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Human Resource Benefits Update

Personnel Connections. Human Resource Benefits Update. Personnel Connections. State Health Plan Update There is a budget shortfall. As of October 2008, it was $52.3 million. The State Health Plan will focus on cost savings initiatives.

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Human Resource Benefits Update

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  1. Personnel Connections Human Resource BenefitsUpdate

  2. Personnel Connections State Health Plan Update • There is a budget shortfall. As of October 2008, it was $52.3 million. • The State Health Plan will focus on cost savings initiatives. • No update on the next annual enrollment. The General Legislature will take up the State Health Plan financial issues this session.

  3. Personnel Connections Retirement Plans 101

  4. Personnel Connections Who’s Eligible for Mandatory Retirement? • Must be an SPA or EPA (non-temp) • Must be at least .75 FTE • Must be on a 9 month contract or greater that is on a recurring basis

  5. Personnel Connections Mandatory Retirement Plans 6% deduction TSERS (Teachers’ and State Employees’ Retirement System) ORP (Optional Retirement Plan) Four vendors for the ORP: AIG Retirement, Fidelity, Lincoln and TIAA-CREF (no changes in 2009)

  6. Personnel Connections Voluntary Retirement Plans Prudential 401k (pre-tax or Roth) Prudential 457 TIAA-CREF 403b (pre-tax or Roth) Fidelity 403b (pre-tax or Roth)

  7. Personnel Connections Voluntary Retirement Plans Changes Prudential 401k- new investment choices Prudential 457- new vendor and new investment choices TIAA-CREF 403b (pre-tax or Roth)- new investment choices Fidelity 403b (pre-tax or Roth)- new investment choices

  8. Personnel Connections Voluntary Retirement Plans Contribution Limits for 2009 • $16,500 for 401k/403b (combined) • $16,500 for 457 • $5500-age 50+ catch up- 401k/403b • $5500-age 50+ catch up- 457

  9. Personnel Connections More Information 401k & 457 – www.ncplans.prudential.com 403b – www.northcarolina.edu/403b More information our our website at: http://www.fis.ncsu.edu/hr/benefits/rfp.asp#Supplemental Check the “Understanding Retirement Programs” in the HR Academy

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