A Meaningful Voice

 

NORTH CAROLINA
RETIRED SCHOOL PERSONNEL

Important New Information for 2009

New Information

IRS Announces Withholding Adjustments

Many of our retirees will receive a reduced net benefit in June due to changes in IRS withholding tables.  In February, the IRS issued, and the NC Retirement Systems Division implemented, new withholding tables to incorporate one of the key tax provisions included in the American Recovery and Investment Act of 2009. This change increased many monthly benefit payments, by having less tax withheld.

This Act was intended to stimulate the economy by providing more money in the payroll checks of workers earning an income. However, retirement benefits are not considered earned income and the IRS has now reversed its February decision.   This change in withholding tables by the IRS is intended to prevent retirees from receiving a smaller refund or even a balance due at the end of the tax year.  In order to prevent this negative impact on our members, effective June 1, we are reverting to the original tax tables issued by the IRS.

This will result in a return to your February benefit level and no adverse tax impact when you file next year.   For more detailed information on the IRS guidance, visit the IRS Web site at www.irs.gov and type in “IR-2009-50” in the search box.

If you have questions about how much you should withhold, or how this change will affect you at the end of the year, please contact your Tax Advisor.

You can view your deposit statements or change your tax withholding amount through your ORBIT account. To access ORBIT, visit www.myncretirement.com and click on the “ORBIT” button.  You will be directed to the log-in page where you may complete your registration or log-in if you’ve already registered.


State Health Plan Annual Enrollment Chart for 2009-2010

(The chart has been converted to a pdf format. You will need Adobe Reader to view the chart.)


From the NC Retirement Systems Division:  April 2009
Retirement Planning Conferences 2009
 
For the remainder of the fiscal year, we are unable to provide retirement planning conferences outside of the Raleigh area due to budget restrictions. We hope to provide conferences next fiscal year, beginning July 1.
All conferences scheduled until June 30, 2009, have been cancelled except for the May 13 conference in Cary and the June 3 conference in Clayton.

Click here to see the revised schedule.


New Information

Reemployment Earnable Allowance Limits For 2009

The Boards of Trustees of the Retirement Systems increased by 0.1% the amounts of compensation a reemployed beneficiary may earn from an employer participating in the same Retirement System under which the beneficiary is retired, effective January 1, 2009. The authority for the change is provided under retirement law [G.S. 128-24(5)c and G.S. 135-3(8)c].
The increase in the Consumer Price Index for the period from January 1, 2008 to January 1, 2009 was 0.1%. As provided under retirement law, the retirement benefit will be suspended for the remainder of 2009 if such beneficiary’s earnings during the 12-month period immediately following the effective date of retirement or during the calendar year 2009 exceed the greater of (i) 50% of the beneficiary’s compensation during the 12 months of service before retirement, excluding any termination payments, as increased by 0.1% or (ii) $28,080.00.
We also remind you that coverage provided to beneficiaries of the Teachers’ and State Employees’ Retirement System under the retiree group of the State Health Plan will be suspended at the same time a retirement benefit is suspended.

Benefit Recipients Direct Deposit Statements Now Available on ORBIT

 

(https://orbit.myncretirement.com/orbit/Common/Pages/BPASLogin.aspx)
 
The Retirement Systems is implementing a change that will enhance retirees personal security, reduce the use of paper and save money for your retirement system.
Effective April 2009, “deposit notification” statements for benefit recipients – retirees, beneficiaries and disability recipients – will only be available through the ORBIT system. Statements will no longer be mailed. Currently statements are mailed just a few times a year when there is a change in members’ deductions, or gross or net benefit amounts.
Accessing statements through ORBIT is a cost saving measure that supports North Carolina’s Project Green initiative, and also enhances members’ personal security by eliminating mailings with social security or member identification numbers. ORBIT is a secure website that provides you with access to your personal retirement account 24 hours a day.
Should this change in process present a hardship for benefit recipients because they do not have access to a computer or the Internet, members should contact Member Services at 1-877-733-4191 (toll-free) or 919-733-4191 (Raleigh area only) to opt-out of electronic statements.
To access your monthly statement through ORBIT, follow these instructions:
How to Access Your Benefit Statement
Access your benefit statement through ORBIT by visiting www.myncretirement.com and selecting the “ORBIT” button from the “Retirement” drop-down menu. You will be directed to the log-in page to register, or log-in if you’ve already registered. Once logged on to your personal ORBIT account, you may print out your statement.

We Want You!

NCRSP is building an email list of members interested in receiving IMPORTANT up-dates on issues and Legislative Alerts.
We promise not to give your email address to anyone outside the association and we promise not to inundate you with tons of email messages.  We will only send you items we consider helpful to you.
If you would like to receive our VIA’s (Very Important Announcements)
please send an email to Dave Deardorff, NCRSP Systems Analyst at
ncrspdd@aol.com  and ask to be added to our list. 
 OR sign up on the NCRSP website www.ncrsp.org under the “Contact Us” section.
 
THANK YOU for helping us help you!

Affiliated With

http://www.memberweb.com/Groups/8605/Login8605.asp

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Learn about your individual benefits through the ORBIT program in the NC Treasurers' office.

Go to the Retirement box and click on ORBIT.

PO Box 27347, Raleigh, NC 27611


Telephone 1-919-832-3000 or 1-800-662-7924

 

© 2003
Last Update:
06/17/09

Contact us:    

Executive Director: pam.deardorff@ncae.org

Member Update
To update your address, phone number, or email address, or to request that your membership be transferred to a different local unit, please click on the small Cardinal.    

 


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