Update on 401(k)/457 Transfers- Special Retirement Allowance Benefit Now Available

Update on 401(k)/457 Transfers- Special Retirement Allowance Benefit Now Available     The special retirement allowance created by the passage of House Bill 2066 (Sponsored by Rep. Bryant): this legislation allows an opportunity for state and local employees to transfer funds from their 401(k) and 457 accounts with the Supplemental Retirement Plans of North Carolina to the NC Retirement Systems in exchange for an increased monthly benefit.                 ·        The educational website www.nclifetimeincome.org is now live.  The quick calculator on the “Is This for Me?” tab will be particularly helpful for individuals considering transferring funds. ·        The material on our Department of State Treasurer website http://www.nctreasurer.com/DSTHome/RetirementSystems/Supplemental+Retirement+Plans.htm is now live and contains detailed information about the transfer process. ·        The 401(k)/457 Transfer Benefit estimator is available in ORBIT Self-Service  http://www.nctreasurer.com/DSTHome/RetirementSystems.  Members can login to their own accounts and view estimated benefit amounts and calculation results for potential transfers. ·        The State Employees Credit Union (SECU) call center has been trained and is prepared to take transferred calls where appropriate beginning today, Monday (November 8th), although we generally want to direct people to the websites first as a starting point. ·         The Suitability Form can be used to get additional advice from a SECU investment representative and is now available on the www.nclifetimeincome.org site.