Cape Fear Community College full-time employees automatically become members of the North Carolina Teachers’ and State Employees’ Retirement System (TSERS). Employees contribute 6% of their pre-tax salaries into the system.
Members of the retirement system become vested after a minimum of five years of retirement service credit (including service with other agencies). Vesting means that you are eligible to apply for lifetime monthly retirement benefits once you meet the minimum age and service requirements set forth by the retirement formula (as long as you do not withdraw your contributions).
Employees may retire with unreduced benefits after:
- age 65 with 5 years of creditable service
- age 60 with 25 years of creditable service, or
- at any age with 30 years of creditable service
Employees may retire early with a reduced benefit after:
- age 60 with 5 years of creditable service, or
- age 50 with 20 years of creditable service
If you were first hired prior to October 1, 2006, after you retire the state will pay the same amount of employee-only premium as the college pays for active employees. If you were hired on or after October 1, 2006, you must have 20 or more years of creditable service to receive this full benefit. If you have between 10 and 20 years of service, the state will pay 50%. If you retire with 5-10 years of service, you must pay the full premium. Beginning January 1, 2014, Medicare-primary retirees have a new set of State Health Plan options available. Details are available at the State Health Plan Website.
Frequently Asked Questions
- What is Orbit and how do I login?
- How to Designate/Change Beneficiaries: To change your beneficiary(ies), complete the following steps:
1. Login to ORBIT at https://orbit.myncretirement.com
(If you have not used ORBIT before, you will need to register by clicking on the Register button on the same page. To complete the registration, you need to supply your Social Security number, birth date, and zip code.)
2. Once logged in, click on the “Maintain Beneficiaries” tab on the left hand side of the screen.
3. On the next screen, you can view your beneficiaries, and use the add, edit and delete features to change your beneficiary(ies).
- ORBIT FAQs and How To Videos
New Hire Information
- TSERS Welcome Flyer
- TSERS Benefit Highlights
- Total Retirement Plan Comparison Chart – for information on how to enroll or transfer accounts, please contact Clay Thompson with Prudential. His contact information can be found by visiting our Optional Supplemental Retirement webpage
Thinking about retirement within the next couple of years? Here are some resources to help you get started:
- Retirement Checklist from the State Treasurer Website.
- Register/Login to your ORBIT account and view your retirement account information (estimators and forms are available here).
- Attend a retirement conference or view a conference video or slideshow.
- View a recent 2019 retirement planning webinar powerpoint: click here
- Review Orbit’s Retirement Planning website to view information on retirement eligibility, using your sick leave, estimating retirement benefits, and much more!
- Go to the State Health Plan’s Preparing for Retirement Overview website to learn more regarding your benefits at retirement
- Have questions regarding Medicare?
- Review the Understanding Your Benefits & Medicare When you Retire presentation provided by the State Health Plan or visit the State Health Plan’s website for more information by clicking here.
- Click to view: State Health Plan – Medicare FAQ
- NC Retirement Systems Supplemental Benefits: after retirement, you will have the option to enroll in vision, dental, or identity theft benefits provided by Pierce Insurance
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