If you already take advantage of one of the supplemental retirement programs offered as a benefit at UNC, or if you’re interested in participating, you’ll be happy to hear that the enrollment process just got a little easier. On Thursday, July 2, as part of an ongoing initiative to make benefits enrollment easier for employees by moving forms online, you can make elections for the UNC 403b and UNC 457 plans in ConnectCarolina.
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UNC 403b and UNC 457 through TIAA and Fidelity
Until now, employees downloaded and completed forms for each of four available plans and then sent the completed form to the Benefits Department, where staff keyed the information in manually. Now, a click in ConnectCarolina takes you to a supplemental retirement planning “hub” with information on all the plan options. If you select the UNC 403b or UNC 457 plan as a best fit for you, you’ll go on to enter the dollar amounts you want to be deducted from your future paychecks or indicate a one-time deduction amount. If you’re already enrolled in a UNC-administered plan and you want to change your elections, you’ll make those changes online and get an immediate acknowledgement of your new election. You’ll get a second email confirmation when the Benefits Department processes your payroll changes.
The intuitive new web pages take the guesswork out of picking the date your deductions should take effect. You now choose the date options from a drop–down list that corresponds to the bimonthly or monthly dates on which you are currently paid. Other benefits of the new online process are:
- Easier to add or change elections. Many fields are filled in for you, saving you time.
- Payroll effective dates for the change are selected from a drop-down list so you don’t have to refer to a payroll calendar.
- Your current plan elections are displayed. You don’t have to search your records for the information.
- The Benefits department employees no longer key in your elections, reducing the likelihood of manual entry errors. FYI: During the last seven months, the nearly 3,800 UNC employees currently enrolled in UNC supplemental retirement programs completed 1,200 transactions to start or change dollar amount contributions.
NC 401K and NC 457 through Prudential
Finally, although you cannot complete the election forms online in ConnectCarolina, the Supplemental Retirement Plan web page also provides information about the state-run NC 401K and NC 457 plans, as well as a link to the Prudential’s portal site. Prudential is the company managing the state-run supplemental retirement plans and you can enroll and make changes to the plan(s) you’re enrolled in on their portal.
Contact the Benefits Department at email@example.com if you have questions about the Supplemental Retirement Plans available to you.