North Carolina
state employees can qualify for benefits if they retire early.
All North Carolina state employees who work at least 30 hours a week qualify for the state's retirement system. All employees participate in their retirement by automatically contributing 6 percent from every paycheck. The state also contributes to employees' retirement based on calculations prepared by actuaries. Retiring employees must complete and submit a retirement application 90 to 120 days before their selected retirement date. After submitting their applications, they also qualify for the state retiree health plan.
Benefit Qualifications
Once you have completed five years of service as a North Carolina state employee, you are considered fully vested in the retirement system. You can qualify for unreduced or reduced benefits based on your age when you retire and how many years of service you have completed at retirement. Employees who retire at age 65 and have completed at least five years of employment with the state are eligible for unreduced benefits, as are employees who reach age 60 and have 25 years of service. If you have worked at least 30 years as a North Carolina state employee, you are eligible for full, unreduced benefits when you retire at any age.
Early Retirement Benefits
You can still receive retirement benefits if you retire at an earlier age or leave your position before retirement. The amount you receive will be based on your age at the time of your retirement as well as the number of service years you have completed. If you retire at age 50 you have to have put in 25 years of service to receive a reduced retirement benefit, and at age 60 you have to have completed at least five years to qualify. You might qualify for deferred benefits if you leave your position after serving five years as long as you did not withdraw your contributions into the system. If you leave employment before five years, you will receive only a refund of
your contributions.
Disability Retirement Benefits
If you become disabled while serving as a North Carolina state employee, you may qualify for disability retirement benefits. You are automatically enrolled in the Disability Income Plan as a participant in the retirement system, and your employer makes the contributions for your coverage. You may be eligible for short-term and/or long-term disability depending on your length of service at the time you become disabled. Short-term disability coverage can be provided if you have worked for at least one year as a state employee and long-term disability coverage can be provided if you have worked for at least five years.
Tags: five years, North Carolina, have completed, North Carolina state, Carolina state
