Brunswick Community College
PAE-T2-6: Socially Responsible Retirement Plan

All full-time employees are required to participate in program.

Highlights of North Carolina Retirement Benefits for the Teachers' and State Employees' Retirement System

When you retire under TSERS (see retirement eligibility requirements on page 1) , you will be asked to elect one of the payment plans listed below. Regardless of the plan elected, there is a guaranteed refund feature of your retirement benefits which provides that should you and the beneficiary, if any, you have designated to receive a monthly survivorship benefit die before the total of the retirement allowances paid equals the amount of your contributions and interest at the date of retirement, the excess of such contributions and interest shall be paid in a lump sum to such other beneficiary(ies) you designate.

AVAILABLE RETIREMENT PROGRAMS -

Maximum Allowance - Basic, Straight Life Benefit (No Monthly Survivorship) is paid throughout your lifetime with all monthly benefit payments ceasing at your death
Option Two - 100% Joint and Survivorship (One Monthly Survivorship) is a reduced retirement allowance which provides that upon your death, after retirement, the same reduced retirement allowance will be continued to the beneficiary designated for a monthly survivorship benefit the remainder of his/her life.

Option Three - 50% Joint and Survivorship (One Monthly Survivorship) is a reduced retirement allowance which provides that upon your death, after retirement, one-half of the reduced retirement allowance will be continued to the beneficiary designated for a monthly survivorship benefit the remainder of his/her life.

Option Four - Adjustment of Retirement Allowance and Social Security Benefits (No Monthly Survivorship) is a retirement allowance which provides for larger monthly payments than you would otherwise be entitled to receive, until you become eligible for Social Security at age 62. Beginning at age 62, your monthly payments will be reduced to an amount that is less than what you would otherwise be entitled to receive. However, your reduced retirement payments after age 62 plus your allowance from the Social Security Administration will be approximately the same amount as the inflated payment you received from the Retirement System before age 62.

Option Six-Two or Six-Three - Modified Joint and Survivorship (One Monthly Survivorship) is a reduced retirement allowance as provided by Option Two or Option Three, with the added provision that if the beneficiary designated for a monthly survivorship dies before you do, your retirement allowance will revert to the Maximum Allowance the following month for the remainder of your life.