N.C. 401(K) Plan and NC 457(b) Deferred Comp Plan

  • On-Demand Webinar  -  Get To Know the NC Plans 401K, 457 and 403b

    To enroll in the 401(k) Plan an employee must be a contributing member (full-time 30+ hrs. per week) to the 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.

    Contact Prudential Retirement: 1-866-627-5267

    Prudential's Website: NC Plans

    Local Retirement Contact - Ms. Jodie Musselwhite (Prudential Senior Retirement Education Manager).

    Questions/Payroll Deduction:  Ms. Brenda Dixon at (704) 296.5315 (IEP# 4076) or brenda.dixon@ucps.k12.nc.us.

    Enrollment Forms:

     

    These are the plan-related fees that apply to the NC401(k) and NC457 Plans.

    Investment Management Fees:  each investment option offered in the plan is managed by investment professionals who oversee the fund's portfolio of investments.  The Board of Trustee's continually monitor the fees charged by these investment managers to ensure that plan participants get the most for their money.

    Operating Fee:  This fee varies, depending on the fund.  Each operating fee includes the administrative fee of 0.025% (which covers the cost of audits, legal and consultant services and other plan expenses), trust expenses and custodial fees.  The Board of Trustees will again waive the 0.025% administrative fee in 2020, but members will pay the remainder of the operating fees.

    Recordkeeping & Communications Fee: Provides you with a team of dedicated Retirement Education Counselors, as well as plan communications, which includes quarterly statements, website and educational materials, to name a few.  This is deducted from your plan account at the rate of $7.75 per quarter.

    2020 IRS Limits:

    Employee's 50 and under can contribute a total of $19,500 to their 401(k)/457/403(b) plan in 2020.

    Employee's 50 and older (by 12/31/20) 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 2020 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 employers 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.