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1. I've decided on a date to retire, what do I need to do to submit the paperwork?

Once you decide on an effective date, you will need to contact Debbie Holshouser in Human Resources to schedule an appointment to complete the application. This appointment will take approximately 30 minutes. Prior to your appointment, there is a list of items that you will need to have available/bring with you when you come to complete the application and start the process:

• Proof of birth for yourself (easiest form that they will accept is a copy of your driver's license)
• Beneficiary Information (including full name, social security number, date of birth and proof of birth - again a copy of their driver's license is the easiest thing)
• Direct Deposit Information, including bank name, bank address, routing and account number and account type (checking or savings).

All of this information is required and an application can not be mailed until we have all of the items completed on it. You will also need to have an idea of how much vacation you plan to use between the day your sign your application and your actual last working day, as your vacation payout information must be reported on the retirement application. Contact Debbie Holshouser

2. What about all of my benefits, insurances, etc?

Sometime during your last month of employment, you should schedule an appointment with Debbie Holshouser to go over wrapping up all of your benefits, insurance coverage, and your options on continuing your various benefits after retirement. This "wrap-up" appointment will take approximately 30 minutes. Contact Debbie Holshouser

3. I've completed all of the forms, when do I get my first retirement check?

Once you have returned all of your forms to the retirement system, you will begin to receive your retirement payments, and they are paid by the retirement system in Raleigh, not by Rowan County. The first payment is an actual paper check, and thereafter, your payment is automatically direct deposited into the account your provided to the retirement system during the application process. Retirement payments are generally issued on the 25th of each month except for December, when payment is made on the 20th of the month.

After your retirement payments begin, if you have any questions regarding payments, tax with holdings, or anything else, you should contact the retirement system directly at 877-733-4191.

4. What happens after the retirement application is submitted?

Once the retirement system receives your application, they will correspond directly with you from that point on. No further correspondence comes from them to the Human Resources Office. You will need to watch your mail closely and quickly respond to any mail from the State of North Carolina Treasurer's Office. Delays in responding to correspondence they send you could delay your first retirement check. You will receive several forms that you need to complete and return:

• Form 333: Choosing the Contributory Death Benefit which is a $10,000 life insurance policy that, if elected, premiums are deducted directly from your retirement check.
• Form 290: Tax Withholding forms for both Federal and State Taxes. You will need to complete this form even if you are Bailey Vested (State Tax Exempt) in the retirement system.
• Form 336: Naming a beneficiary for the guaranteed refund of contributions. Note that if you choose a survivorship payment option for your retirement payment, you must name a difference person for the guaranteed refund of contributions.
• Form 6E: Choosing your benefit payment plan. This form will show you the 6 payment options and the amount you would receive under each option. You should read about those payment options on the retirement system website and discuss them with your family and financial advisor/accountant as to what will be the best payment option for you to choose.

Some of the forms that you receive do require a notary (we can notarize the forms for you here in our office). If you have questions regarding how to complete any of the forms, please feel free to contact Debbie Holshouser to set up an appointment to go over the forms to make sure that they are completed correctly. (We can check for accuracy in completion, we cannot advise you as to which payment option you should choose or how you should fill out your tax withholding forms).  Contact Debbie Holshouser

5. What happens to my vacation and sick leave when I retire?

Vacation Leave: Your unused vacation leave is paid out to you on the pay period following your last working pay period. Your vacation pay out information is reported to the retirement system on your application and they use your payout information in calculating your retirement benefit. This is the reason we ask you about how many vacation hours you plan to use between when you sign the application and your actual last working day. The closer your actual final compensation is to what we estimate on the retirement application, the lesser of any changes to your retirement benefit after you begin receiving your retirement checks.

Sick Leave: Your unused sick leave is reported to the retirement system for service credit. For every 20 days of sick leave that you have remaining in your accrual bank when you retire, the retirement system will credit you with one month of service, just as if you had worked another month.

6. When should I submit my application for retirement?

The retirement system encourages you to submit your application as least 60 days prior to your effective date and will allow you to sign the application up to 120 days prior to your retirement date. In order to make sure that you receive your first retirement check on time, you should submit your paperwork to the retirement system 90 to 120 days prior to your retirement date (the closer to 120 days that you submit your paperwork, the better your odds of getting your first check on time).

7. Where can I go to get information on planning my retirement?

Retirement Planning Conferences are hosted by the Retirement Systems Division and Prudential 401(k) at various locations throughout North Carolina. The conferences last about 2.5 hours and offer pre-retirement planning information for members that are considering retirement. Registration is not required. Some locations may charge a nominal parking fee.

NC Department of State Treasurer Retirement System Page

8. How do I decide on a retirement date?

Your effective retirement date must be the first day of a month, and it can not be retroactive. You can not work on your effective date of retirement.