Who has retirement?
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It is mandated by the state of NC that all full-time permanent employees join the Teachers’ and State Employees’ Retirement System of North Carolina:
Employees Contribute 6% of their monthly salary, WCPSS Contributes 7.13% of employees monthly salary. The contributing percentage is subject to change yearly based on the decison of the State Legislature.
Employees who contribute for 5 years will be vested.
If the Employee resigns before contributing 5 years they will be able to withdraw only the employee contributed portion.
If the employee resigns after contributing 5 years they will be able to withdraw employee contribution plus the interest earned on the employee contribution.
After 30 years of employee contributions, the employee will be eligible for full retirement benefits.
The employee contributions are paid with pretax dollars, thereby reducing state and federal income taxes (federal and state taxable wages are decreased by the 6% amount deducted).
Enrollment form located in your new employee packet.