Member Annual Retirement Statement | My NC Retirement (2024)

MARS is available in ORBIT!

The 2024 MARS, which uses December 2023 data, is available in ORBIT.

MARSprovides active members (with complete and accurate data provided by their employer) an estimate of their potential monthly retirement benefit based on service accrual and retirement contributions as of December 31 of the prior year.

NOTE: If you meet the requirements of being an active, contributing member for at least one year (12 consecutive months) ending on December 31 and do not have MARS in your ORBIT account, there was missing or incomplete data from your employer. Alternatively, we recommend running a Customized Benefit Estimate in your ORBIT account. Click Create Custom Benefit Estimate in the left navigation and fill in the form to generate retirement information.

MARS, available exclusively in ORBIT, focuses on the foundation of retirement for public servants in the state of North Carolina – the pension benefit. This statement provides members with a tool for obtaining the most accurate data and information about their potential retirement benefits.​

More specifically, each eligible member will be able to view:

  • Personal information like address, phone, email.
  • Retirement Systems in which the member has been or is a member.
  • Principal beneficiaries.
  • Estimated potential retirement benefit from the North Carolina Retirement Systems.
  • Links to the NC Supplemental Plans (NC 401(k) and NC 457 Plans) so members can enroll, increase savings and/or view statements for the plans in which they are a participant.
  • Link to mySocialSecurity so members can create an account and receive a real-time estimate from the Social Security Administration based on their work history and contributions.

MARS Frequently Asked Questions

Tab/Accordion Items

Members who actively contributed to the retirement systems and have at least one year of service as of December 31 should have an MRS posted to their personal ORBIT account by the end of April.

This statement is only available online in your secure ORBIT account.

No, MARS is unique and personalized statement and no one except you had access to the statement. The statement is only available in a digital format, online in your secure ORBIT account.

If you meet the requirements of being an active, contributing member for at least one year ending on December 31 and do not have MARS in your ORBIT, there was missing or incomplete data. We ask that you log in to ORBIT, select the Reach A Counselor tab from the left menu and choose Member Annual Retirement Statement (MARS) from the drop-down menu. Here you will be able to submit your request and a retirement counselor will get back with you.

No, only members who are active contributing members who have served at least one year, ending December 31, will receive MARS online in their secure ORBIT account.

As a current or former employee, you have access to ORBIT, the secure, online portal that provides information about your account, membership, years of service and beneficiaries. Unfortunately, MARS is generated only for those who contributed to the retirement systems for a full year ending on December 31. If you left your employer prior to December 31, you would not receive a statement.

If you were on unpaid leave and did not contribute to the retirement systems for a full year, you will not receive a statement.

You will only have a statement if you are an active, non-retired member and worked the full calendar year ending December 31.

Take advantage of the resources available through the Department of State Treasurer, from any of our partners listed in your statement or from your financial advisor or institution. Go to www.myNCRetirement.com for helpful information, tools and resources to help you plan for retirement.

We ask that you log in to ORBIT, select the Reach A Counselor tab from the left menu and choose Member Annual Retirement Statement (MARS) from the drop-down menu.  Here you will be able to submit your request and a retirement counselor will get back with you.

No. Only members of the Local Governmental Employees’ Retirement System (LGERS), Teachers’ and State Employees’ Retirement System (TSERS), Consolidated Judicial Retirement System (CJRS) and/or Legislative Retirement System (LRS) will receive a statement. Service in the NC Firefighters’ and Rescue Squad Workers’ Pension Fund (FRSWPF) will not be included on the MARS since the make-up of the pension plan is different than the other systems managed by the Retirement Systems Division.

For more information about the Firefighters’ and Rescue Squad Pension Fund, please visit the Fire & Rescue Personnel webpage.

We do encourage members of the FRSWPF to log in to ORBIT at least one time per year to review years of service and contributions.

If you participate in one or more of the NC Supplemental Retirement Savings Plans, you can visit myNCplans.com and log in to access your quarterly statement and check monthly balances and investment returns. Additionally, NC Plans has a Retirement Income Calculator that you can use to pull in assets outside of the plans to receive a retirement income estimate based on your information.

Visithttps://www.ssa.gov/myaccountto log in or create an account. A free and secure mySocialSecurity account provides personalized tools for everyone, whether you receive benefits or not. You can use your account to request a replacement Social Security card, check the status of an application, estimate future benefits, or manage the benefits you already receive.

We ask that you log in to ORBIT, select the Reach A Counselor tab from the left menu and choose Member Annual Retirement Statement (MARS) from the drop-down menu.  Here you will be able to submit your request and a retirement counselor will get back with you.

Member Annual Retirement Statement | My NC Retirement (2024)

FAQs

How do you calculate NC state retirement? ›

How are early and service retirement benefits calculated? The cha at vario service. Your annual retirement benefit is based on this formula: 1.82% of your average final compensation TIMES your years and months of creditable service.

What is a retirement statement? ›

Your Retiree Account Statement (RAS) is a two-page document issued by DFAS that summarizes your pay, benefits and deductions at a specific point in time. It is a description of what you can expect on the next pay date. Understanding your RAS is an important first step in managing your retirement pay.

How long does it take to get my NC retirement refund? ›

By law, no refund checks can be issued until 60 days after your effective date of termination. Your refund will not be reviewed or processed until your application has been completed correctly and all necessary information and documentation has been received from you and/or your employer.

Will NC retirees get a raise in 2024? ›

The budget includes: A 4% pay raise in 2023 and a 3% raise in 2024 for most state employees, including non-certified school personnel, community college, and UNC employees. A 4% one-time supplement for retirees in 2023. A 5.5% pay raise in 2023 for employees on a step-pay plan and an additional 3% in 2024.

How do I figure out my retirement amount? ›

A common rule is to budget for at least 70% of your pre-retirement income during retirement. This assumes some of your expenses will disappear in retirement and 70% will be enough to cover essentials. Remember, that's a general guideline, and your needs may vary.

How do I find out my retirement amount? ›

If you have a personal my Social Security account, you can get an estimate of your future retirement benefits and see the effects of different retirement age scenarios. If you don't have a personal my Social Security account, create one at www.ssa.gov/myaccount.

What is an example of a retirement statement? ›

Dear [Employer's Name], I am writing to inform you that I have decided to retire from my position as [Job Title] effective [Retirement Date]. After [Number of Years] years of dedicated service to [Company Name], I feel it is time to step back and enjoy my retirement.

What is the annual benefit statement for pension? ›

Your benefit statement is an annual summary of your pension savings. It tells you about the savings you have now and what they could be worth in the future. Keep your benefit statement safe – it may help you when you're making decisions about your retirement.

Do I need to keep retirement statements? ›

You should keep retirement plan records until the trust or IRA has paid all benefits and enough time has passed that the plan won't be audited. Retirement plans are designed to be long-term programs for participants to accumulate and receive benefits at retirement.

Are taxes taken out of NC retirement checks? ›

Retirement benefits are exempt from North Carolina income tax provided you had five (5) or more years of maintained creditable service in the Retirement System as of August 12, 1989.

What is the full retirement age in NC? ›

The current full retirement age is 67 years old for people attaining age 62 in 2024. (The age for Medicare eligibility remains at 65.)

What day does NC retirees get paid? ›

When will my monthly retirement payment be deposited in my account? Benefits are deposited on the 25th of each month unless the 25th is on the weekend or a holiday.

Will NC state employees get a bonus in 2024? ›

(d) Employers of State employees and local education employees shall provide an additional retention bonus of two hundred fifty dollars ($250.00), payable during the month of April 2024, to all permanent full-time State employees and local education employees who are employed by the State or a public school unit from ...

What is the cola for retirees in NC? ›

Section 39.27: Grants a cost-of-living adjustment (COLA) of one percent (1%) to retirees in TSERS, CJRS, and LRS, effective July 1, 2023, and an additional one percent (1%), effective July 1, 2024. These COLAs increase the ongoing monthly benefit for beneficiaries in those Systems.

What is the retirement pay increase for 2024? ›

Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024.

What is a written letter of retirement? ›

Dear [Manager]: With this letter, I am officially notifying you and [Company] of my intention to retire. My final day of work will be [Date]. While I look forward to the next chapter of my life, I want to offer my sincere gratitude for all of the opportunities you created for me at [Company].

How do I get my NYS retirement statement? ›

Go to the 'My Profile Information' area of your Account Homepage in Retirement Online, click “update” next to 'Member Annual Statement by' and choose “Email” in the dropdown. If you don't elect to receive your Statement by email, it will be mailed to your address on file.

How far back do you have to keep retirement statements? ›

How long you keep your 401(k) statements is up to you. For tax purposes, you'll want to hang onto your 401(k) statements for at least seven years. However, it's a good idea to keep your 401(k) statements for as long as you have money in the account.

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