SRS Executive Summary (09-26-2011 PED Report)

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  • 8/4/2019 SRS Executive Summary (09-26-2011 PED Report)

    1/1

    Sept

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    ember 2011

    mparded

    mary

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    RAM

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    directed bygram Evalurolinas statort focusesirement Sysmer govern

    Who make

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    available t

    provides ethat accounparticipateeligible forHow do th

    systems?

    than other

    retirementformula muHow woul

    system? Itfrom a defAssemblycvested to rHowever, lStates costpersonnel tHow is TS

    state contriemployeethe state c2010, emp$583 milliHow does

    systems?

    plans for sfunding staperformanassets nee

    EVALAGEN

    etiremAre T

    the North Cation Oversi

    retirementon the Northem (TSERS)ent emplo

    s decisions

    the operatis of the retiibute to TSEe plan feat

    o members

    ployees wits for yearsin at least tSocial Secu

    e plan feat

    here are nostates plans

    are typicalltiplier are ld altering t

    is not clearined benefitould changeduce the Stwmakers h

    s and the Sto deliver esRS funded

    butions, andontributionntribution eloyees contrn, and invesTSERS fund

    he Programate employtus. TSERS re on theseed to make

    UATI

    ERALAS

    ent Plpical

    arolina Genght Committsystem to oCarolina T

    because it cees. This stu

    about TSER

    n of TSERS.ement beneS.

    ures of TSE

    of TSERS?

    th lifetime rof service awo supplemrity and Stares of TSER

    plan featur. TSERSs e

    nd its vestiess generoue plan typ

    here wouldto a defineplan featur

    ates costs iave to weigates abilitysential publiTSERS is fuinvestment i

    at 6% of coach year asibuted $83tment incoming status c

    Evaluationes and teanked sixtheasures infuture pay

    N

    SEMBLY

    ns, TSor Less

    eral Assemee,this studher state reachers and

    overs the mdy address

    S? Several

    The Generfit and how

    RS and wh

    SERS is a dtirement incnd salary.ental retirete Health PlS compare

    es on whichployee cont

    g period, fis than otheror features

    be long-terd contributies for futurproviding i

    h the tradeoto recruit ac services.nded fromincome. Thempensationpart of the.8 million, t

    e contributeompare to

    Division ranhers using t

    out of 84 plicates the Sents for be

    IVISI

    Report N

    RS isGene

    lys Joint Lecompares

    irement sysState Empljority of cus six resear

    ifferent ent

    l Assemblymuch emplo

    t other ben

    fined beneome basedembers ofent plans,

    an benefits io other stat

    TSERS is moribution rat

    nal averagstates planof TSERS a

    savings frn plan.Thehires or th

    ts retiremenff betweend retain qu

    mployee coGeneral Assin 1975 andbudget proce State con

    d $5.7 billiother state r

    ed state reree key mens in 2009.ate is accunefits accru

    ON

    o. 2011-05

    ellrous

    gislativeNorthems. Thisoyeesrent andch questions:

    ities play a

    determinesyees and th

    fits are

    fit plan thaton a formulSERS cannd they aren retiremene retiremen

    re generousand norma

    salary, an.ffect the

    mchangingGeneralse not yetbenefit.

    reducing thelified

    ntributions,embly setdetermines

    ess. Intributedn.tirement

    irementasures ofStrongulating thed to date.

    .

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