аЯрЁБс>ўџ ?Aўџџџ>џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅСq Пz/bjbjt+t+ (JAA№*ˆџџџџџџ]&КККК8ђDК{ ў^а."PPTTTT@ B B B B B B $y єm Ўf TTTTTf ˜TT^˜˜˜T"TT@ :@z@T@ ˜Ј˜@ @ TJ єЈ4.РККv"@ Other Benefits Deferred Compensation ProgramsThe State offers the following tax-deferred programs to provide a way to save money to supplement the state retirement plan:  SYMBOL 183 \f "Symbol" \s 10 \h  the 401(k) Deferred Compensation Plan,  SYMBOL 183 \f "Symbol" \s 10 \h  the North Carolina Public Employees' Deferred Compensation, and  SYMBOL 183 \f "Symbol" \s 10 \h  the 403(b) Deferred Compensation Plan The Internal Revenue Service’s (IRS) rules set a limit on the amount an individual can set aside through pre-tax and tax deferred programs. The maximum is 25 percent of the employee’s taxable state salary up to $7,500 annually.  SYMBOL 183 \f "Symbol" \s 10 \h  Money placed into a plan is not counted as taxable income for that year, thus lowering an individual’s income tax.  SYMBOL 183 \f "Symbol" \s 10 \h  Money is only taxed when it is withdrawn. If it is taken out after retirement, the employee will probably be in a lower tax bracket and will be paying less in taxes. 401(k) Deferred Compensation Plan and the North Carolina Public Employees’ Deferred Compensation Plan Both of these plans can benefit an employee now or after retirement. They are financial plans offering savings, loan, tax and retirement benefits. There are several options for investment funds or mutual funds. 403(b) Deferred Compensation Plan The University System and some other educational facilities make available voluntary tax-sheltered annuities which provide tax-advantaged retirement savings programs designed primarily for employees of educational, religious and charitable organizations. These types of arrangements are governed under the requirements of the Internal Revenue Code Section 403(b). Each campus sets the policy for the selection and number of tax-sheltered annuity companies or vendors that are available to its employees.  Continued on next page Other Benefits, Continued Disability Income PlanEligible employees who become temporarily or permanently disabled and are unable to perform their regular work duties may receive partial replacement income through the Disability Income Plan of North Carolina (the Plan). Employees are eligible if they:  SYMBOL 183 \f "Symbol" \s 10 \h  are a permanent employee working at least 30 hours per week for nine months of the year and  SYMBOL 183 \f "Symbol" \s 10 \h  participate as a member of the Teachers’ and State Employees’ Retirement System for at least one year during the 36 months preceding the disability There is a 60-day waiting period before benefits are paid by the Plan. During this period, accumulated sick or vacation leave may be used . The Department of the State Treasurer, Retirement Systems Division, has published a handbook detailing the benefits available under the Plan. The book, "Your Retirement Benefits," is available through the agency benefits representative or the State Retirement Systems Division at (919) 733-4191. Short-Term Disability Eligible employees may receive a monthly short-term benefit equal to:  SYMBOL 183 \f "Symbol" \s 10 \h  fifty (50) percent of their monthly salary, plus  SYMBOL 183 \f "Symbol" \s 10 \h  fifty (50) percent of their annual longevity Monthly benefits during the short-term period cannot exceed $3,000. This monthly benefit is reduced by any workers’ compensation benefit received. Short-term benefits are available for up to one year and may be extended for up to one additional year if the disability is temporary and is likely to end within that additional year. Continued on next page Other Benefits, Continued Disability Income Plan (continued)Long-Term Disability Long-term benefits may begin after short-term disability benefits end. In order to qualify for long term disability benefits, an employee must have at least five years of membership service with the Retirement System during the 96 months preceding the conclusion of the short-term disability period. During the first three years of long-term disability, eligible employees may receive a monthly long-term benefit equal to:  SYMBOL 183 \f "Symbol" \s 10 \h  sixty-five (65) percent of their monthly salary, plus  SYMBOL 183 \f "Symbol" \s 10 \h  sixty-five (65) percent of their annual longevity Monthly benefits during the long-term period cannot exceed $3,900. This amount is reduced by any workers’ compensation, federal Veterans Administration benefits, benefits from any other federal agency or Social Security benefits received. After the first three year period, long-term disability benefits will be reduced by an amount equal to the Social Security benefit the member would be entitled to receive from Social Security, even if not receiving the benefit. Long-term benefits are payable to eligible employees until they become eligible to receive an unreduced service retirement with the Teachers’ and State Employees’ Retirement System. Health InsuranceAn employee with a permanent, probationary, time-limited or trainee appointment working at least 30 hours per week, may enroll in either the State Health Plan or in a state-contracted Health Maintenance Organization (HMO) if there is one authorized to operate where the employee lives. The state pays for each individual employee’s Health Insurance premiums under the State Health Plan. If the employee chooses to use an HMO, the state will pay the same amount toward the HMO, and any additional premium can be deducted from the paycheck. Continued on next page Other Benefits, Continued Health Insurance (continued)The employee must apply within 30 days from the beginning date of employment in order to receive benefits for any pre-existing health conditions. If the employee applies after the 30-day period, there may be a 12-month waiting period for pre-existing health conditions, depending on which is chosen. Coverage for the spouse and dependents under the State Health Plan or an HMO is paid entirely by the employee . The additional payment can be deducted from the paycheck each month. For the HMO and the State Health Plan, an annual elective period gives the chance to change to a different HMO plan or to the State Health Plan. If there is a change, no plan can exclude the employee because of illness or some existing medical conditions. The supervisor or benefits representative will have further information about specific benefits from the different plans. Legal DefenseState employees may be provided legal defense for any civil or criminal action or proceeding against them because of an act done or an omission made in the scope of their employment as a State employee. According to the provisions of the law, the Attorney General has the authority to determine whether the State will provide defense for the employee. Retirement SystemUnder the Teachers’ and state Employees’ Retirement System, an employee with a permanent, probationary, time-limited or trainee appointment working at least 30 hours per week for nine months of the year, is automatically a member of the State Retirement System. The state provides benefits for the employee and their family in case of retirement or death after completing certain eligibility requirements. The employee’s share of the cost, six percent of salary, is automatically deducted from the paycheck before taxes. The state adds an additional amount to the system based on the calculations of an actuary. Continued on next page Other Benefits, Continued Retirement System (continued)An employee can retire with unreduced monthly benefits:  SYMBOL 183 \f "Symbol" \s 10 \h  At age 65 with five years of membership service in the Retirement System  SYMBOL 183 \f "Symbol" \s 10 \h  With 30 years of creditable service in the system regardless of age at age 60 with at least 25 years of creditable service. An employee can retire with reduced monthly benefits:  SYMBOL 183 \f "Symbol" \s 10 \h  At age 50 with 20 or more years of creditable service  SYMBOL 183 \f "Symbol" \s 10 \h  At age 60 with five years of membership service Law Enforcement Officers can retire with:  SYMBOL 183 \f "Symbol" \s 10 \h  Unreduced benefits at age 55 with five or more years of membership service as a law enforcement officer  SYMBOL 183 \f "Symbol" \s 10 \h  Reduced benefits at age 50 with 15 years of creditable service. After five years of state service, an employee is ‘vested’ in the system. This means that if the employee leaves the system before retiring, contributions may be left in the system and the employee can draw a retirement income beginning at age 60. If an employee leaves State service before retiring, all of the savings (plus interest if vested) may be withdrawn. If the employee later returns to state service for at least five years, this time towards retirement may be bought back. Death Benefit If an employee should die while in active service or within 180 days of the last paid day after one year as a contributing member, the beneficiary will receive a single lump sum payment. The payment equals the highest 12 months’ salary in a row during the 24 months before death. This amount is at least $25,000 but no more than $50,000. This benefit is not transferred if the employee leaves state service. Continued on next page Other Benefits, Continued Retirement System (continued)The Department of the State Treasurer, Retirement Systems Division, has published a handbook detailing retirement benefits. The book, "Your Retirement Benefits," is available through the agency benefits representative or the Retirement Systems Division. Social SecurityState employees contribute a set amount each month to the Social Security System. This amount is matched by the state. For more information, contact the local Social Security Office Supplemental Insurance ProgramsState agencies offer various insurance products to employees through private insurance providers. Products vary by agency depending on what the agency insurance committee selects. Insurance products available to employees may include life, dental, disability, accidental death and dismemberment, prepaid legal expenses and others. These plans are underwritten by private companies so coverage may continue if the employee leaves state service. Participation in supplemental insurance products is voluntary. The employee is responsible for the full cost of the premium; however, group rates are usually lower than those of an individual policy. Premiums may be deducted from the paycheck. The agency benefits representative will have information on the products available. US Savings BondsState employees may join the payroll savings plan by purchasing US Savings Bonds. The employee indicates how much to put aside from each paycheck and the denomination of bond desired. The amount is deducted from the paycheck each month. Bonds are automatically sent to the employee once the savings add up to the purchase price. STATE PERSONNEL MANUAL Employee Benefits and Awards Section 6, Page  PAGE 20 July 1, 1997 PAGE  Other Benefits ЎЏабљњ]^€ŽАБ&'HIёђWX/ P Q Н П x ‚ š › М Н   = > ^  ‰ЅŠŒЁщъ  >?`aŽ6JwyѓѕіOPqr—˜2™8!B!›!œ!Н!О!" 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