Get a quick comparison of the ORP to the TSERS with the TIAA UNC Retirement Plan Comparison Tool. It's designed to help you estimate and compare possible future benefits using a hypothetical illustration and is based on the information you provide.
We recommend you review the detailed information about both the TSERS and ORP available online at https://myapps.northcarolina.edu/hr/benefits-leave/retirement/ before making your choice. Don't forget, once you make your retirement choice, it cannot be changed.
The tool does not reflect actual investment style nor investment strategy. Keep in mind that investments fluctuate in value and could produce a negative return.
The UNC Retirement Plan Comparison Tool from TIAA illustration allows users to specify current and ongoing investment amounts to hypothetically compare the TSERS plan to the ORP plan. The Plan Comparison Tool results are hypothetical estimates only and are based upon the following assumptions. Actual benefits will vary from those illustrated. The assumptions, descriptions and calculations used by the Plan Comparison Tool are listed below:
TSERS Benefit = 1.82% of highest 4-year average salary times years of service. The salary is capped by the IRC 401(a)(17) limit for DB plans. As of 2021, the 401(a)(17) limit for DB plans is $290,000 and is assumed to grow at 3% annually.
TSERS normal retirement benefits are paid unreduced at age 65, age 60 with 25 years of service, or with 30 years of service regardless of age.
TSERS early retirement may not commence prior to age 50 with 20 years or age 60 with 5 years of service.
TSERS Benefit Plan reductions for early retirement:
The Retirement Plan Comparison Calculator assumes that you will have continuous employment and contribute to the plans with no breaks in service through date of retirement.
ORP reflects a level 12.84% contribution schedule of salary up to the IRC 401(a)(17) limit for DC plans. As of 2021, the 401(a)(17) limit for DC plans is $290,000 and is assumed to grow at 3% annually.
ORP post-retirement interest rate of 4% per year
Single Life Annuity benefit option
Defined Contribution Plan Mortality Table = 2012 Individual Annuity Mortality Period (MGM1), set back 6 months.
Note: The benefit amounts shown are not guaranteed. Actual benefits may be higher or lower.
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