These plans are specifically designed to help meet the needs of state and local employees—and to complement the NC Pension System’s benefits.
- Support employers in helping to relieve them of some of their fiduciary obligations. They are overseen by the NC Department of State Treasurer and the Supplemental Retirement Board of Trustees, with the State Treasurer as chair.
- Offer top-tiered investment managers at competitive fees*, employee assistance, and personalized planning tools.
- Provide onsite NC 401(k), NC 457 and NC 403(b) Plan counselors to assist you and your employees.
Employer contributions can help make employees feel more valued. Today, more than 450 public employers in North Carolina are contributing to their employees’ NC 401(k), NC 457 and NC 403(b) accounts. Employees aren’t the only ones who benefit from these contributions:
- Employer contributions aren’t subject to FICA or employer-paid retirement costs, potentially making them more affordable than a salary increase of the same size.**
- Employer contributions do not raise an employee’s salary; the costs of other salary-based benefits (like life insurance and short-term disability) are not impacted.
* 2014 Defined Contribution Benchmarking Report For North Carolina Retirement Systems.
** Applies to the NC 401(k) Plan only.