{"id":21990,"date":"2015-10-05T12:04:28","date_gmt":"2015-10-05T16:04:28","guid":{"rendered":"http:\/\/www.wpcc.edu\/policy-manual\/?page_id=21990"},"modified":"2016-04-28T16:45:07","modified_gmt":"2016-04-28T20:45:07","slug":"03-02-130-f-retirement","status":"publish","type":"page","link":"https:\/\/www.wpcc.edu\/policy-manual\/03-02-130-f-retirement\/","title":{"rendered":"03.02.130.f Retirement"},"content":{"rendered":"[et_pb_section admin_label=”Section” fullwidth=”on” specialty=”off”][et_pb_fullwidth_header admin_label=”Fullwidth Header” saved_tabs=”all” title=”Procedure” subhead=”03.02.130.f Retirement” background_layout=”dark” text_orientation=”right” header_fullscreen=”off” header_scroll_down=”off” background_color=”#346fab” parallax=”off” parallax_method=”off” content_orientation=”center” image_orientation=”center” title_font_size=”44″ subhead_font_size=”24px” custom_button_one=”off” button_one_letter_spacing=”0″ button_one_use_icon=”default” button_one_icon_placement=”right” button_one_on_hover=”on” button_one_letter_spacing_hover=”0″ custom_button_two=”off” button_two_letter_spacing=”0″ button_two_use_icon=”default” button_two_icon_placement=”right” button_two_on_hover=”on” button_two_letter_spacing_hover=”0″ custom_css_header_container=”margin-bottom: -140px !important;||margin-right: 20px !important;”]\n

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Most financial experts estimate you\u2019ll need between 70-90% of your pre-retirement income to maintain your standard of living in retirement. Of course, how much income you need during retirement depends on several factors \u2013 including what you want to do (travel, buy a second home, etc.) and when you retire (which affects the number of years you\u2019ll need your savings to last).<\/p>\n

To prepare for a comfortable retirement, you should plan on having retirement income from several sources.<\/p>\n

Retirement contributions to the North Carolina Teachers\u2019 and State Employees\u2019 Retirement System are required of all full-time College employees.\u00a0 Retirement benefits, and methods of calculating retirement allowances, may be found online at the NC Retirement System’s website.<\/p>\n

https:\/\/www.nctreasurer.com\/ret\/Benefits%20Handbooks\/NCTeaState.pdf<\/a><\/p>\n

Social Security benefits will also figure into your plans for retirement income, though experts estimate that Social Security only replaces about 40% of your pre-retirement income.<\/p>\n

When certain criteria is met, as an employee, you may be eligible to participate in supplemental retirement plans such as 401(k) and 457 plans.\u00a0 Supplemental plans share certain similarities, but each has its features and rules.\u00a0 For more information, including eligibility criteria, contact WPCC’s Human Resources department.<\/p>\n

NC 401(k) Plan:\u00a0<\/strong> The State\u2019s 401(k) Plan is a supplemental retirement plan that meets the requirements of Section 401(k) of the Internal Revenue Code.\u00a0 The Plan is sponsored by the State of North Carolina and governed by the Department of State Treasurer and the Plan\u2019s Board of Trustees.\u00a0 Under the NC 401(k) Plan, there are a number of investment options available including bank investment options (insured and guaranteed) and no load mutual funds.\u00a0 The plan also includes a loan provision providing employees with access to these funds while employed.\u00a0 More information is available by contacting the Plan Administrator.<\/p>\n

457 Deferred Compensation Plan:\u00a0<\/strong>The State of North Carolina 457 Deferred Compensation Plan, provided under Section 457(b) of the Internal Revenue Code, was created by NC State Statute and is overseen by a Board of Trustees through the Department of Administration.\u00a0 Tax sheltered contributions may be invested in either fixed return or variable return options under this Plan.\u00a0 Certain criteria must be met for this plan to be available to temporary or part-time employees.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

        Most financial experts estimate you\u2019ll need between 70-90% of your pre-retirement income to maintain your standard of living in retirement. Of course, how much income you need during retirement depends on several factors \u2013 including what you want to do (travel, buy a second home, etc.) and when you retire (which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"footnotes":""},"class_list":["post-21990","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t