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:

UNC Charlotte offers our eligible employees two mandatory retirement options. More information on those plans can be found on the Benefit Plans/Contacts webpage. If you are unsure which retirement plan you are enrolled in, please check your pay stub through Banner Self Service through my.uncc.edu or email benefits@uncc.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 Appointments to learn more and schedule a virtual appointment.

If you are considering retirement this year:

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

  • Ready, Set, Go! Session:  Thu, Aug 4, 2022, 9 a.m. - noon

    • Registration:  

      • Visit the Learning and Development Portal

      • Click “Search for Training”

      • Search for “Retirement: Ready, Set Go!”

      • Select your session, and click “Request”

Employee actions for retirement:

If you have TSERS Retirement Plan:

If you have the ORP Retirement Plan:

  • 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:

Social Security:

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

Contacts

Insurance and Retirement Appointments

  • Reference the Social Security Benefits website to understand how Social Security fits into your retirement plan and how to apply