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

  • 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.  In 2019, members will not pay the 0.025% administrative fee, but 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.

    IRS Limits:

    The amount that an employee can contribute to their 401(k) plan in 2019 is $19,000.  The age-based additional amount an employee who is 50 and older by 12/31/19 can contribute remains unchanged at $6,000 (per IRS requirement 402(g) limits) for a total of $25,000.

    If an employee is participating in both a 401K and a 403b plan, the contribution limits must be coordinated so that the maximum deferral between the two plans does not exceed $19,000 (or $25,000).

    A rollover from a previous employers retirement plan do not impact the maximum amount an employee can contribute to either of these plans.  The contribution limits for 2019 can include Roth after-tax contributions, pre-tax contributions, or a combination of the two.

    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.