Retirement Planning

Definition

Retirement, for human resources purposes, is defined by the Benefits Office as an employee who separates from UNC Charlotte and starts their mandatory retirement plan benefits from their Teachers’ and State Employees’ Retirement System (TSERS) via pension payments or Optional Retirement Plan (ORP) account via distributions. Retiree benefits will only be available to those retiring based on this definition.
If the employee is not starting their pension and/or distribution payments from their mandatory retirement plan on the date of separation, it is considered a separation, not retirement, and needs to follow the separation process. Please visit the Separations webpage for more information.

Effective Date:

  • Staff and 12-Month Faculty:
    • The first day of the month (employment ends last day of the previous month)
  • 9-Month Faculty:
    • Jan. 1 retirement if the last day of employment is Dec. 31, or July 1 retirement if the last day of employment is June 30.
    • Phased Retirement (eligibility rules apply) is only offered for July 1 (cannot teach summer sessions), applications are due Oct.-Jan.

Process

Verify your retirement plan:

Verify your retirement plan

UNC Charlotte offers our eligible employees two mandatory retirement options. More information on those plans can be found on the Retirement webpage. If you are unsure which retirement plan you are enrolled in, please check your pay stub through Banner Self Service through my.charlotte.edu or email Benefits@charlotte.edu for verification of your enrolled plan. (Please note, if you are a new employee, reference New Employee Benefits Information.)

Plan for retirement (early, mid- or late-career)

Review the presentations and resources for your plan listed below. Schedule a virtual consultation with the Benefits Office and/or the vendor as needed for further assistance. Employees are also encouraged to consult with CAPTRUST Financial Advisors, the independent advisory firm that works on the UNC Retirement Programs. Individual sessions can include: retirement planning, general financial planning, debt management, investment education and advice. Reference Insurance and Retirement Benefits to learn more and schedule a virtual appointment.

If you are considering retirement in the next year

Attend a “Ready, Set, Go!” session to learn about retirement benefits and the actions needed. Reference information below for plan-specific actions needed:

Register to attend a virtual “Ready, Set, Go!” session to learn about retirement benefits and the actions needed.

  • 9 a.m., Thursday, Aug. 8

To register, log on to the Learning and Development Portal using your NinerNET credentials. Type “Ready, Set, Go!” into the search box, and register for the date and time that works best for you.

Reference the information below for plan-specific actions needed.

Employee actions for retirement
TSERS

If you have TSERS Retirement Plan:

ORP

If you have the ORP Retirement Plan:

  • Confirm your eligibility:
    • Employees are vested after 5 years of participation in the ORP.
  • Review resources below:
    • ORP Presentation
    • Retiree State Health Coverage
      • Note: * General Statute 135-48.1(18) SL 2017-57 changed the eligibility for retiree health coverage. Members hired on or after Jan. 1, 2021, will not be eligible for retiree medical benefits. Click here for more detail.
    • NCFlex: Coverage Continuation Options at Retirement
    • UNC System Benefits ​
    • Supplemental Insurance Benefits
      • Pierce Group
        • Phone Number: 800-421-3142
        • Plans
          • Life
            • Guaranteed Whole Life
            • Lifetime Benefit Term, with optional long-term care rider (preliminary health questions)
          • Accident (Guaranteed Insurance- individual plan)
          • Dental
          • Vision
        • Enrollment Instructions:
          • Life & Accident Plans:
            • Call 800-421-3142
            • May start coverage any time after you receive you first retirement payment from the ORP vendor
            • Premiums are direct billed or monthly bank draft
          • Dental and Vision:
            • Visit www.pierceins.com/50plus to select the plan and follow enrollment instructions
            • May start coverage anytime
            • Discuss credit card/draft payment options with Pierce Group: 800-421-3142
      • North Carolina Retired Governmental Employees’ Association (NCRGEA)
    • Retiree Benefits Provided by UNC Charlotte
    • ORP Retirement Process Checklist (to be provided after meeting with benefits consultant)
    • Schedule a virtual meeting for questions and to initiate the retirement process:
    • Contact your vendor to schedule a virtual meeting:
      • TIAA: Peter Kohn, financial consultant, 704-988-1580, Peter.kohn@tiaa.org
Phased Retirement
  • The Phased Retirement Program is available only to full-time tenured faculty members. Tenured faculty occupying full-time administrative or staff positions are eligible to participate in the program when they vacate such positions. Eligibility requirements are specific to your retirement plan. Reference UNC Charlotte Phased Retirement Program for more details.
  • Retiree State Health Coverage
  • Checklists:
    • TSERS Phased Retirement (to be provided after meeting with benefits consultant)
    • ORP Phased Retirement (to be provided after meeting with benefits consultant)
  • Schedule a virtual meeting for questions and to complete the retirement paperwork:
Retiree Benefits Provided by UNC Charlotte

Recreation Facilities

Retirees are welcome to purchase fitness memberships to University Recreation (UREC). More information can be found here urec.charlotte.edu/memberships.

Atkins Library

UNC Charlotte retirees receive free library privileges, which means they can check out up to 6 items at a time. These items are available for a 21-day checkout.

Parking Services

No parking benefits are provided to retirees. This does not apply to emeritus faculty.

Perks as an emeritus professor

The Office of Academic Affairs oversees the role of Human Resources for faculty members. Nomination for emeritus status must come from the faculty member’s department. Reference University Policy 102.5 Emeritus Faculty and Senior Academic & Administrative Officers for a list of privileges granted to emeriti faculty

Social Security

Reference Retiree State Health Coverage for information about your State Health Plan options when eligible for Medicare.

FAQs

When are retirements effective?
Retirements are always effective on the 1st day of the month.

What do TSERS and ORP mean?
TSERS is the Teachers and State Employees Retirement System – state pension plan managed by the NC State Treasury Office.

ORP is the Optional Retirement Plan and TIAA (Teachers Insurance Annuity Association of America) is the financial carrier 401(a) managed by the UNC System Office.

Which retirement plan am I enrolled in.
You can check your paystub or your “my UNC Charlotte” to see which retirement plan you are participating in.

When should I complete my retirement application?
If you are in the TSERS plan; applications can be submitted from 120 days to 1 day in advance of the retirement date. However, we suggest that you submit your retirement application as soon as possible within 120 days in advance of your retirement date.

Optional Retirement Plan participants are encouraged to meet with their TIAA representative and complete the ORP-3 form at least three months prior to the retirement date

When are retirement checks received?
A: If you are in the TSERS plan, retirement payments are direct deposited to your designated account on the 25th of each month.

If you are in the ORP; you will work with TIAA to set up your monthly distribution or annuity payment.

How do I set up my retiree medical?
When your retirement processes are complete; the State Health Plan will be notified that you are eligible for retiree medical coverage (if applicable). Enrollment is automatic. If you do not want retiree medical coverage and you are eligible; you must take action to decline the coverage. You can call the enrollment and eligibility line at (855) 859-0966 to verify or decline the coverage.

How do I access my retirement account information?
TSERS – myncretirement.com and go to ORBIT

ORP – tiaa.org/unc

Do I have to enroll in Medicare when I turn 65 years of age and are still working full time?
No, you do not have to. However, Medicare Part A is free hospitalization coverage, and you have the opportunity to enroll. You can enroll via the Social Security Administration’s website at ssa.gov.

If I don’t enroll in Medicare Part B when I turn 65 will I be penalized?
If you are working full time and have medical coverage, you can wait until you retire to start Medicare Part B. Your benefits consultant will complete the Medicare Part B Employer Certification Form CMS-L564 showing that you have been part of a group medical plan and therefore will not be charged a penalty. You must supply this form to the Social Security Administration when applying for your Medicare Part B.

If you have started receiving or will start receiving your social security monthly benefits; your monthly premium for Medicare Part B will be deducted from this payment. If not, the SSA will bill you quarterly. Rates are available on ssa.gov.

Contacts