Retirement Rates and Limit Details

Disclaimer: Rates/Limits provided below are based on information received from the following sources and are subject to change:

Retirement Rates (July 1, 2023)

Teachers' and State Employees' Retirement System

Employee contribution rate: 6% of eligible earnings

Employer contribution rates below:

Benefit Percentage

Pension Accumulation Fund

(Includes .01% Qualified Excess Benefit)

17.64%
Death Benefit Trust Fund 0.13%
Retiree Health Plan Reserves 7.14%
Disability Income Plan 0.11%
Total Employer Contribution

25.02%

 

TSERS for Law Enforcement Officers

Employee contribution rate:  6% of eligible earnings

Employer contribution rates below:

Benefit Percentage

Pension Accumulation Fund

(Includes .01% Qualified Excess Benefit)

17.64%
Death Benefit Trust Fund 0.13%
Retiree Health Plan Reserves 7.14%
Disability Income Plan 0.11%
State 401(k) 5.00%
Total Employer Contribution 30.02%

 

UNC Optional Retirement Program

Employee contribution rate:  6% of eligible earnings

Employer contribution rates below:

Benefit Percentage
ORP Employer Contribution 6.84%
(Retiree Health Plan Reserves 7.14% & Disability Income Plan .11%) 7.25%
Total Employer Contribution 14.09%

Retirement Plan Limits

Social Security  Base Rate: $160,200 (2023),  $168,600 (2024)

IRS Contribution and Benefit Limit Plan 2023 2024
Annual Compensation Limit – 401(a) (17) TSERS- hired on or after January 1, 1996 $330,000 $345,000
Annual Compensation Limit – 401(a) (17) TSERS – hired prior to January 1, 1996 $490,000 $505,000
Annual Compensation Limit – 401(a) (17) ORP – hired on or after July 1, 1996 $330,000 $345,000
Annual Compensation Limit – 401(a) (17) ORP – hired prior to July 1, 1996 $490,000 $505,000
Elective Deferrals – 402(g) (1) 401(k) and 403(b) $22,500 $23,000
Elective Deferrals – 457(e) (15) 457(b) $22,500 $23,000
Catch-up Contributions – 401(v)(2)(B)(i) 401(k), 403(b) and 457(b) $7,500 $7,500
Defined Contribution Limits – 415(c)(1)(A) Apply separately to ORP and 403(b) plan $66,000 $69,000