This estimator is intended to assist you in estimating your monthly benefit if you transfer eligible contributions from the NC 401(k) Plan or NC 457 Plan to the same retirement system from which you retire (TSERS or LGERS) to receive a lifetime monthly Transfer Benefit based on your transferred balance. A customized benefit estimate can be generated by completing the information below and clicking on the Calculate button. Click on the Educational Material button below for more information. If you are retiring and wish to transfer NC 401(k) Plan or NC 457 Plan funds, you may complete and submit Form 319401k or 319457, respectively. If you are a law enforcement officer and wish to transfer NC 401(k) Plan funds under the old LEORS provisions, then you may complete and submit Form 319LEO.
When you click on the Educational Material button, it will open a new browser window that links to the State Employees’ Credit Union website devoted to the NC 401(k)/NC 457 Plan Transfer Benefit. Educational Material
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Three-year guarantee: If you die and your monthly survivorship beneficiary dies (if applicable), and the total monthly payments received have not exceeded 36 times your initial monthly transfer benefit, then the difference between 36 times your initial monthly transfer benefit and the payments received to date will be refunded to your designated beneficiary for the guaranteed refund.
Full return guarantee: If you die and your monthly survivorship beneficiary dies (if applicable), and the monthly payments received does not exceed the funds transferred to the Retirement System, then any remaining funds will be paid to your designated beneficiary for the guaranteed refund.
Automatic annual COLA: You will receive an annual Cost of Living Adjustment that will increase your transfer benefit payment by the increase in the CPI-U (Consumer Price Index – All Urban Consumers), a common measure of inflation.
NO COLA: You will not receive an annual Cost of Living Adjustment.
Maximum Allowance: Basic, Straight Life Benefit. You will receive a monthly retirement transfer benefit that is paid throughout your lifetime with all monthly transfer benefit payments ceasing at your death.
Option Two: 100% Joint and Survivorship: You will receive a reduced monthly retirement transfer benefit that provides that upon your death, the same reduced retirement allowance will continue monthly to the survivorship beneficiary you designate, for the remainder of his/her life.
Option Three: 50% Joint and Survivorship: You will receive a reduced monthly retirement transfer benefit that provides that upon your death, one-half of the reduced retirement allowance will continue monthly to the survivorship beneficiary you designate, for the remainder of his/her life.
Option Six-Two: Modified 100% Joint and Survivorship: You will receive a reduced monthly retirement transfer benefit that provides that upon your death, the same reduced retirement allowance will continue monthly to the survivorship beneficiary you designate, for the remainder of his/her life. However, should this beneficiary pre-decease you, your monthly transfer benefit will increase to the maximum allowance.
Option Six-Three: Modified 50% Joint and Survivorship: You will receive a reduced monthly retirement transfer benefit that provides that upon your death, one-half of the reduced retirement allowance will continue monthly to the survivorship beneficiary you designate, for the remainder of his/her life. However, should this beneficiary pre-decease you, your monthly transfer benefit will increase to the maximum allowance.
LEO vested before July 1, 2010: Law enforcement officers vested with five years of service prior to 7/1/2010, however, do not have contributions transferred to the NC 401(k) Plan from the former Law Enforcement Officers' Retirement System (LEORS).
LEO vested with contributions transferred from former LEORS: Law Enforcement Officers with contributions transferred to the NC 401(k) Plan from the former Law Enforcement Officers' Retirement System (LEORS) in 1985 for the Teachers’ and State Employees’ Retirement System or in 1986 for the Local Governmental Employees’ Retirement System.