Cape Fear Community College full-time employees automatically become members of the North Carolina Teachers’ and State Employees’ Retirement System (TSERS). Employees contribute 6% of their pre-tax salaries into the system.
Members of the retirement system become vested after a minimum of five years of retirement service credit (including service with other agencies) if hired prior to August 1, 2011, or ten years if hired on or after August 1, 2011. Vesting means that you are eligible to apply for lifetime monthly retirement benefits once you meet the minimum age and service requirements set forth by the retirement formula (as long as you do not withdraw your contributions).
Employees may retire with unreduced benefits after:
- age 65 with 5 years of creditable service (10 years if hired after August 1, 2011)
- age 60 with 25 years of creditable service, or
- at any age with 30 years of creditable service
Employees may retire early with a reduce benefit after:
- age 60 with 5 years of creditable service (10 years if hired after August 1, 2011), or
- age 50 with 20 years of creditable service
If you were first hired prior to October 1, 2006, after you retire the state will pay the same amount of employee-only premium as the college pays for active employees. If you were hired on or after October 1, 2006, you must have 20 or more years of creditable service to receive this full benefit. If you have between 10 and 20 years of service, the state will pay 50%. If you retire with 5-10 years of service, you must pay the full premium. Beginning January 1, 2014, Medicare-primary retirees will have a new set of State Health Plan options available. Details are available by clicking on this website.
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