Selecting Your Benefits Package
NC State offers a comprehensive benefits package designed to provide a range of choices to fit your needs and the needs of your family. Whether you are a new employee signing up for benefits, experiencing a life event, or preparing for retirement, this Benefits website provides the news, information, forms, and resources to help you plan and make smart decisions.
Benefits Guides
The NC State Benefits Guides provide summaries of benefits offered to NC State employees. Whether you are classified as Faculty/EPA, SPA, or Post-Doc, customized Benefits Guides provide information about eligibility, benefit plans, enrollment, and what to expect at New Employee Orientation.
Detailed information on each plan is posted on this website. Follow links from the navigation bar on the right-hand side of this page or use the A-Z Index to search by topic.
The Benefits Guides:
Note: NC State makes a significant contribution towards the cost of employee benefit plans.
Eligibility
EPA and SPA
You are eligible to participate in NC State benefit plans when your EPA or SPA employment status is FTE status of .5 (20 hours per week) for 9 or more months per year, (9 month or greater contract on a recurring basis for EPA) on a regular employment basis.
Newly hired employees are granted a 30-day window during which benefit plan enrollment is permitted. Once enrolled in the benefit plans, they are effective the first day of the next month following your hire date.
Participation in the Teachers' and State Employees' Retirement System (EPA/SPA or Optional Retirement Program (EPA only) is mandatory for employees with a status of .75 FTE(30 hours or more per week) for 9 or more months per year (9 month or greater contract on a recurring basis for EPA) on a regular employment basis.
Post Doc
Employees working with a Post-Doc designation are eligible to participate are eligible to participate in specific Post-Doc benefit plans unrelated to those offered to regular EPA and SPA faculty and staff.
Status Changes
Periodically an employee will experience a change in employment status, such as part-time to full-time, temporary to permanent, or SPA to EPA. Life events such as marriage, birth, adoption, or significant change in a spouse's employment are called qualifying events. Status changes and qualifying events generally open a new 30-day window during which an employee can enroll or make changes to his/her benefits. In some instances, waiting periods might apply.
Review and Update Your Benefits Selections
Over the course of your employment, benefit plans chosen as a newly hired employee may need to be adjusted. Take the time to review individual benefit selections periodically. Annual Enrollment events, scheduled workshops, and even "tax time" provide excellent opportunities for employees to gather information and plan for adjustments.
Each fall, during Annual Enrollment, changes are permitted without qualifying events. HR will send information to all eligible employees with deadline dates and instructions for making changes.
Employees experiencing a mid-year event should visit the Life Events section of the Benefits web site for instructions and guidance on making changes based on the event type. Personal assistance is available by contacting your Benefits Consultant.
Note: It is a good idea to review the January pay advice statement to make sure deductions for the new year are correct. Contact the Benefits Consultant immediately to correct discrepancies.
Making the Most of Pre-Tax Benefits
NC State helps reduce taxable income by providing pre-tax benefit plan deductions. This means that certain benefit premiums and retirement contributions are deducted from pay prior to federal, state and sometimes Social Security (FICA) tax, resulting in either a permanent or delayed tax savings.
Permanent Tax Savings
Payroll deductions for the State Health Plan, NC Flex plans, and parking fees are made on a pre-federal, state and Social Security (FICA) basis, resulting in a permanent tax savings. The normal savings range is 25% to 40% of the actual deduction amount.
Flexible spending account participants benefit from reduced taxable income and tax-free reimbursements.
Delayed Tax Savings
Since retirement plan contributions (supplemental and mandatory) are made on a pre-tax basis, taxable income is reduced during active employment. In theory, retirement income is taxed at a lower rate, resulting in additional savings during retirement years.
Tax Considerations
Depending on individual preference, some prefer to participate in the dependent care flexible spending account (FSA) rather than claiming a child- care tax credit. Current laws permit the use of the tax credit or the flexible spending account, but not for the same expenses. For example, an employee who elects the maximum FSA contribution amount may incur expenses in excess of the maximum FSA deduction amount. In this case, a tax credit might be applicable to the excess expenses. Consult with a tax advisor for details.
Participating in the NCFlex benefits might affect future Social Security retirement benefits because payroll deductions are made prior to Social Security (FICA) tax withholding, reducing the Social Security taxable wage base. Generally, the immediate tax savings of participating in pre-tax benefit plans yields a greater benefit than the long-term affect on Social Security retirement benefits.
Participation in pre-tax benefit plans does not affect contribution amounts made to supplemental retirement plans 401(k), 457 or 403(b).
Income Protection and Filling in the Gaps
Deciding how to fill income gaps if a medical disability were to occur is an important part of the employee benefit planning process. An active employee's net pay is equal to approximately 2/3 of the gross salary amount. NC State offers long and short-term supplemental disability plans that close income gaps caused by loss of work due to a disability.
Funding care for elderly or incapacitated loved ones has the potential to create financial difficulties. Long-Term Care Insurance may be a reasonable solution depending on an individual's needs and financial planning strategies. Alternatives to consider are accelerated life insurance benefits and Survivor's Alternate Benefits.
