Retirement

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    Retirement Section

    You become vested in the Teachers’ and State Employees’ Retirement System (TSERS) once you have completed a minimum of five years of membership service. This means that you are eligible to apply for lifetime monthly retirement benefits based on the retirement formula in effect at the time of your retirement and the age and service requirements described in the handbook, provided you do not withdraw your contributions. Eligibility is based on the following:

    Service Retirement (Unreduced Benefits)

    You may retire with an unreduced service retirement benefit after you:

    • Reach age 65 and complete five years of membership service
    • Reach age 60 and complete 25 years of creditable service
    • Complete 30 years of creditable service at any age

     Early Retirement (Reduced Benefits)

     You may retire early with a reduced retirement benefit after you:

    • Reach age 50 and complete 20 years of creditable service
    • Reach age 60 and complete five years of membership service

     

    NC Retirement Systems

    State Retirement Accounts are available to permanent full-time and job-share employee. Contributions are withheld at 6% of gross wages. Payroll deductions available on a pre-tax basis. More information can be found at www.myncretirement.com. Retired employees may contact (919) 733-4191.

     

    401(k) Supplement

    A 401(k) supplement, administered by Prudential, is available to eligible employees through a traditional pre-tax contribution plan or a Roth post-tax contribution plan. Eligible employees include all employees enrolled in the NC Retirement Systems, permanent full-time employees working 30 hours or more per week and job-share employee. Plans can be deducted from your payroll. Please note that there is no employer contribution. More information can be found at www.NCPlans.prudential.com  or call (866) 627-5267.

     

    Supplemental Retirement Savings Plans

    Durham Public Schools offers a 403(b) and multiple 457(b) supplemental savings plans. All employees are eligible to participate in both plans.  More information about both plans is available at: http://www.tsacg.com/individual/plan-sponsor/north-carolina/durham-public-schools/

     403(b) Plan:    

    Prudential, Recordkeeper for NC 403(b) Program - (866) 627-5267

     457(b) Plans:

     Horace Mann Insurance Company - (800) 999-1030

     Lincoln Investment Planning, LLC - (800) 242-1421

     Prudential Retirement - (866) 627-5267

     ReliaStar Life - Subsidiary of VOYA Financial - (877) 882-5050

     

    Durham Public Schools Retirement Analysts:

    Last names beginning with letters A-K
    Delores Stacey-Merritt
    Phone:  919-560-3674
    Fax: 919-237-7246
    Email: Delores.Stacey-Merritt@dpsnc.net

    Last names beginning with letters L-Z
    Berna Sellers
    Phone:  919-560-2549
    Fax: 919-237-7246
    Email:  Berna.Sellers@dpsnc.net