Plan Information and Enrollment

NC 403(b) Program News

In December 2021, after an in-depth analysis and recognizing extremely low participation, the North Carolina Supplemental Retirement Board of Trustees decided to discontinue the NC 403(b) Program, and focus on the larger, low-cost,* and more popular NC 401(k) and NC 457 Plans.

Please know that employer and employee contributions may only continue through the pay period ending June 30, 2022. The NC 403(b) Program will stop accepting employee and employer contributions after this pay period. In addition, your assets will need to be removed from your NC 403(b) Program account by September 30, 2022.

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Saving in the Supplemental Plans makes a big difference

77%

of those enrolled in the plan are on track to be retirement ready^†

vs.

52%

of those NOT enrolled are on track to be retirement ready^†

Why these plans?

Top 4 Reasons

these plans are outstanding choices for members

Paying less for diverse investments
Exceptional value
Meaningful board oversight
Only supplemental plans offered by the State of NC

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What plan is best for me?

Understanding some of the differences may help you decide which works best for you—if your employer offers more than one plan.

Plan Features

Plan Features Comparison
Plan Name	Eligibility	Investments	Access to Money	Fee Structure
NC 401(k) Plan	Employees actively contributing to: Teachers' and State Employees' Retirement System (TSERS) Local Governmental Employees' Retirement System (LGERS) Legislative Retirement System (LRS) Consolidated Judicial Retirement System (CJRS) A pension sponsored by a local government Also includes law enforcement officers and participants in the Optional Retirement Program	Diverse investment options available Stable value, inflation protection, fixed income and equity Passive and active management GoalMaker^® assists with investment selection at no additional cost For additional information, see the Fund Fact Sheets opens in new window for details.	After employment, withdrawal options include:^1,5 Systematic withdrawals Full or partial withdrawals² While employed, withdrawal options include: Hardship withdrawals³ Loans⁴ In-service distributions⁵ (on or after age 59½)	Recordkeeping and communications fee: $26 per year Administrative fee: 0.025% of account balance per year. Investment management fee: varies by fund Custodial fee: varies by fund For details see
NC 457 Plan	Employees of participating state and local governmental entities Full-time, temporary or part-time employees Elected and appointed officials Rehired retired employees	Diverse investment options available Stable value, inflation protection, fixed income and equity Passive and active management GoalMaker^® assists with investment selection at no additional cost For additional information, see the Fund Fact Sheets opens in new window for details.	After employment, withdrawal options include:^5,6 Systematic withdrawals Full or partial withdrawals² While employed, withdrawal options include: Hardship withdrawals³ Loans⁴ In-service distributions⁵ (on or after age 59½)	Recordkeeping and communications fee: $26 per year Administrative fee: 0.025% of account balance per year. Investment management fee: varies by fund Custodial fee: varies by fund For details see For details see

Footnote

¹Amounts withdrawn are subject to applicable taxes and plan restrictions. If taken before age 59½, they may also be subject to a 10% federal income tax penalty unless another exception applies.

²If you terminate from service, requests for withdrawals or distributions from your account (not associated with retirement) will not be processed for 60 days.

³Hardship withdrawals are subject to income tax. For the NC 401(k) Plan, a withdrawal prior to age 59½ also is subject to a 10% penalty, unless an exclusion applies.

⁴Any outstanding loan balance not paid back under plan rules after termination of employment becomes taxable in the year of default. Under the Tax Cuts and Jobs Act, for defaults related to termination of employment after 2017, the individual has until the due date of that year's return (including extensions) to roll over the outstanding loan amount to an IRA or qualified employer plan.

⁵Amounts rolled over to another qualified retirement savings vehicle or used to purchase service credits are not subject to current income tax.

⁶Amounts withdrawn are subject to applicable taxes and plan restrictions.

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Education

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