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NCCES ADMINISTRATIVE HANDBOOK <br /> <br />~ORANDUM <br /> <br />TOi <br /> <br />Personnel iu Counties Cousideriag Send-In Options <br /> <br />FROM: William A. Fleralng, Director, Personnel Services <br /> <br />Decisions on Employee Benefits When County Funds Admiffate~l Through <br />NCSU <br /> <br />Now that your county is considering having county funds admi_nistered through the <br />University, there are several items which you will need to know. <br /> <br />State/Local Retirement: <br /> <br />If your coun~ funds will be paid through NCSU, you will be receiving only a University <br />paywll check. As such, the employee and matching employer charges for retirement will be <br />going to the' State Retirement System. Funds will no longer be submitted to the Local <br />Retiremeia System. Therefore, you have the option to t~an~er you~ local retirement account <br />to you~ state retirement account. Some of the advantages a~e: <br /> <br />After becoming a send-in you will be participating in state retirement only as opposed <br />to stale and local, Federal retirement is not affected by this provision.) Therefore, <br />when you retire under state, it will be p6c~ible for you to earn income from the county <br />without any restrictions. <br /> <br />2. The state retirement formula, when different from the local retirement formula, is <br /> higher. <br /> <br />3. Early retirement, under state retirement, has less penalties and is therefore more <br /> lucrative than the local system. <br /> <br />4. The COLAs (cost of living allowances) for state government retirees, when different <br /> from that of the local retirees, are typically higher. <br /> <br />5. The death benefit in the State Retirement System is based on your salary (last 12 <br /> <br /> <br />