Retirement - TSERS
UNC Health Care offers a retirement plan through the Teachers' and State Employees' Retirement System (TSERS). UNC Health Care also offers a variety of voluntary supplemental retirement plans in which employees may participate.
Teachers' and State Employees' Retirement System
UNC Health Care offers the Teachers' and State Employees' Retirement System plan (TSERS) plan as the primary retirement plan for its employees. The state of North Carolina administers this plan. All regular employees working 30 or more hours per week are required to participate. Contributions are deducted each pay period on a pre-tax basis and are equal to 6% of the employee's paycheck. Read more information in the Retirement Quick Reference Guide.
Retiree Health Insurance Benefit
UNC Health Care employees who retire are eligible for health insurance coverage under the State Health Plan. Employees must have at least 10 years of retirement membership service earned as a teacher or State employee.
- Employees hired prior to 10/1/06 who retire with 5 or more years of membership service may receive individual coverage (at no or minimal) cost to them.
- Employees hired on or after 10/1/06 who retire with 20 or more years of membership service may receive individual coverage (at no or minimal) cost to them.
- Employees hired on or after 10/1/06 who retire with 10 but less than 20 years of membership service must pay 50% of the cost of individual coverage if they choose to enroll.
- Employees hired on or after 10/1/06 who retire with less than 10 years of membership service must pay the full cost of individual coverage if they choose to enroll.
In all cases, the full cost of dependent coverage, if elected, must be paid by the retiree.
Employees may request a refund of retirement system contributions upon termination of State employment by completing Form 5 - Application for Retirement Contributions Refund. There are a number of tax and retirement planning consequences involved in requesting a refund of contributions, so employees are highly encouraged to read the application thoroughly and contact the Retirement System if they have any questions.
For more information on TSERS