PHASED RETIREMENT PROGRAM FOR TENURED FACULTY
CONTINUATION OF BENEFITS/PAYROLL DEDUCTIONS
BENEFIT/PAYROLL
DEDUCTION
Social Security &
Medicare Tax
CONTINUED ON PRP
Federal Tax
DEDUCTION FROM
UNCW PAYCHECK
DEDUCTION FROM
RETIREMENT CHECK
Yes
Yes
No
All wages are subject to SS Retirement is not subject to Social Security
taxes up to a salary base of & Medicare taxes.
$102,000 in 2008 and
Medicare taxes for an
unlimited wage base.
Yes
Yes Using regular
witholding tables
TSERS: Taxes may be withhold. A portion
of your benefit may not be taxable for
contributions made prior to July 1, 1982, or
for purchased service credit.
DIRECT PAY
N/A
IRS allows
quarterly
payments.
ORP: Taxes may be withheld. A portion of
your benefit may not be taxable for
contributions made prior to July 1, 1982.
Y
Yes
NC St
State
t T
Tax
Workers Comp
Liability Insurance
Retirement
Death Benefits
Retirement Death
Benefit
Same as F
S
Federal
d l except:
t If vested
t d (five
(fi
years service) by July 1, 1989 benefit not
subject to NC State Taxes. If not vested, up
to $4,000 exemption possible.
Q t l
Quarterly
payments
accepted
Same coverage for all
employees
Continued under "Defense
of State Employees Act: &
university liability insurance.
N/A
N/A
N/A
N/A
N/A
N/A
No
TSERS: Payable up to 180
days after end of full-time
employment
ORP: N/A
TSERS: $10,000 retiree
paid plan offered by TSERS
N/A
N/A
N/A
No
Yes
Yes
ORP: N/A
Human Resources
Continuation of benefits 08
Yes U
Y
Using
i regular
l
witholding tables
PHASED RETIREMENT PROGRAM FOR TENURED FACULTY
CONTINUATION OF BENEFITS/PAYROLL DEDUCTIONS
BENEFIT/PAYROLL
CONTINUED ON PRP
DEDUCTION
NO: Coverage ends at end
Disability Income
of full time employment
Plans (Regular &
Supplemental)
Must be receiving a monthly
Health Insurance
TSERS or ORP retirement
benefit to be eligible for
retiree group plan. If age
65, Medicare WILL be
primary. Must enroll in
Medicare Parts A & B if
age 65!
Yes. Includes dependent
NC Flex
care & health care spending
accounts, AD&D, dental,
vision, life insurance, &
cancer plan.
l
Other UNCW Benefits University paid:
$25,000 term life insurance
& Deductions
Employee paid:
Supplemental term life
SEANC Dues & Insurance
PrePaid Legal Plan
US Savings Bonds
403(b) Supplemental
Retirement Acc'ts
457 Deferred Comp
401(k) (Not eligible)
Parking
Gifts to university
Direct deposit
Human Resources
Continuation of benefits 08
DEDUCTION FROM
UNCW PAYCHECK
No
If a retirement income is
delayed, may continue with
UNCW group by paying
employer & employee
premiums
DEDUCTION FROM
RETIREMENT CHECK
N/A
DIRECT PAY
N/A
TSERS: Dependent premiums are deducted
from monthly benefit check.
ORP retirees must submit direct payments
Yes
No
No
Yes
No
No
Yes
Yes
Yes
Yes
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
No
No
No
No
No
Yes
No
No
No
No
Yes
N/A