August 2008
UNC Asheville
Employee Benefits ROUNDUP!!
The Retirement Rates Have Changed!
On July 1, 2008, the employer contribution rate payable for members of the Teachers’ and State Employees’ Retirement System (TSERS) increased from 7.83% to 8.14%. The new amount reflects an increase to the general pension fund. Questions regarding the new rates can be directed to Member Services at 877.733.4191 or to learn more about your retirement options, visit myncretirement.com
At this time the employer contribution rates for the Optional Retirement Program (ORP) have remained the same.
Have you SEEN us lately?
Come check out the new digs of the HR Benefits Office!
We are now located on the bottom floor of Phillips in 116!
ORP Funding Choices
Are Changing!
The UNC Optional Retirement Program (ORP) Investment Advisory Committee has conducted its 2007-2008 annual review of the ORP and made several recommendations that have been approved by President Bowles.
The committee recommended the elimination of four funds and the addition of four replacement funds under the UNC ORP investment lineup. Additional Information has been posted to the Human Resources website. Remember, these changes do not affect Teachers’ and State Employees’ Retirement System, 403(b) plans, the North Carolina 401(k) or Great West Deferred Compensation 457(b) retirement plans.
NC Flex Benefits
Are
Going High Tech!
For our new NCFlex enrollment period to begin in October, the Benefit area of Human Resources will be introducing on-line enrollment! This means that to add, remove or change any of your current options during the open enrollment period, employees will be doing so via a web- based service.
As the open enrollment period draws closer, you will be hearing more about the on-line enrollment process including detailed instructions on how to access your NC Flex account using their website.
Remember, NC Flex offers you a variety of coverage options—many available on a pre-tax basis—including Dental, Vision, Cancer, Accidental Death and Dismemberment, Group Term Life and Flexible Spending Accounts!
Voluntary Supplemental
403(b) Plan Changes Abound
UNC Asheville currently offers 403(b) Voluntary Supplemental Retirement Programs as a retirement savings option for employees. The Internal Revenue Service is mandating changes to the administration of these programs effective January 1, 2009.
In order to comply with these changes, the UNC system is replacing its current campus-based approach with a system-wide plan. A committee has been formed to prepare participating employees. The committee's goal is to keep an open and effective line of communication with you, the participant, so you are aware of what is happening with your plans during this entire process. Please take a few minutes and review the initial communication from the committee. It can be viewed here.
Remember—this does not affect the Teachers’ and State Employees’ Retirement System, the UNC Optional Retirement Program, North Carolina 401(k) or Great West Deferred Compensation 457(b) retirement plans. The changes affect voluntary supplemental plans.