{"id":102,"date":"2019-07-02T16:22:43","date_gmt":"2019-07-02T20:22:43","guid":{"rendered":"https:\/\/cfcc.edu\/human-resources\/?page_id=102"},"modified":"2025-04-02T09:32:25","modified_gmt":"2025-04-02T13:32:25","slug":"retirement","status":"publish","type":"page","link":"https:\/\/cfcc.edu\/human-resources\/current-employees\/benefits\/retirement\/","title":{"rendered":"Retirement"},"content":{"rendered":"

Cape Fear Community College full-time employees automatically become members of the North Carolina Teachers\u2019 and State Employees\u2019 Retirement System (TSERS) <\/a> . Employees contribute 6 percent of their pre-tax salaries into the system.<\/p>\n Retirement Handbook <\/a>
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Vesting<\/h4>\n

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).<\/p>\n

Retirement Eligibility<\/h4>\n

Employees may retire with unreduced benefits after:<\/strong><\/p>

Age 65 with 5 years of creditable service, or <\/div>
Age 60 with 25 years of creditable service, or <\/div>
At any age with 30 years of creditable service <\/div>

 <\/p>\n

Employees may retire early with a reduced benefit after:<\/strong><\/p>

Age 60 with 5 years of creditable service, or <\/div>
Age 50 with 20 years of creditable service <\/div>

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Retiree Medical<\/h4>\n

Employees Hired January 1, 2021, or After NOT Eligible for Retiree Medical Benefits:
\nState law now dictates that employees hired on or after January 1, 2021, are not eligible for retiree medical benefits. The change was included in the 2017 Appropriations Act. <\/a> \n

Specifically, the action amends Article 3B of Chapter 135 of the General Statutes to require that retirees must earn contributory retirement service in the Teachers\u2019 and State Employees\u2019 Retirement System (or in an allowed local system unit), the Consolidated Judicial Retirement System, and the Legislative Retirement System prior to January 1, 2021, and not withdraw that service, in order to be eligible for retiree medical benefits under the amended law.<\/p>\n

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 ten and 20 years of service, the state will pay 50 percent. If you retire with five to ten 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. <\/a>
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Frequently Asked Questions<\/h5>\n
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  1. What is ORBIT and how do I begin?
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