Thinking about retirement and have a few questions?
Step One: Get familiar with the details of the State Retirement Plan.
Click here to download the Teachers and State Employees' Retirement Handbook. The Handbook tells you how you qualify for retirement and how to take advantage of the various combinations of your age and years of service to retire earlier than with thirty years of service. It also tells about the various options you may choose from to retire, options which allow you to provide for your spouse in the event that you die first. Many of these decisions cannot be changed after you cash your first retirement check, so it will pay you to study the Handbook carefully and choose wisely.
Step Two: Talk with people who can answer your Retirement questions.
The North Carolina Retired School Personnel Association sponsors a Retirement Information Center held from 2:30pm to 4:30pm the second Thursday of each month. The Retirement Information Center is an opportunity for you to speak with someone who has retired from the State and Teachers Retirement System and understands the questions you may have about what to expect and how to transition from work to Retirement. The Center is free of charge and open to all WSFCS employees. The RIC is open from 2:30 PM til 4:30 PM the second Thursday of each month, November thru May, and is held at the WS/FC School system Administrative Building, 475 Corporate Square Drive, Winston-Salem, NC 27102. Click here for map.
The room location may occasionally change; the Front Reception Desk will have updated room assignments. No reservations are necessary. The Center will be closed whenever the schools are closed due to weather or other reasons. The Center is sponsored by the Winston Salem/Forsyth County Unit of the NC Retired School Personnel, and is staffed by volunteer members of the local RSP, teachers and others who have retired from the school system. It is not a program of the WS/FC Schools.
When you are retired you will be paid out the balance of your annual leave and any miscellaneous leave that you have accumulated (sick leave balances are not paid out upon your retirement since they are considered in your retirement calculation). You will also be paid for a pro-rata share of your longevity for the year that you retire, and any funds that were withheld from your pay for summer pay if you are a ten-month employee on installment pay . These amounts are usually paid to you in lump sum during the month following your retirement. Since the school district, as your employer, cannot give you tax advice, you may need to consult a tax professional to decide how you wish to receive your final payments and to determine if you desire to take advantage of any of the school district's tax-sheltering options. In any event, your decisions about tax-sheltering must be made at least one month before you retire in order to assure that the Payroll Department can honor your requests.
For information about the Retirement Information Center call John Shore at (336) 924-1605.
Step Three: File your intent to retire with the school district at least two months before your retirement date.
Though this is not a hard and fast requirement, filing your intent to retire early assures that your paperwork will be completed and approved in time for you to get your first retirement paycheck within the first month after you retire. See the Human Resources Department for assistance when you're ready to file for retirement.
PLAN IN ADVANCE for your retirement....
CONSIDER HOW TO STRUCTURE YOUR FINAL SALARY PAYOUT
BEFORE YOU RETIRE!
You may decide to shelter a certain amount of your final payout income from taxes by investing in the State's 401(k) or 457 Deferred Income Plan. In order to tax-defer all or part of your final compensation payout, you must have enrolled in one of our plans PRIOR to your retirement. It may make sense for you to get advice from a tax advisor before you make any decisions about tax-deferring your income. Employees desiring more information about the tax-sheltering plans available may call the Payroll Benefits Area at 727-2757.
STATEWIDE RETIREMENT PLANNING CONFERENCES
The Department of State Treasurer Retirement Systems Division conducts retirement conferences for members of the Teachers’ and State Employees’ Retirement System and the Local Governmental Employees’ Retirement System. The conferences provide an orientation for new members, pre-retirement planning information for members closer to retirement, and educational information for personnel officers and others who handle retirement matters. Prudential Retirement, our third-party administrator, also offers information on the NC 401(k) and NC Deferred Compensation (457) plans.
Click here for dates and locations of this year's State Treasurer Retirement Planning Conferences.
MORE RETIREMENT-RELATED LINKS: