N.C. 401(K) Plan and NC 457(b) Deferred Comp Plan
The N.C. Supplemental Retirement Plans are recognized nationwide for low fees and diverse, strong-performing investments and meaningful oversight by the Board of Trustees. This means you have a team of people working for the participants' best interests, lowering fees and costs, and providing value through cost-effective investment choices, useful tools and relevant resources. The State's efforts have not gone unrecognized and the Plans (401K, 457, 403b) Board and staff received the 2020 NAGDCA Leadership Award for Plan Design & Administration. Moving into 2021, our positive relationship with Prudential has resulted in a renewed contract with lower fees.
Prudential's recordkeeping and communications fees will decrease for the next two years (from $31 to $28 per account per year) resulting in a $1 million annual savings for participants like you through 2022.
The NC 401(k), NC 457 and NC 403(b) Plans are state-sponsored, voluntary retirement plans designed to supplement your TSERS pension. If you are already participating or if you'd like to know more about them, the NC Plans have a collection of online tools designed to help you - - where ever you are, when it's convenient for you.
In addition to these resources, Jodie Musselwhite, our local Retirement Education Counselor, is also available to assist you virtually, by phone or by email with your retirement questions.
The Plans' Website
- You can access information about the plans and valuable tools by visiting www.NCPlans.prudential.com.
- You can schedule a one-on-one virtual meeting with Jodie Musselwhite to assist you with plan-related questions, an account review, enrollment, etc. Schedule an appointment or contact Jodie at Jodie.Musselwhite@prudential.com or call 704-219-9432.
Enrolling in these plans will help you prepare for a more financially secure retirement. And if you're already enrolled, it may help to revisit the plans' details:
- Get to know the NC401(k), 457 Plans' and NC 403(b) (on-demand webinar)
- Five Key Reasons to Start Saving Today (video)
Contact Prudential Retirement
- With your N.C. State Retirement Pension, Social Security, and investing in N.C. Supplemental Retirement Plans, your retirement dream may be well underway. Thank you for all you do!
- Contact Brenda Dixon at (704)296.5315 (IEP# 4076) or firstname.lastname@example.org.
To enroll in the 401(k) Plan an employee must be a contributing member (full-time 30+ hrs. per week) to N.C. Teachers & State Employees Retirement System (NC Pension Plan). The N.C. 457 Plan is open to all full-time and part-time employees.
IRS Limits (2021)
- Employees 50 and under can contribute a total of $19,500 to their 401(k)/457/403(b) plan in 2021.
- Employees 50 and older (by 12/31/21) can contribute an additional $6,500 (per IRS requirement 402(g) limits) for a total of $26,000.
Important: If an employee is participating in both a 401K and a 403(b) plan, the contribution limits must be coordinated so that the maximum deferral between the two plans does not exceed $19,500 or $26,000. The contribution limits for 2021 can include ROTH after-tax contributions, pre-tax contributions or a combination of both a 401K/403(b) including ROTH.
A rollover from a previous employer's retirement plan does not impact the maximum amount an employee can contribute to either of these plans.
You may increase/decrease your contribution rate at any time. You may stop contributions at any time. Your account is always 100% vested. UCPS does not offer an employer match for these plans.