RETIREMENT BENEFITS

Social Security

All employees of FTCC are eligible for social security benefits according to the laws and regulations governing the Social Security Administration.

State Retirement Plan

All FTCC employees, except those classified as part-time, belong to the NC Teachers’ and State Employees’ Retirement System. Each month, six (6) percent of an employee’s wages paid by the College are deducted and placed on deposit to the employee’s retirement account. At the same time, the College contributes a percentage of all employees’ wages subject to retirement deductions in accordance with State law to the Retirement System. These funds are held on deposit by the Retirement System and are used for funding all State Retirement Benefits.

Benefits covered through the State Retirement System are:

  • Service Retirement
  • Extended Short-Term Disability
  • Long-Term Disability
  • Death Benefits
  • Health Insurance for Retirees

Additional Information

– My NC Retirement
ORBIT – Manage retirement benefits online
Retirement Handbook
Disability Income Plan Handbook
FAQs

All non-temporary employees are eligible to participate in a state-sponsored Supplemental Retirement Plan administered by Prudential. The plan allows the employee to contribute to an investment program that will defer income taxes on both the employee’s investment and the income on the investment until a later time.

You decide how much you want to contribute through payroll deduction up to the maximum allowable limits. Remember, the money you contribute is deducted from your paycheck before taxes so you are lowering your taxes every payday!

403(b) OPTIONS – All employees, including part-time, are allowed to participate in a 403(b) Supplemental Retirement Plan.

We offer several options for participants of 403(b) plans.

This plan allows the employee to contribute to an investment program that will defer income taxes on both the employee’s investment and the income on the investment until a later time.
You decide how much you want to contribute through payroll deduction, up to the maximum allowable limits. Remember, the money you contribute is deducted from your paycheck before taxes so you’re lowering your taxes every payday!

Coordination is required between 401(k), Roth 401(k) and 403(b) plans. The maximum combined deferral amount in 2016 is $18,000. Employees age 50 or over may be eligible to contribute an additional $6,000 in 2015. These limits may adjust annually. For more information on plan features, vendors currently available under the plan, and steps to enroll, please access the plan Information Portal.

To start, stop or change your 403(b) contributions via payroll, please complete a Salary Reduction Form.

State 457(b) Plan administered by Prudential

All non-temporary employees are allowed to participate in a state-sponsored 457 (b) Supplemental Retirement Plan.  This plan allows the employee to contribute to an investment program that will defer income taxes on both the employee’s investment and the income on the investment until a later time.
You decide how much you want to contribute through payroll deduction up to the maximum allowable limits. Remember, the money you contribute is deducted from your paycheck before taxes so you’re lowering your taxes every payday!
Coordination is not required between 457(b) and 401(k), Roth 401 or 403(b) plans.  The maximum combined deferral amount in 2016 for an eligible participant who is contributing to both a 457(b) and 401(k) or a 403(b) plan is $36,000.

For detailed information on the plan and investment performance please visit the State 401 and 457 Website