Who is eligible for the 401(K) supplement retirement income plan of NC?
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Full-time permanent employees are eligible to participate.
Enrollment form and booklet are located in your new employee packet.
BB&T is the state administrator of the plan. All arrangements are made with BB&T (919-716-9200). Completed forms are forwarded to BB&T.
If your employment drops below full-time permanent, it is the responsibility of the employee to notify BB&T of their change.
Deductions are calculated and deducted based on your months of employment. Line 3 on the 401(K) “Enrollment and Change Form” request the number of pay periods with 401(K) deductions.
Deductions are taken as follows:
10 month employees traditional school 10 pay periods
10 month employees traditional school electing 12 month pay 10 pay periods
10 month employees year round school 10 pay periods
11 month employees traditional school 11 pay periods
11 month employees traditional school electing 12 month pay 11 pay periods
11 month employees year round school 11 pay periods
12 month employees 12 pay periods
All needed instructions are on the enrollment form.
The employee contributions are paid with pretax dollars, thereby reducing state and federal income taxes (federal and state taxable wages are decreased).