N.C. Teachers' and Educators' 403(B) Plan

  • The N.C. 403(b) is available 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 Form: NC403(b) Enrollment Form 06.14.18; One-Time Contribution Form:  One-Time Contribution Form

    Prudential Retirement provides recordkeeping services for the NC Total Retirement Plans.

    "What is a 403(b)?"  Video provided by 403(b) Wise

    "What is a 403(b)?"

    MISCELLANEOUS 403(B) PLANS (AXA, Horace Mann, National Life, Brighthouse, etc.)

    Plan Administrator/Third-Party Administrator -  TSA Consulting Group, Inc. (TSACG) TSA Consulting Group

    Information/Forms:

    Indexed Annuities: What you Should Know - U.S. Securities and Exchange Commission.

    This type of annuity is extremely complex, carry high fees and surrender charges, and often fall short of their promised returns.  The surge in sales recently prompted the Securities and Exchange Commission to issue an investor bulletin explaining the risks of indexed annuities.

    Variable Annuities: What You Should Know - U.S. Securities and Exchange Commission.

    Variable Annuities typically have high annual fees and expenses, in addition to potential sales and surrender charges and early withdrawal penalties.

    It is important to read all documents and ask the sales rep to explain each fee that is associated with the product they are pitching to you.  Fees and expenses affect your investment portfolio.

    SEC "How Fees and Expenses Affect Your Investment Portfolio U.S. Securities and Exchange Commission

    403b Wise - information for K-12 employees provided by others who are in the education field or previously worked in the education field and what they learned about annuities.

    403(b) Explainer Video: https://403bwise.org/advocacy/video

    A 4-minute video from Bloomberg: Video - Bloomberg

    Youtube: 403(b) Plans - What You Need to Know Before Signing Up 

    U.S. News & World Report article: 15 Things You Need to Know Now About Annuities

    Questions you Should Ask About Your Investments...and What To Do If You Run Into Problems:  U.S. Securities & Exchange Commission or Wise Information for K-12 Employees

    Employees should clearly understand the surrender charges and any guarantees associated with the product.  Complete a background check on the representative Broker Check.  If the representative is a designated Certified Financial Advisor (CFA) then ask them to sign a Fiduciary Pledge Advisor Fiduciary Pledge.  If the representative is a Certified Financial Planner (CFP), they have already taken a Fiduciary Oath.  Ask the agent if he owns this annuity.  If so, ask to see their statement.  Ask for a comparison of the annuity and its performance.  Most importantly, "Ask the agent about all expenses associated with the annuity."  Get a second opinion from another source (hourly or retainer-based planner) before you sign a contract.

    NOT FDIC Insured

    • Investments in mutual funds (stock, bond or money market mutual funds), whether purchased from a bank, brokerage or dealer.
    • Annuities (underwritten by INSURANCE Companies, but sold at some banks).
    • Stocks, bonds, Treasury securities or other investment products, whether purchased through a bank or a broker/dealer.

    2020 IRS Limits:

    Employee's 50 and under can contribute a total of $19,500 to a 403(b) in 2020.

    Employee's 50 and above (by 12/31/20) can contribute an additional $6,500 in 2020 for a total of $26,000.

    If an employee is participating in both a 403(b) and a 401K plan, the contribution limits must not exceed $19,500 (or $26,000 together).  The maximum deferral amount also includes ROTH accounts.

    Rollovers from a previous employer retirement plan does not impact the maximum amount an employee can contribute to this plan.

    UCPS does not offer an employee match for this plan.