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ESTIMATE OF RETIREMENT BENEFITS
The Teachers' and State
Employees' Retirement System (TSERS)
If you are a member of the Teachers' and State
Employees' Retirement System, you may obtain an
estimate of your retirement
benefits in two ways:
1) You can perform the
estimate yourself by using the retirement estimator
provided by the State at
www.treasurer.state.nc.us/estimator/caltest1.asp.
This is the fastest method of obtaining an estimate
and you will be able to do quick, what-if scenarios
by altering the variables that you type into the
estimator.
2) You can call
TSERS at 1-877-627-3287. TSERS
will send you by mail an estimate
of your benefits based on a formula that
includes: (a) your years
of service, (b) your age
at retirement, (c) the
highest four years of salary, and
(d)
The current retirement multiplier
Theses estimates,
whether you do them yourself or call the retirement
system to obtain them, will include
calculations for the various retirement options
available to you. Below
is a brief synopsis of these
options. (You can read more about these options by
accessing the State Retirement website at
www.treasurer.state.nc.us.)
|
Option # |
Option Name |
Description |
|
1 |
Maximum |
You receive the maximum possible benefit you are
eligible to receive based on the above
variables. There is no benefit to a surviving
spouse or other beneficiary except the
guaranteed return of your own contributions and
interest if any are remaining at the time of
death. |
|
2 |
100% Joint & Survivor |
You receive a lower monthly benefit during your
lifetime in exchange for the same monthly
benefit continuing to your surviving spouse or
other beneficiary after your death. |
|
3 |
50% Joint & Survivor |
You receive a slightly lower monthly benefit
during your lifetime in exchange for one-half of
your monthly benefit continuing to your
surviving spouse or other beneficiary after your
death. |
|
4 |
Social Security Leveling |
You receive larger monthly payments than you
would otherwise be entitled to receive until you
become eligible for Social Security at age 62.
Beginning at age 62, your monthly payments will
be reduced to an amount that is less than what
you would otherwise be entitled to receive.
Nevertheless, your reduced retirement payments
after age 62 plus your allowance from the Social
Security Administration should be approximately
the same amount as the inflated payment you
received from the Retirement System before age
62. |
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5 |
-- |
There is no option 5.
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6 |
Pop-Up Provisions 6/2 & 6/3 |
Under a combination of Option 2 and the maximum
payment, your death entitles your beneficiary to
receive a monthly payment for life in the same
amount or 50% of what you received.
However, if your beneficiary dies before you do,
your monthly payments are increased to the
amount payable under the maximum payment.
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The Optional Retirement Plan (ORP)
Under the Optional Retirement Program, payouts are
very flexible. You can choose from various annuity
forms: lump sums, graduated payments, or
monthly payments. However, in order to
maintain your eligibility for State-paid retiree
health insurance coverage, you must be receiving
monthly payments. Only retirees in receipt
of a monthly retirement benefit from a North
Carolina Retirement System are eligible for retiree
health coverage.
It is suggested that you work with your ORP carrier
account representative to find the right payout
option for you in your personal situation. You
will need to collect the following information:
ORP Carrier representatives for UNC Charlotte are:
|
Company |
Representative |
Phone Number |
|
Lincoln National |
Chuck deKrafft |
704-372-3500 |
|
TIAA-CREF |
Richard Darlington |
704-988-2065 |
|
VALIC |
Kelly Fullen
Trent Schloneger |
800-448-2542
800-892-5558 |
|
Fidelity |
Earl Jewkes |
800-553-4421 |
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