North Carolina Employment Compensation Package
Description
How to fill out Employment Compensation Package?
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FAQ
State employees are eligible for many valuable Benefits in addition to their regular pay. These benefits include the State Health Plan, DHHS Supplemental Benefits, NCFlex Benefits, Retirement, 401K/457 Prudential Savings Plans, Leave Benefits, EAP, Service Awards, and many other important Benefits options.
You may retire with unreduced service retirement benefits after: you reach age 65 and complete five years of creditable service, or. you reach age 60 and complete 25 years of creditable service, or. you complete 30 years of creditable service, at any age.
Normal Retirement: With 10 years of service you are vested. You are eligible to receive benefits upon reaching age 60. Once you reach 30 years of service or age 60, you are eligible for an immediate benefit without penalties.
The News & Observer obtained the pay levels through a public-records request to the legislature. Officials provided the salary levels as they stood on June 30, 2023, before raises provided by a new state budget that became law in October.
The formula for TSERS is: Average salary based on the 48 highest consecutive months of earnings. Multiplied by a Retirement Factor of 1.82% (set by state statute) Multiplied by your creditable years of service.
The average State of North Carolina salary ranges from approximately $38,209 per year for an Office Assistant to $139,301 per year for a Director. The average State of North Carolina hourly pay ranges from approximately $22 per hour for an Administrative Assistant to $66 per hour for a Director.
A refund of your contributions (along with four percent interest compounded annually) is available to you 60 days after your effective date of resignation or termination.
Immediate Retirement If you retire at the MRA with at least 10, but less than 30 years of service, your benefit will be reduced by 5 percent a year for each year you are under 62, unless you have 20 years of service and your benefit starts when you reach age 60 or later.