Retirement Plans

Local Government Employee's Retirement System (LGERS) Pension Plan

Eligible employees become members of the North Carolina Local Government Employee's Retirement System (NCLGERS). Employees contribute 6%, while Carteret County contributes 13.6% (regular employees) and 15.10% (LEO) of your salary. Employees are vested after 5 years of contributing.

The NC401(k) Retirement Plan

North Carolina public employees actively contributing to one of the NC Retirement Systems now have access to the NC 401(k) Plan, a dedicated retirement savings option offered by state and local governments. This plan empowers employees to achieve their financial goals through tax-advantaged contributions and flexible investment choices. Carteret County contributes 5% of the eligible employee's salary into an account individually set up for them.

Empower 401k is a savings option available to you through the NC Retirement System. Some of the features include:

  • Payroll deductions you can start and stop at any time.
  • Tax-deferred savings that can reduce your current taxable income.
  • Easy-to-use planning tools and personalized assistance.
  • Simplified investing tool that helps take the guesswork out and keeps you on track.
  • Transfer options into your pension plan from your NC 401(K)

Both 401(k) and 457(b) options are funded through employee payroll deductions, allowing participants to allocate a portion of their salary to their retirement accounts. These contributions are tax-deferred, meaning they reduce current taxable income. Roth accounts are also available within the plan, offering tax-free withdrawals in retirement. All account growth remains untaxed until withdrawn.

457(b) Retirement Option

A 457(b) deferred compensation plan is a retirement option created to allow public employees to put aside money from each paycheck toward retirement. A deferred compensation plan can help bridge the gap between what you have in your pension and social security, and how much you will need in retirement. This plan may offer benefits other retirement plans cannot, including:

  • Penalty-free withdrawals once you stop working for your public sector employer
  • Combine or consolidate retirement account
  • No minimum retirement age

Both 401(k) and 457(b) options are funded through employee payroll deductions, allowing participants to allocate a portion of their salary to their retirement accounts. These contributions are tax-deferred, meaning they reduce current taxable income. Roth accounts are also available within the plan, offering tax-free withdrawals in retirement. All account growth remains untaxed until withdrawn.

Local Law Enforcement Officer's Retirement

You become a member of LGERS as a local law enforcement officer on your hire date if you are a permanent, full-time paid employee of an employer, who (i) possesses the power of arrest, (ii) has taken the law enforcement oath administered under the authority of the state as prescribed by G.S. 11-11 and (iii) is certified as a law enforcement officer under the provisions of Chapter 17C of the General Statutes or certified as a deputy sheriff under the provisions of Chapter 17E of the General Statutes.

Separation Allowance

Retired law enforcement officers may be eligible for a monthly allowance payable until they reach age 62 or until they return to any local government employment. For more information, contact Human Resources at (252) 728-8405.

Please schedule an appointment with Human Resources at (252) 728-8405 with any questions on retirement.