Alternate Address: The Retirement Systems requires a current address so that we can deliver important communications. If your retirement date is on or before Dec. 1, 2023, your first retirement benefit payment will be sent in the form of a paper check, even if you enroll in direct deposit. If you spend time at an alternate address for part of the year or if you plan to move soon after retirement, be sure to list an address on your retirement application that you will have access to for at least six months after you retire. After you retire and receive your first benefit payment, you can log in to ORBIT to update your address by selecting "Maintain Personal Information" in the left navigation. Here, you can view and edit your primary and alternate address. |
| Application Window: You must complete your retirement application within 120 days of beginning the online process, or you will have to start the process over and select a new retirement date. State law specifies that if a member fails to respond within 120 days after transmission of the benefit estimate or the retirement date, whichever is later, the application for retirement will be canceled. A new application must be completed establishing a new retirement date. The Retirement Systems Division is not liable for any benefits due a member because of a voided retirement application. |
| Average Final Compensation: The average of your salary during your four highest-paid years in a row. If your four highest-paid years in a row include a final payment for unused vacation leave and/or prorated longevity, your average final compensation may be increased by the extra payment(s). Final payments, if any, for unused sick leave or reimbursem*nts for expenses are not includable in your AFC. |
Date of Birth: The Retirement Systems Division requires your legal name, birth date and Social Security Number at retirement to ensure the retirement benefit is paid to the member that we have on file. The following government-issued, unexpired documents may be used:
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COLA: Cost of Living Adjustment for retirees and benefit recipients.
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| Contribution-Based Benefit Cap: For more information on the Contribution-Based Benefit Cap, please visit this web page. |
| Creditable Service: The total of all service credit that counts toward retirement. It includes membership service for any period you contribute to your system, provided you have not withdrawn your contributions. It also includes credit for eligible purchased service and eligible unused sick leave that is converted to creditable service at retirement. |
| Direct Deposit: Your first benefit payment will be sent by direct deposit if the information is received and acknowledged by the Retirement Systems before your effective retirement date. Otherwise, a paper check will be mailed. To learn more about the benefits of using direct deposit for your benefit payments, click here. |
Effective Retirement Date: This is the date you want your retirement to begin. You cannot apply for retirement until at least 120 days before your effective retirement date. If you apply for retirement close to your effective retirement date, you may receive a retroactive retirement benefit payment.
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| First Regular Payday: Generally, the 25th of the month of the effective retirement date. If the 25th falls on a weekend or holiday, the first regular payday is the last State government business day before the 25th. |
| First Recorded Payment: The date the first retirement payment is recorded as issued by the Retirement Systems. For paper checks, this will be before the check is cashed. Often, the first recorded payment is the same as the first regular payday but could differ in certain situations. |
| Last Day of Work: This is the last day worked with your most recent state or local government employer and may include any unused leave. When determining your eligibility for retirement, this date is an important factor to consider. For example, if the first day you are eligible for retirement is July 1, you will need to remain on your employer’s payroll into June. You cannot, for example, select May 1 as your last day of work unless you have sufficient vacation or other leave time to remain an active employee in June. Otherwise, you may not be eligible. For more information about eligibility requirements, talk to your employer or click here to read the member handbook for your retirement system. |
| Last Position Held: This is your last position title held with an employer. |
Legal Name: The Retirement Systems Division needs your legal name, birth date and Social Security Number at retirement to ensure the retirement benefit is paid to the member that we have on file. The following government-issued, unexpired documents may be used:
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One-Time Supplemental Payment (OTSP): A one-time supplemental payment is a single payment added to a retiree's monthly benefit payment. Where a Cost-of-Living Adjustment (COLA) may be an increase that continues forward in a monthly benefit payment, OTSPs are delivered and then the monthly payment returns to the regular monthly amount the following pay period.
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Plan Type: The benefits through the North Carolina Retirement Systems are 401(a) Defined Benefit Plan Benefits qualified under the Internal Revenue Code. This means that:
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| Retirement Calculation: Retirement benefits are calculated using a standard formula established by the Boards of Trustees for the Retirement Systems. As a state or local governmental employee who works for an employer that participates in the Retirement Systems, you have access to ORBIT. Log in to your ORBIT account and click Create a Custom Benefit Estimate in the left navigation. This calculator provides you with an estimate of what your retirement benefits might be when you become eligible. For more information on how to retirement benefits are calculated, including a video which provides an overview of the calculation, click here |
Accrual Rate/Retirement Factor: The retirement factor is determined by the North Carolina General Assembly. The accrual rate is used in the retirement calculation. The current factors are:
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| Security Code: This is a random six-digit number sent to your personal email or mobile device that is used to authenticate or verify your identity so you can access your ORBIT account. This usually is prompted when you are using a device or browser that has not been used previously or when you clear your history in a browser. |
| Social Security Number (SSN): The Retirement Systems Division needs your legal name, birth date and SSN at retirement to ensure the retirement benefit is paid to the member that we have on file. A copy of your Social Security card must be provided during the retirement application process if you need to make any changes to the SSN we have on file for you. |
FAQs
What are key terms and definitions? ›
Key terms are the “means of exchange” in disciplines. You gain entry into the discussion by demonstrating how well you know and understand them. Some disciplinary keywords can be tricky because they mean one thing in ordinary speech but can mean something different in the discipline.
What is orbit nc retirement? ›ORBIT provides you with secure access to your personal retirement account information 24 hours a day, seven days a week.
What are the retirement rules in NC? ›Service Retirement (Unreduced Benefits)
You may retire with unreduced service retirement benefits after: you reach age 65 and complete five years of creditable service, or. you reach age 60 and complete 25 years of creditable service, or. you complete 30 years of creditable service, at any age.
Effective Retirement Date: This is the date you want your retirement to begin. You cannot apply for retirement until at least 120 days before your effective retirement date.
What are the 3 main parts of defining a term? ›- The term (word or phrase) to be defined.
- The class of object or concept to which the term belongs.
- The differentiating characteristics that distinguish it from all others of its class.
used to describe which particular area of a subject you are discussing: In financial terms, the project was not a success. In terms of money, I was better off in my last job.
Will NC state retirees get a raise in 2024? ›Effective July 4, 2024, amends GS 135-5 (concerning the Teachers' and State Employees' Retirement System [TSERS]), GS 135-65 (concerning the Consolidated Judicial Retirement System [JRS]), and GS 120-4.22A (concerning the Legislative Retirement System [LRS]) to provide a 2% increase in the retirement allowance to or on ...
How long do you have to be vested in NC State retirement? ›Vested. The employee is fully vested with 5 years of creditable service. If termination occurs before 5 years of service, the individual is entitlted to a refund of the employee contribution, only.
What is full retirement age for North Carolina? ›What is the retirement age in north Carolina? The age of retirement in North Carolina follows national guidelines. Individuals born after 1960 can “officially” retire at 67-years-old, meaning they can qualify for all related benefits.
What is the 4 rule in retirement? ›The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.
Can you withdraw your NC retirement? ›
When you leave your employment, you have two options: get a refund (withdraw your contributions) or keep your money in the retirement systems. There is a lot of information to consider before you make your choice, so please read this entire page to make sure you're making an informed decision.
What is the 8 times rule for retirement? ›"One theory suggests that saving 15% of one's annual income every year (including employer's contribution) can be appropriate for many. Another popular theory says the ideal corpus for retirement should be 7-8 times one's salary by the start of one's 60s.
What is the 3 rule for retirement? ›The safe withdrawal rule is a classic in retirement planning. It maintains that you can live comfortably on your retirement savings if you withdraw 3% to 4% of the balance you had at retirement each year, adjusted for inflation.
Is it better to retire on your birthday or at the end of the year? ›So if you will turn 59½ at any time during the year you plan to retire, you should wait until after your birthday to retire and begin taking distributions from these accounts in order to avoid this early withdrawal penalty.
What's the best month to retire? ›December is often selected as a favored month for retirement due to several reasons: Year-End Financial Planning: Retiring at the end of the year allows you to maximize your retirement contributions and take full advantage of any employer-matched funds for that year.
What is an example of definition of key term? ›Key terms are the main terminologies that are present in your thesis. For instance, in a thesis on the influence of branding, loyalty, and satisfaction on consumer buying behaviour, the key terms can be branding, loyalty, satisfaction and consumer behaviour.
What are keywords and their definitions? ›A keyword is a term used in digital marketing to describe a word or a group of words an Internet user uses to perform a search in a search engine or search bar. In an SEO strategy, keywords are very important and should be the core of any copy written for the web (present in the content, titles and SEO elements).
What is defining key terms in an essay? ›Defining key terms
You have to write about how you are defining any potentially ambiguous terms in relation to your essay topic. This is really important for your reader, as it will inform them how you are using such words in the context of your essay and prevent confusion or misunderstanding.
- Definition of Apply.
- Argue.
- Compare/Contrast.
- Define.
- Describe.
- Discuss.
- Evaluate/Critique.
- Interpret.