State of NC 401k Plan Savings and Employee Benefits

North Carolinians are taking a step in the right direction when it comes to retirement savings. According to the data, the state's 401(k) plan participation rate is around 60%, which is higher than the national average.

In the state of NC, the average 401(k) balance is around $44,000. This is a significant amount, but it's still lower than the national average.

Many employees in North Carolina are taking advantage of employer-matched retirement plans, with over 70% of plans offering a match. This means that employees are essentially getting free money to put towards their retirement, which can add up over time.

The most common 401(k) plan features in the state include automatic enrollment, automatic escalation, and investment options.

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You can enroll in the NC 401(k) plan at any time. Eligible employees can obtain enrollment information by contacting the local NC 401(k) Prudential representative.

The representative can assist you with enrolling in the plan and answer any questions you may have about the plan. They can be reached at 828-230-3655 or by email at [email protected].

Deborah Rapetski is the contact person for the NC 401(k) Prudential representative.

State Treasurer Brad Briner and the North Carolina Supplemental Retirement Plans Board of Trustees unanimously approved a 12-month waiver extension of its administrative fee, saving NC 401(k) Plan and NC 457 Plan participants approximately $1.7 million over the next year.

This fee holiday is the result of strong Board oversight and staff’s successful fee negotiations with partners and vendors, which has led to the accumulation of reserve funds.

The fee holiday equates to 10 cents per $1,000 held in a participant account and begins on March 1. Other fees, including the recordkeeping fee charged by Empower, will continue to apply and appear on participant statements.

The NC 401(k) and NC 457 Plans are exclusively available to public servants in the state of North Carolina and are among the largest and lowest-cost public plans in the country.

Over 550 employers offer a contribution to the Plans to help promote retirement readiness, and more than 1,100 public employers offer the Plans, including state agencies, local governments, school districts, and community colleges.

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The NC 401(k) and NC 457 Plans are exclusively available to public servants in North Carolina and are among the largest and lowest-cost public plans in the country.

Over 550 public employers offer the Plans, including state agencies, local governments, school districts, and community colleges. The Plans are administered by the North Carolina Department of State Treasurer (DST) and the Board.

State Treasurer Dale Folwell has proposed a monthly $25 employer match for nearly 350,000 active members in the NC 401k Plan, which could help close the 40% participation gap between state and local employees.

The NC 401(k) Plan offers an additional retirement savings option for North Carolina's public servants, with approximately 70% of local government employees actively contributing to the Plan.

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To access the necessary forms for your NC Plans, you can visit the Prudential Portal at https://ncplans.retirepru.com/enrollment.html.

You can also print out the required forms and send them to the NC Plans Processing Center at PO Box 5340, Scranton, PA 18505, or fax them to 1-866-439-8602.

Keep a copy of the faxed form for your records.

The NC 401(k) New Enrollment Form is available for those who need to enroll in the plan.

You can also use the NC 401(k) One Time Contribution Form to make a one-time contribution to your account.

If you need to make changes to your allocation or contribution, use the NC 401(k) Allocation/Contribution Change Form.

To update your beneficiary designation, you'll need to fill out the NC 401(k) Beneficiary Designation Form.

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Folwell proposes a monthly $25 employer match for nearly 350,000 active members in the state's 401k plan.

This is part of a framework for draft legislation submitted by North Carolina State Treasurer Dale Folwell. The goal is to close the 40% participation gap between state and local employees.

State employees are participating in the NC 401k Plan at a rate less than one-half of local government employees. This is a monumental gap that needs to be addressed.

The Supplemental Income Matching Program through Legislative Enactment (SIMPLE) aims to present an incentive for teachers and state employees to actively participate in the state-sponsored NC 401k Plan.

Members currently contribute 6% each month to the North Carolina Retirement System.