Teachers and State Employees Retirement System

The retirement plan for Central Piedmont Community College is administered by the North Carolina Teachers' and State Employees' Retirement System.All full-time employees are required to contribute 6% of their gross salary to the retirement plan. The college currently provides a matching contribution of 8.14% (effective 7/1/2008) on behalf of each full-time employee. Employees are always vested in their own contributions and become vested in the college's contributions after five years of contributing service.

Retirement with full benefits may occur under one of the following conditions:

• Thirty (30) years of service at any age
• Five (5) years of service at age sixty-five (65)
• Twenty-five (25) years of service at age sixty (60)

Retirement with reduced benefits may occur with one of the following: 

• Twenty (20) years of service at age fifty (50)
• Five (5) years of service at age sixty (60)

The formula to determine full benefits is 1.82% of average final compensation multiplied by the years and months of service. The value used for average final compensation is derived from the highest four years in a row during your entire service.

All forms for retirement can be obtained by going to the NC Department of State Treasurer website and navigating to the Retirement Applications and Forms page or by contacting your Human Resources Benefits Staff. Detailed information regarding the North Carolina State Retirement Plan is available from the Retirement Systems website of the NC Department of State Treasurer. The website contains an email contact as well as toll-free telephone numbers to contact plan representatives.

Re-employment After Retirement Information

Re-employment Questions and Answers for retiring Teachers’ and State Employees’ Retirement System (TSERS) members

Other Retirement/Financial Planning Options

Central Piedmont Community College offers employees a variety of optional financial planning tools. Employees may fund these plans through payroll deductions. Employees may obtain information regarding these investment options at the following websites or by contacting the Human Resources Benefits Staff.

• 401(k) plan through Prudential, including Roth Option
• Understanding Your 401(k) 
• 403(b) Plan through TIAA-CREF
• 403(b) Plan through AIG Retirement (formerly Valic) 
• 457 Plan through Prudential 
• US Savings Bonds (Not Pre-taxed)

For other plan options, please contact the Human Resources Benefits Staff. 

Resources:

• Social Security Administration
• U.S. Financial Literacy and Education Commission

Optional Long Term Care Insurance

The optional long term care insurance is sponsored by the State of North Carolina. This insurance provides coverage if you are unable to carry out the basic activities of everyday living. The insurance provides coverage for nursing home care, home health care, and care received in assisted living facilities. Payments may be made through payroll deduction. For more information contact 1-800-284-9648 or visit the Prudential Group Long Term Care site. The site will ask for a Group name and a password. Use the following:

• Group name: stateplan
• Password: stateplanltc

Do you have a question not answered here? Feel free to contact your HR benefits staff.
Joanette West, Benefits Coordinator(704) 330-6759
Carolyn Pence, HR Technician II (704) 330-6311