When it comes to planning for retirement, one of the most valuable financial resources available to you is already be part of your employee benefits package. Employer-sponsored retirement plans provide a convenient way to save for the future, yet many employees may not realize all the opportunities available to help strengthen their financial security.
Your Mandatory Retirement Plan Is Just the Beginning
As a benefits-eligible UNC System employee, you participate in a mandatory retirement plan, either the Optional Retirement Program (ORP) or the Teachers’ and State Employees’ Retirement System (TSERS). These plans provide an important foundation for retirement, but they may not be enough on their own to support the lifestyle you envision. That’s where supplemental retirement savings can make a difference.
Take Advantage of Supplemental Savings Opportunities
The UNC System offers employees access to supplemental retirement savings plans, including the UNC 403(b) and UNC 457(b) plans. These voluntary plans allow you to contribute additional money toward retirement through convenient payroll deductions.
One of the greatest advantages is flexibility. You can start with an amount that works for your current budget and adjust your contributions as your financial circumstances change. Depending on the plan, you may also have the option to make traditional pre-tax or Roth contributions, allowing you to choose a savings approach that aligns with your financial goals.
Small Contributions Can Make a Big Difference
You don’t have to contribute a large amount to make progress. Even setting aside a small amount per paycheck can help establish a consistent savings habit. Over time, regular contributions, combined with the potential for investment growth, can make a meaningful difference in your retirement savings.
Consider increasing your contributions when you receive a salary increase, pay off a debt, or experience another positive change in your financial situation. Small, gradual adjustments may be easier to manage than making a significant increase all at once.
Make Your Retirement Savings Work for You
Participating in a retirement plan is an important first step, but regularly reviewing your retirement strategy is just as essential. Take time to evaluate your contribution levels, investment selections, and retirement goals. As your career and financial priorities evolve, your retirement savings strategy may need to evolve as well.
Your Future-Self Will Thank You
Retirement planning isn’t about how much you can save tomorrow; it’s about the steps you take today. Your UNC Retirement Program provides valuable tools to help you build financial security. Whether you’re just beginning your career or approaching retirement, consider how supplemental savings can work with your mandatory retirement plan to help you prepare for retirement. A small step today can make a meaningful difference in your financial future.
To Enroll or Make Changes to Your UNC Supplemental Retirement Account
Enrollment or changes to your UNC Supplemental Retirement Account is done through your Institution’s Empyrean (Compass) Platform. To find your Institution’s Empyrean Platform, click here. Once you login with your single sign-on, you will select “Change Your Current Benefits” and then “Change In Supplemental Retirement” and the system will walk you through electing or changing your supplemental retirement contributions. Don’t forget to save and confirm your elections.
Resources Available to Help You Plan for Retirement
Employees of the UNC System have Financial Consultants available at no-cost through CAPTRUST at Work and TIAA to help employees plan for retirement. To take advantage of this valuable benefit, click here to schedule your appointment with CAPTRUST at Work or to schedule a virtual consultation with TIAA, click here.