The Personnel Office will notify eligible employees and provide enrollment materials during the orientation process. Once made, this decision shall be irrevocable as long as the employee remains in an eligible position. Failure to make this election within the 30 day period makes participation in the Teachers' and State Employees' Retirement System mandatory. Cost Cost of participation in the ORP is shared between the individual and the employer. The individual contributes 6 percent of gross salary which is tax-sheltered from Federal and State income taxes.
Payment is made through payroll deduction.
Of General Administration's contributions, 0.52 percent funds the Disability Income Plan, 2.00 percent funds retiree's health care, and 6.66 percent is deposited into the member's individual ORP account. Vesting also occurs if a faculty member with less than five years of service transfers to another educational institution which offers one of the University's optional retirement programs and resumes participation. If a member of the ORP leaves General Administration's employment before five years of service and does not transfer to a qualifying institution and continue participation in the ORP, General Administration's contribution will be returned to the State. The member's contribution may either be left on deposit in the existing account or withdrawn at the member's option. An ORP participant who leaves employment within the University of North Carolina system is subject to the rules of the subsequent employer, if any, with respect to transfer of vested retirement plan assets.