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.

     

    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:

     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.  These annual fees and expenses can include: mortality and expense risk charges, administrative fees for record-keeping and other expenses, underlying fund expenses, charges for special features, sales charges, contract fees, custodial fees, expense fees, wrap fees, transfer fees, surrender fees, withdrawal fees, loan fees, maintenance fees, agent commissions, brokerage commissions, mutual fund fees (read the prospectus).  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.

    403(b) 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.

    A 4-minute video from Bloomberg: Video - Bloomberg or 403b - The Land that Time Forgot

    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.

    IRS Limits:

    The maximum deferral amount in 2019 to a 403b plan is $19,000.  In addition, the age-based additional amount limit for employees who are 50 or older by December 31, 2019 is $6,000 for a yearly total of $25,000.00.

    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).

    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.