SPEC Kit 320: Core Benefits  ·  41
21. Is any other type of defined contribution plan offered to library staff? N=40
Yes 5 13%
No 35 87%
If yes, please briefly describe the plan. Include the vesting period in months, the maximum % of
salary contributed by employer, and whether an employee contribution is required to participate.
Description Vesting
% of salary
Faculty Pension Plan, Pension Plan for Management & Professional staff,
Pension Plan for CUPE staff
10 Yes
Roth 403(b) 60 11.46 Yes
Roth 403(b) 0 0 Yes
Roth 403(b) 0 0 Yes
Roth 403(b) 0 0 Yes
22. Under any of the defined contribution plans, do your retirees receive a health insurance premium
subsidy? N=40
Yes 15 37%
No 25 63%
23. Additional comments about defined contribution retirement plan(s). N=12
401(a) is used for temporary employees and leave balance cashouts for benefited employees as an alternative to the
employer’s contribution to FICA.
401(a) is alternative employer-paid plan from the defined benefit plan. Managers and faculty choose between one of
two plans.
Employees have the option to waive participation in the defined benefit plan to participate in the defined contribution
plan (401a). They do not participate in both. Participants in the 401a plan do earn time toward retiree health benefit
For employees hired prior to April 1, 2010, the maximum employer contribution was 4%, with an employee contributing
5%. Employees hired after April 1, 2010, the max employer contribution is 6% when the employee contributes 6%.
For Medicare eligible retirees, their premiums can be reduced by a state-funded contribution of up to $182.89.
Library staff exempt from the North Carolina Personnel Act have an option of the state defined benefit plan (Teachers’
and State Employees’ Retirement System) or a 401a defined contribution plan (UNC Optional Retirement Program).
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