Human Resources

Benefits: Financial Services

UNCW offers a variety of financial services for employees including:

  • Supplemental Retirement Plans
  • 529 College Savings Plan
  • US Savings Bonds
  • Credit Union Membership

Supplemental Retirement

Retirement Plan Contribution Limits For 2016! For more detailed information, click here.

Employees may participate in a Supplemental Retirement Plan. Employee contributions are sheltered from Federal and State income taxes but not Social Security taxes. The three types of plans available are:

  • A 401(k) plan administered through Prudential and sponsored by the State of North Carolina
  • 403(b) & 403(b)(7) plans administered by 2 vendors and sponsored by UNC
  • 457 Deferred Compensation plan administered through Prudential and sponsored by the State of North Carolina

You can elect to begin, change the amount you contribute or stop your participation at anytime. You can elect to participate in the 401(k), a 403(b) and the 457 at the same time, however there are limits to the amount you can contribute. Contribution limits change annually.

Eligibility:

  • Permanent employees contributing to the TSERS or ORP may participate in all three plans.
  • Permanent employees working less than 30 hours per week may participate in a 403(b), 403(b)(7), or 457 plan, but not the NC 401(k) plan.

The State of North Carolina 401(k) Plan

Also known as The Supplemental Retirement Income Plan of North Carolina, is a supplemental retirement plan that meets the requirements of Section 401(k) of the Internal Revenue Code. The plan is sponsored by the State of North Carolina and governed by the Department of State Treasurer and the Plan's Board of Trustees. The Department of State Treasurer and the Board of Trustees contract with Prudential Retirement to be the Plan Administrator. All permanent employees who participate in either the Teachers' and State Employees' Retirement System or the Optional Retirement Program are eligible to participate on a voluntary basis.

Under the 401(k) plan, there are a myriad of investment options available. These asset classes include stable value, fixed income, balanced, large value, large blend, large growth, small/mid value, small/mid growth, and international. In addition, Prudential Retirement's GoalMaker provides a free, easy-to-use asset allocation program that will help NC401(k) plan members select a mix of assets tailored to their individual risk tolerance. If you would like more information about the State's 401(k) plan, contact your HR benefits counselor at 910-962-3160 or call the Plan Administrator at 1-866-NCPLANS or visit Prudential's website.

403(b) Plans

Voluntary tax-sheltered annuities, provided under the Internal Revenue Code Sections 403(b)(1) or 403(b)(7), are tax-advantaged retirement savings programs designed primarily for employees of education, religious, and charitable organizations. Fidelity Investments and TIAA-CREF are the authorized carriers for these plans. Link directly to the web sites for general information about the organizations and their available services at UNC System Supplemental Retirement Plans

Neither the University of North Carolina Wilmington nor any agent of the authorized insurance or investment companies can give legal or tax advice. Applicable laws and regulations are complex and subject to change. For legal and tax advice concerning your situation you should consult your attorney or tax adviser.

For more information about any of the authorized companies or their products, including investment options, charges, and expenses, please contact a company representative for a prospectus. Please read the prospectus carefully before selecting a carrier or investment option. Contact your HR benefits counselor at 910-962-3160 for more information.

403(b) Representatives:

Fidelity Investments

Cleo Morgan
Workplace Planning & Guidance Consultant
803-507-4960
cleo.morgan@fmr.com

TIAA-CREF

Joshua Scott

Financial Consultant
919-687-5240
joshua.scott@tiaa-cref.org

Counseling Center
800-842-2776

457 Deferred Compensation Plans

  • The North Carolina Public Employee Deferred Compensation Plan, provided under Section 457 of the Internal Revenue Code, is available to all permanent University employees. The Plan, as created by North Carolina State Statute, is overseen by a Board of Trustees. The Plan's Board has contracted with Prudential Retirement to be the Plan Administrator. Under this plan, tax-sheltered contributions may be invested in either a fixed return option or a variable return option. The State of North Carolina owns the assets in the plan until distribution of the account is made to the participant. For more information contact your HR benefits counselor at 910-962-3160 or, you may call the Plan Administrator at 1-866-NCPLANS.

457 Deferred Compensation Representative:

Clay Thompson

Regional Retirement Education Manager
704-219-6104
clay.thompson@prudential.com

The University of North Carolina implemented a new system-wide voluntary 457(b) plan effective February 2015. Fidelity and TIAA-CREF were selected as the only approved vendors to provide a wide range of services and investment options. For more information, click on the link above.

North Carolina's National College Savings Program (529 Plan)

North Carolina's National College Savings Program is designed to help make college affordable for every student and family. Employees may choose to have contributions payroll deducted. Contributions are made on an after-tax basis. For more information click on to www.cfnc.org or call 1-800-600-3453.

Credit Unions

Employees of UNCW for eligible for membership in the State Employees' Credit Union, Alliance Credit Union and Hanover Federal Credit Union.

Credit Unions offer outstanding benefits including:

  • Dividend-earning checking accounts with no minimum balance requirements and monthly maintenance fees of only $1.00
  • Online banking services including free online billpay services for up to 20 transactions per month
  • Variety of loans including first mortgage, home equity, vehicle, and personal

Disclaimer: The information contained on this website is general in nature. Applicable laws and regulations are complex and subject to change. Information on this website cannot alter, modify, or otherwise change the controlling documents of any plan. For legal and tax advice employees should consult an attorney or tax adviser.