Full-time employees must contribute 6% of their salary toward retirement. This is a defined benefit plan based upon a formula. The formula calculates the average of the employee’s four highest consecutive years of compensation, years of state service and a factor determined by the General Assembly. Examples are given in the booklet.
After one year of contributing service, if the employee dies while in active service, there is a death benefit equal to 12-months salary with a minimum of $25,000 and a maximum of $50,000.
A refund of contributions is available if employment is terminated or if the employee dies.
Service Retirement Benefit at:
Age 65 with 5 years of service
Age 60 with 25 years of service
Any age with 30 years of service
- More info from the State Retirement Systems Division
- also see NC Retired Governmental Employees Association (NCREGEA) – for employees who are age 55 or have 25 years of state service.