Deciding to Retire
Retirement is a big decision. Employees need to consider the financial impact, Social Security, Medicare, other incomes sources, etc. The Benefits Office assists employees with retirement.
Teachers’ and State Employees' Retirement System (TSERS)
Employees are eligible to apply for benefits from the Teachers and State Employees' Retirement System (TSERS) at the following times:
For Full Retirement:
- at age 65 with 5 years of service (10 years if you became a member on or after 8/1/2011)
- at the age of 60 with 25 years of service, or
- at any age with 30 years of service.
For Reduced Retirement Benefits:
- at age 60 with 5 years of service (10 years if you became a member on or after 8/1/2011)
- at the age of 50 with 20 years of service
A retiring employee should attend a Ready To Retire session for instructions on completing the retirement process, understanding Social Security and how Medicare works in conjunction with the Retiree Health Plan.
A mandatory six-month break in service from State of North Carolina employment is required upon retirement from TSERS.
Optional Retirement Plan
There are no age or service requirements for vested employees participating in the Optional Retirement Plan (ORP). Under this plan, the amount of the benefit is based on the total accumulation in the account including any credited interest or dividends and the income option selected. Participants can contact the ORP vendor for more information on account balances and potential retirement income.
Once a monthly retirement benefit is received, eligible ORP participants can begin retiree health insurance benefits. This health benefit works in conjunction with Medicare.
Employees who submit application for retirement will also sign the following statement:
“I understand that by completing an application for retirement and associated paperwork that I am submitting my intent to retire from North Carolina State University.”
This notice will be shared with your department at the time you complete the application or no later than 30 days prior to the effective date of your retirement. Upon receiving such notice, your department will confirm your intent to retire and make arrangements with you concerning submission of your resignation. Once your resignation is accepted, please be aware that your position may no longer be available even if you subsequently decide not to retire.
Contact your Benefits Consultant for more information.