Life Insurance For North Carolina Teachers: What's Covered?

North Carolina teachers are provided with comprehensive benefits, including health insurance options and retirement planning services. The state offers a retirement program called Teachers' and State Employees' Retirement System (TSERS), which is a defined benefit plan. Additionally, North Carolina teachers have access to the NCFlex Group Term Life Plan, administered by Voya. This plan offers coverage for the employee, their spouse, or unmarried children under 26, with premiums based on age and coverage amount. The state also provides health insurance through the North Carolina State Health Plan, which covers more than 660,000 members.

North Carolina teachers are automatically enrolled in the Teachers' and State Employees' Retirement System (TSERS)

In North Carolina, teachers are automatically enrolled in the Teachers' and State Employees' Retirement System (TSERS) after they are hired. This system is sponsored by the State of North Carolina and governed by the Department of the State Treasurer. TSERS is a defined benefit plan, which means that the benefits received at retirement are based on a formula that takes into account factors such as years of service, age, and "average final compensation". The formula for calculating retirement benefits in North Carolina is:

> Final Average Salary multiplied by Years of Service multiplied by 1.82%

For example, if a teacher worked for 33 years and retired with a final average salary of $50,000, their monthly pension payments would be $2,502.50.

To fund the benefit, teachers are required to contribute 6% of their annual salary on a pre-tax basis, while their employer contributes an amount that is legislated annually. Retirement benefits in TSERS are fully vested after completing five years of membership service. Teachers have the option to choose between TSERS or the Optional Retirement Program (ORP). However, if they do not make a choice within 30 calendar days of their hire date, they will automatically be enrolled in TSERS. Once enrolled, this decision is irrevocable.

In addition to retirement benefits, TSERS also offers death and survivor benefits. If a teacher dies while still in active service, their beneficiary will receive a lump-sum payment ranging from $25,000 to $50,000. This benefit is in addition to any other benefits that the beneficiary may be entitled to. If the teacher has 20 or more years of service or is at least 60 years old with at least 5 years of service, the beneficiary can choose between receiving a refund of contributions plus interest or a lifetime benefit.

TSERS is a defined benefit plan, with benefits based on salary, years of service and a retirement factor

In North Carolina, teachers are automatically enrolled in the Teachers' and State Employees' Retirement System (TSERS) after they are hired. TSERS is a defined benefit plan, meaning that the benefits received at retirement are based on a formula that takes into account several factors.

The TSERS formula considers an educator's years and months of creditable service, their age, and their "average final compensation," which is calculated as the average salary during their four highest-paid consecutive years. The investment experience of the plan assets and the amount contributed by the teacher and the university do not directly determine the benefit amount.

To fund the benefit, teachers are required to contribute 6% of their annual salary on a pre-tax basis, and their employer contributes an amount legislated annually. Retirement benefits in TSERS are fully vested after completing five years of membership service.

The formula for calculating the retirement benefit in TSERS is as follows:

Average salary based on the 48 highest consecutive months of earnings x Retirement Factor of 1.82% (set by state statute) x Creditable years of service

Using this formula, educators can estimate their monthly pension payments upon retirement. For example, if a teacher worked for 33 years and retired with a final average salary of $50,000, their monthly pension payments would be $2,502.50.

Teachers can also enrol in the NCFlex Group Term Life Plan, administered by Voya

Teachers in North Carolina are offered various benefits as part of their employee benefits packages, including health insurance options and retirement planning services. One of the life insurance options available to them is the NCFlex Group Term Life Plan, which is administered by Voya. This is a term life insurance policy, which means it has no accumulated cash value, but it is also much less expensive than a whole or universal life plan.

The NCFlex Group Term Life Plan offers coverage for the policyholder's beneficiary(ies) in the event of their death. Teachers can choose coverage for themselves, their spouse, or their unmarried children under the age of 26. The monthly premium for an employee and spouse is based on the employee's age and the coverage amount, which can range from $20,000 to $500,000. The monthly premium for a child is a set cost for either $5,000 or $10,000 of coverage, regardless of the number of children covered. It's important to note that medical questions may be required, depending on the chosen coverage amount.

During Open Enrollment, teachers can increase their election by $20,000 each year, up to the Guaranteed issue amount of $200,000 for the employee and $50,000 for the spouse, without any medical questions asked. The plan also offers additional features, such as a waiver of the premium if the policyholder becomes permanently disabled (under age 60) while covered, bereavement support, and an accelerated death benefit.

The NCFlex Group Term Life Plan can be continued after leaving employment. If a teacher is 70 or older, they have the option to convert the plan to a whole or universal policy. For those under 70, the policy can be ported from their employment. To make changes to the plan, such as filing a claim or inquiring about continuation options, teachers can contact the provided customer service line or email address.

Monthly premiums for the Group Term Life Plan are based on the employee's age and coverage amount

North Carolina teachers gain both health insurance options and retirement planning services as part of their employee benefits packages. Teachers in North Carolina are automatically enrolled in the Teachers' and State Employees' Retirement System (TSERS) after they are hired. TSERS is a defined benefit plan, and the benefits received upon retirement are based on a formula that takes into account the years and months of creditable service, age, and "average final compensation." The "average final compensation" is the average salary during the four highest-paid consecutive years.

In addition to retirement planning, North Carolina teachers have access to a state health plan that provides affordable health care coverage to over 660,000 members. This plan offers two PPO options: the PPO Basic 70/30 Plan and the PPO Standard 80/20 Plan. Both plans cover a percentage of medical services, including primary physician visits and inpatient hospital care.

North Carolina teachers also have access to the NCFlex Group Term Life Plan, administered by Voya. This plan is a term life insurance policy with no accumulated cash value, but at a much lower cost than a whole or universal life plan. The monthly premium for an employee and spouse is based on the employee's age and the coverage amount, which ranges from $20,000 to $500,000. The monthly premium for a child is a set cost for either $5,000 or $10,000 of coverage, regardless of the number of children covered.

The NCFlex Group Term Life Plan includes additional features such as a waiver of premium if the employee becomes permanently disabled (under age 60) while covered by the plan, bereavement support, and an accelerated death benefit. This plan can also be continued after leaving employment and may be converted to a whole or universal policy for those aged 70 or older.

Teachers can choose coverage for themselves, their spouse, or unmarried children under 26

North Carolina teachers gain access to health insurance options and retirement planning services as part of their employee benefits packages. This includes the Teachers' and State Employees' Retirement System (TSERS), which provides a defined benefit plan for retirees who meet normal retirement qualifications.

In addition to health and retirement benefits, North Carolina teachers can also choose to enrol in the NCFlex Group Term Life Plan, administered by Voya. This is a term life insurance policy with no accumulated cash value, but at a much lower cost than a whole or universal life plan. Teachers can choose coverage for themselves, their spouse, or their unmarried children under 26.

The monthly premium for an employee and spouse is based on the employee's age and the coverage amount, which ranges from $20,000 up to $500,000. The monthly premium for a child is a set cost, with coverage options of either $5,000 or $10,000, regardless of the number of children covered. Teachers can increase their election by $20,000 each year during Open Enrollment, up to the Guaranteed issue amount of $200,000 for employees and $50,000 for spouses, without any medical questions asked.

The NCFlex Group Term Life Plan offers additional features, such as a waiver of premium if the policyholder becomes permanently disabled (under age 60) while covered by the plan, bereavement support, and an accelerated death benefit. The plan can also be continued after leaving employment, with the option to convert it to a whole or universal policy if the teacher is 70 or older.

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