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FREQUENTLY ASKED QUESTIONS
Is my retirement under the TSERS Phased
Retirement Plan calculated
any differently than if I were to retire under the
normal retirement plan in TSERS?
No. Those eligible for Phased Retirement are
those who meet TSERS age and service requirements
for at least an “early retirement”. If you are a
TSERS participant who is eligible for early
retirement your monthly benefit under the Phased
Retirement Program is still subject to the same
formula as any other early retiree.
Can I earn money
outside of the three-year teaching contract with
the University without threatening my retirement?
With both TSERS and ORP, you can earn unlimited
money from any employer other than the State of
North Carolina and not affect your retirement
benefit in any way. TSERS limits your State of North
Carolina employment to 50% (indexed for increases)
of your final annual pay or $26,960, whichever is
greater.
How will salary
increases for TSERS members be handled in
subsequent years?
TSERS establishes a cost-of-living index cap for
retirees who simultaneously receive benefits and
work for the State of North Carolina. You will be
allowed to earn up to the State earnings cap and
will be notified of your increase in the same way
that all other faculty members are notified of
increases. You are responsible for monitoring your
income to insure that you do not go over this limit.
Can I teach
during the summers?
If you and your department agree, you may teach
during the summer in which you retire. Thereafter,
earnings for TSERS retirees are limited by the TSERS
rule that earnings from State of North Carolina
employment is limited to 50% (indexed for increases)
of your final annual salary, or $26,960, whichever
is greater. If there is not a TSERS conflict, and
you and your department agree, you may teach summer
session to earn additional money, providing this is
not part of your half-time work plan.
What happens to
annual and sick leave when a 12 month faculty
member steps into a 9-month position in order to
take advantage of Phased Retirement?
A maximum of 240 hours of Annual leave and any
unused Bonus Leave can be paid to the retiring
faculty member upon his/her request, providing
he/she has not cashed out Annual leave with a past
12- month appointment.
TSERS will credit retiring members with one month of
service for every 20 days of unused sick leave.
Do I have to receive a
monthly
retirement benefit to enter the Phased
Retirement Program?
You do not need to
receive a monthly retirement benefit to enter the
Phased Retirement Program. You can elect to receive
your benefit in a lump sum or in some other
increment. However, when you accept a monthly
retirement benefit from either TSERS or the Optional
Retirement Plan, you become eligible for retiree
health coverage. Only those receiving monthly
benefits are eligible for the retiree health
benefit.
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