Local Government Employee's Retirement System (LGERS) Pension Plan
Eligible employees become members of the North Carolina Local Government Employee’s Retirement System (NCLGERS). Contributions are paid by the employee and New Hanover County at a rate determined by the State Department of the Treasurer, Retirement Systems Division. Employees are vested after 5 years of contributing.
Local Law Enforcement Officer’s Retirement
You become a member of LGERS as a local law enforcement officer on your hire date if you are a permanent, full-time paid employee of an employer, who (i) possesses the power of arrest, (ii) has taken the law enforcement oath administered under the authority of the state as prescribed by G. S 11-11 and (iii) is certified as a law enforcement officer under the provisions of Chapter 17C of the General Statutes or certified as a deputy sheriff under the provisions of Chapter 17E of the General Statutes.
You may retire with an unreduced service retirement benefit after you: Reach age 55 and complete 5 years of creditable service as an officer, or complete 30 years of creditable service at any age.
The NC 401(k) Retirement Plan
The NC 401(k) Plan is a retirement savings plan available exclusively to North Carolina public employees who are actively contributing to one of the NC Retirement Systems. North Carolina state and local government employers offer this plan to help you reach your retirement savings goals.
Empower 401k is a savings option available to you through the NC Retirement System. Some of the features include:
- Payroll deductions you can start and stop at any time.
- Tax-deferred savings that can reduce your current taxable income.
- Easy-to-use planning tools and personalized assistance.
- Simplified investing tool that helps take the guesswork out and keeps you on track.
- Transfer options into your pension plan from your NC 401(k).
As both 401(k) and 457 (b) options are funded when employees contribute through payroll deductions; participants of each plan set aside a percentage of their salary to put into their retirement account. These funds pass to the retirement account without being taxed, unless the participant opens a Roth account, and any subsequent growth in the accounts is not taxed. These options are both 100% employee paid.
457(b) Retirement Option
A 457(b) deferred compensation plan is a retirement option created to allow public employees to put aside money from each paycheck toward retirement. A deferred compensation plan can help bridge the gap between what you have in your pension and social security, and how much you will need in retirement. This plan may offer benefits other retirement plans cannot, including:
- Penalty-free withdrawals once you stop working for your public sector employer
- Combine or consolidate retirement account
- No minimum retirement age
As both 401(k) and 457 (b) options are funded when employees contribute through payroll deductions, participants of each plan set aside a percentage of their salary to put into their retirement account. These funds pass to the retirement account without being taxed, unless the participant opens a Roth account, and any subsequent growth in the accounts is not taxed. These options are both 100% employee paid