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Union County, North Carolina

Active Member Benefit Transfer

Active Member Benefit Transfer

Effective January 1, 2011, retiring members of the Teachers’ and State Employees’ Retirement System (TSERS) and Local Governmental Employees’ Retirement System (LGERS) with an existing NC 401(k) or NC Deferred Compensation (457) account through Prudential Retirement, will have the opportunity to transfer all or a portion of their NC 401(k) and/or NC Deferred Compensation funds at retirement to the North Carolina Retirement Systems.

During the 2010 legislative session, the General Assembly passed a bill providing the opportunity for retiring active members to transfer funds to receive an additional separate monthly lifetime benefit based on the transferred funds, also known as creating an annuity. Previously, this option was available only to North Carolina law enforcement officers.