All permanent full time and three quarter time employees who are sworn Law Enforcement Officers who have the full powers of arrest.
To help build a sound financial future, both the employee and the University make pre-tax contributions to the retirement system fund on a monthly basis. The employee contribution, mandated by the NC State legislature is currently 6%.
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.
Annual Retirement Benefit
The annual retirement benefit is based on the following formula stipulated by the NC Legislature 1.82% of average final compensation times years of creditable service:
- Average final compensation means: the average of the employee's four highest, consecutive years of pay.
- Creditable service means: any period during which you contribute to the System provided you do not withdraw your contributions.
Normal Retirement (Unreduced Benefits)
- Age 55 with 5 years of creditable service, or
- 30 years of creditable service at any age
Early Retirement (Reduced Benefits)
- Age 50 with 15 years of credit
Death Benefit While in Active Service
Upon the death of an employee with at least one year of service, the beneficiary will receive a single lump sum payment that equals the highest 12 months' salary in a row during the 24 months prior to death, but not less than $25,000 or more than $50,000.
Death Benefit Following Retirement
Although the Retirement System's primary purpose is to provide retirement income, it recognizes that some employees will not live to enjoy their retirement benefits. To protect the beneficiary, the Retirement System provides the following:
The principal beneficiary may choose to receive a monthly benefit for life instead of a refund of contributions after the employee completes 20 years of creditable service regardless of age, reaches age 50 with 15 years of creditable of service as a Law Enforcement Officer, or after age 55 with 5 years of creditable service as a Law Enforcement Officer.
401 (K) Plan
In addition to the retirement plan, the University pays a special 5% allowance into the 40l-(k) plan on behalf of all qualified Law Enforcement Officers.
For more information and to view TSERS for Law Enforcement Officers Handbook (PDF) visit the North Carolina Department of the State Treasurer Website.