Retirement Rates and Limit Details

Disclaimer: Rates/Limits provided below are based on information received from the following sources and are subject to change:

Retirement Rates (July 1, 2024)

Teachers’ and State Employees’ Retirement System

Employee contribution rate: 6% of eligible earnings

Employer contribution rates below:

BenefitPercentage

Pension Accumulation Fund

(Includes .01% Qualified Excess Benefit)

16.79%
Death Benefit Trust Fund0.13%
Retiree Health Plan Reserves6.99%
Disability Income Plan0.13%
Total Employer Contribution

24.04%

TSERS for Law Enforcement Officers

Employee contribution rate: 6% of eligible earnings

Employer contribution rates below:

BenefitPercentage

Pension Accumulation Fund

(Includes .01% Qualified Excess Benefit)

16.79%
Death Benefit Trust Fund0.13%
Retiree Health Plan Reserves6.99%
Disability Income Plan0.13%
State 401(k)5.00%
Total Employer Contribution29.04%

UNC Optional Retirement Program

Employee contribution rate: 6% of eligible earnings

Employer contribution rates below:

BenefitPercentage
ORP Employer Contribution6.84%
(Retiree Health Plan Reserves 6.99% & Disability Income Plan .13%)7.12%
Total Employer Contribution13.96%

Retirement Plan Limits

Social Security Base Rate: $160,200 (2023), $168,600 (2024)

IRS Contribution and Benefit LimitPlan20232024
Annual Compensation Limit – 401(a) (17)TSERS- hired on or after January 1, 1996$330,000$345,000
Annual Compensation Limit – 401(a) (17)TSERS – hired prior to January 1, 1996$490,000$505,000
Annual Compensation Limit – 401(a) (17)ORP – hired on or after July 1, 1996$330,000$345,000
Annual Compensation Limit – 401(a) (17)ORP – hired prior to July 1, 1996$490,000$505,000
Elective Deferrals – 402(g) (1)401(k) and 403(b)$22,500$23,000
Elective Deferrals – 457(e) (15)457(b)$22,500$23,000
Catch-up Contributions – 401(v)(2)(B)(i)401(k), 403(b) and 457(b)$7,500$7,500
Defined Contribution Limits – 415(c)(1)(A)Apply separately to ORP and 403(b) plan$66,000$69,000