Retirement at NC State – Benefits, Employee Wellness and Work Life (2024)

State Health PlanYour active group health coverage will end based upon last day of employment.

If eligible, your retiree health coverage will begin on the first of the month following retirement. (If retirement begins immediately following end of employment, there is no lapse in medical coverage.) For example, if you retire July 1st, your retiree health insurance would begin August 1st.

For retirees and/or covered dependents under age 65, the active group medical coverage plans (70/30 or 80/20) will continue into retirement automatically. There is nothing to do unless you wish to un-enroll yourself or dependents from this plan.

If age 65+, you will be defaulted into a Medicare Advantage plan through the State Retirement System.

Medicare Eligible Retirees have until the day prior to their retirement date to change from the defaulted plan (i.e. base plan to enhanced). This change can be made via ORBIT or by calling 855-859-0966.

Dependent coverage can be continued at full cost with the Retiree Health Plan.

First Hired On/After January 1, 2021 - If you were hired on or after January 1, 2021, you will not be eligible to receive retiree or dependent medical benefits.

If age 65 or older, enroll in Medicare Parts A and/or B with effective date same as retirement date. Obtain the Request for Employer Information (Form OMB No. 0938-0787) from your assigned Benefits Consultant.

Once enrolled, a new medical ID card will be sent to you. Provide this to your doctors and pharmacies when your retiree health coverage is effective.

Retirement Contributions

Teachers’ and State Employees’ Retirement System (TSERS)

Or

Optional Retirement Program (ORP)

TSERS or ORP deductions are deducted from annual leave and bonus leave payouts, if applicable.

If ORP, you must complete an ORP-3 form to document your vesting.

Retirement deductions will be taken from leave payouts, if applicable.Supplemental/Voluntary Retirement Plans

401(k)
403(b)
457

Contributions will stop when employment ends. For options with these plans, you can contact the vendors directly:

Prudential: 1-866-627-5267
TIAA-CREF: 1-800-732-8353
Fidelity: 1-800-642-7131

Voluntary retirement deductions will end when employment ends. You may elect to have leave payouts deferred into a voluntary retirement plan. NCFlex Programs

Accident Plan, Dental, Vision, Cancer, Critical Illness, Flexible Spending Accounts, TriCare

Your current NCFlex coverage will end on the date full-time employment ends.

You will have the option to continue your coverage through COBRA for up to 18 months by paying the full premiums directly to the vendors. The vendors will mail the COBRA offers to your home address once your coverage ends.

Find Retirement Dental options at
NCretiree.com
NCRGEA.com

NCFlex benefits end when full-time employment ends.

View continuation options for NC Flex plans, including COBRA contact information here: NC Flex Plan Continuation Options

State Disability Programs
(Short-Term and Long-Term DIP-Disability Income Plan)Coverage ends on the date full-time employment ends.Disability coverage ends on the date full-time employment ends.Supplemental Disability Plans

Liberty Mutual Long Term

Standard Long Term

Coverage ends on the date full-time employment ends.MetLife Legal PlanCoverage ends on the date full-time employment ends.MetLife Legal Plans can be continued for a 12-month period following your employment ending. All 12 months of coverage must be paid for in one lump sum to MetLife Legal to continue the coverage.

Call 1-800-821-6400 for more information.

UNC System Term Life Insurance (Securian)Your UNC System Life insurance ends on the date full-time employment ends.
Securian will contact you directly regarding continuation options. If you are not enrolled at the time of retirement, you do have the option of electing coverage upon retirement. Voluntary Retiree Life SummaryTraveler’s Insurance (home, auto)Traveler’s deductions end on the date full-time employment ends.Call 919-847-4909 for information on continuing coverage.ParkingA parking deduction will continue until you return your virtual permit". An “R” sticker is also available for retirees who wish to continue parking on campus.Visit Transportation’s Contact Us page and under the “Have a Question or Comment” section choose “Returning Virtual Permits: Chris Dobek”. Fill out the information and include the day you would like for your virtual permit to be returned. These can be future dated.Leave Accruals

Annual / Bonus

Sick

Unused eligible bonus leave and annual leave (up to 240 hours each for 1.0 FTE) are paid out when employment ends. For TSERS members whose retirement is effective January 1, annual leave above maximum amount to be paid will roll into sick leave balance as part of their retirement calculation. For TSERS members, unused sick leave balance is reported to TSERS and increases retirement service credit. For every 20 days of sick leave, the retirement service credit is increased by one (1) month.

If you wish to defer the leave payout, complete the applicable Voluntary/Supplemental Retirement Plan(s) form(s) and fax to 919-513-2528 no later than the 10th of the month in which the leave will be paid. (Note that December has an earlier payroll deadline.)

For ORP participants, note that sick leave will not affect your retirement. Consider donating leave to the Voluntary Shared Leave Program to assist employees in need.

TSERS or ORP contributions are deducted from annual leave and bonus leave payouts.

Annual and/or bonus leave payouts are based on WolfTime balances and is paid out the month in which they retire. For example, someone who retires effective August 1 would receive a leave payout on August 31.