{"id":149,"date":"2019-07-11T16:47:16","date_gmt":"2019-07-11T20:47:16","guid":{"rendered":"https:\/\/cfcc.edu\/human-resources\/?page_id=149"},"modified":"2025-02-14T15:32:24","modified_gmt":"2025-02-14T20:32:24","slug":"optional-supplemental-retirement","status":"publish","type":"page","link":"https:\/\/cfcc.edu\/human-resources\/optional-supplemental-retirement\/","title":{"rendered":"Optional Supplemental Retirement"},"content":{"rendered":"<p>Employees who wish to save for retirement other than through the state retirement system may choose to invest in a 401(k) or 457 plan through Prudential. The College does not match any of these contributions, but employees may have their contributions deducted through payroll deduction.<\/p>\n<p>Employees may enroll in these plans at any time, and an assigned representative is available for questions or changes.\u00a0<strong>Contact Matt Dominelli at <a href=\"tel:7042196104\" class=\"contact-link\"> 704-219-6104 <\/a> or <a href=\"m&#97;&#105;lt&#111;&#58;M&#97;tth&#101;w&#46;D&#111;m&#105;n&#101;ll&#105;&#64;&#69;mp&#111;w&#101;r&#46;c&#111;m\"> M&#97;tth&#101;w&#46;D&#111;m&#105;n&#101;ll&#105;&#64;&#69;mp&#111;w&#101;r&#46;c&#111;m <\/a> for information on each plan.<\/strong><\/p>\n<p style=\"text-align: center;\"> <a class=\"button px-5\" href=\"https:\/\/prutimetrade.secure.force.com\/cts?Id=a3S3b000000aAUtEAM\" target=\"_blank\" rel=\"noopener\"> <span class=\"text-highlight\">Schedule<\/span> an Appointment with an Empower Representative <\/a> \n<p>Additionally, employees may contact a Retirement Education Counselor at <a href=\"tel:8666275267\" class=\"contact-link\"> 866-627-5267 <\/a> \n<ul>\n<li>NC 401(k) and NC 457 Plans<\/li>\n<\/ul>\n <a class=\"button btn-small\" href=\"https:\/\/ssologin.prudential.com\/app\/retirementrba\/Login.fcc?TYPE=33554433&amp;REALMOID=06-000ce88f-9607-195f-9f1c-80a930a040e7&amp;GUID=&amp;SMAUTHREASON=0&amp;METHOD=GET&amp;SMAGENTNAME=retirementrba&amp;TARGET=-SM-https%3a%2f%2fwww%2eretirement%2eprudential%2ecom%2fTRSWeb%2fTRSLogin\" target=\"_blank\" rel=\"noopener\"> Log in to your Empower account.\u00a0 <\/a> <br \/> <a class=\"button btn-small\" href=\"http:\/\/www3.prudential.com\/email\/retirement\/IMFPWeb\/hosted_websites\/cs\/ncplans\/\" target=\"_blank\" rel=\"noopener\"> Go to the Empower website <\/a> \n<h4>What is the difference between each plan?<\/h4>\n <a href=\"#\" target=\"_blank\" rel=\"noopener noreferrer\"> <strong>401(k) Plan:\u00a0<\/strong> <\/a> <br \/>\nThe 401(k) Plan is available to both public and private sector employees. 401(k) contributions are taxed when the money is taken out (pre-tax). 401(k) Roth contributions are taxed before the money is put in. Withdrawals before reaching age 59 \u00bd may be subject to a 10 percent federal tax penalty. Withdrawals after reaching age 59 \u00bd are allowed without penalty.<\/p>\n <a href=\"#\" target=\"_blank\" rel=\"noopener noreferrer\"> <strong>Deferred Compensation (457) Plan:\u00a0<\/strong> <\/a> <br \/>\nThe 457 Plan was established by state and local governments and tax-exempt governments and tax-exempt employers. Any full-time or part-time employee is allowed to make salary deferral contributions. 457 contributions are taxed when the money is taken out (pre-tax). 457 Roth contributions are taxed before the money is put in (effective 4\/1\/11). Money may be withdrawn, without penalty and regardless of age, when the member retires or separates from service. Withdrawals, while employed in the public sector, are not allowed until age 70 \u00bd.<\/p>\n<h4>Forms<\/h4>\n<ul>\n<li> <a href=\"#\" rel=\"noopener\" target=\"_blank\"> Enrollment Forms <\/a> <\/li>\n<li> <a href=\"#\" rel=\"noopener\" target=\"_blank\"> NC Total Retirement Plans Tools and Resources <\/a> <\/li>\n<li> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500\" rel=\"noopener\" target=\"_blank\"> 2023 IRS Contribution Limits <\/a> <\/li>\n<\/ul>\n<h4>Enrollment Tools<\/h4>\n<p>Enrolling in these plans will help you to prepare for a financially secure retirement. Here are some resources to help you better understand the plans and the importance of saving. <\/p>\n<ul>\n<li> <a href=\"http:\/\/www3.prudential.com\/email\/retirement\/IMFPWeb\/hosted_media\/videos\/nc\/cost_of_waiting.html\" rel=\"noopener noreferrer\" target=\"_blank\"> Five Key Reasons to Start Saving Today Animation <\/a> <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Employees who wish to save for retirement other than through the state retirement system may choose to invest in a 401(k) or 457 plan through Prudential. The College does not match any of these contributions, but employees may have their contributions deducted through payroll deduction. Employees may enroll in these plans at any time, and [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"pagecells\/lyt5f.php","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Optional Supplemental Retirement | Human Resources<\/title>\n<meta name=\"description\" content=\"Optional Supplemental Retirement - Employees who wish to save for retirement other than through the state retirement system may choose\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cfcc.edu\/human-resources\/optional-supplemental-retirement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optional Supplemental Retirement | Human Resources\" \/>\n<meta property=\"og:description\" content=\"Employees who wish to save for retirement other than through the state retirement system may choose to invest in a 401(k) or 457 plan through Prudential. The College does not match any of these contributions, but employees may have their contributions deducted through payroll deduction. 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