP vendors (Fidelity Investments, Lincoln Financial Group, TIAA-CREF, and VALIC). View the full schedule of sessions here. Note that you must register to attend a session. Visit and search for course code “HRSBENUPD” to register to attend an information session.
Additionally, a list of Q&As regarding the ORP is available here.
If you do not make a decision by Nov. 29, 2012, you will remain in TSERS. The decision you make during this enrollment period is final and cannot be changed until you either leave employment with UNC Health Care or retire.
As mandated by the North Carolina General Assembly, both TSERS and the ORP include mandatory employee and employer contributions. Your mandatory contribution rate is 6% of your eligible pay, regardless of whether you enroll in TSERS or the ORP plan. Your contributions are made on a pre-tax basis.
The following booklets provide important information to review in making your decision about whether to enroll in the ORP:
- “Your Mandatory Retirement Plan Decision Guide”
- “Optional Retirement Program Summary”
- “Your Retirement Transfer Guide”
About Teachers and State Employees Retirement System (TSERS):
TSERS is a defined benefit plan and the benefit you receive at retirement is based on a formula. This formula considers your years and months of service, your age, and your “average final compensation,” which is the average of your salary during your four highest paid consecutive years. Neither the investments of the TSERS plan, nor the amount contributed by you and UNC Health Care on your behalf, directly determine the amount of the guaranteed benefit you will receive at retirement.
You can learn more about TSERS at https://www.nctreasurer.com/Retirement-and-Savings/Managing-My-Retirement/Pages/default.aspx.
You can access your North Carolina Online Retirement Benefits page through the Integrated Technology (ORBIT) website at https://orbit.myncretirement.com/Orbit. Using ORBIT, you can create an account and view your TSERS contributions to-date and estimate a potential payout by providing your estimated retirement date.
About the Optional Retirement Plan (ORP):
The ORP is a defined contribution plan that provides an individual account for each employee. Benefits at retirement are based solely on the amount contributed (by you and by UNC Health Care on your behalf) and the earnings on those contributions. The ORP allows for portability of accumulated balances and promotes flexibility by offering employees a greater choice of investment and distribution options.
The approved vendors for the ORP are Fidelity Investments, Lincoln Financial Group, TIAA-CREF and VALIC.
You can learn more about the ORP at http://www.northcarolina.edu/hr/ga/benefits/retirement/ORP/ORPMain.htm.
Learn More
- Several information sessions are scheduled this fall for you to learn more about both TSERS and the ORP. You can view the full schedule here. Note that you must register to attend a session. Visit and search for course code “HRSBENUPD” to register to attend an information session. After the information sessions, representatives from the vendors (Fidelity Investments, Lincoln Financial Group, TIAA-CREF and VALIC) will be available to answer your questions. You may also schedule a one-on-one meeting for further guidance at that time.
- A list of questions and answers about the ORP is available here.
- If you have questions that aren’t addressed in the Q&As, you can send them to Glad You Asked or contact Employee Benefits at 919-966-2027 or by email at Benefits@unch.unc.edu.