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To: Campus Unit Financial Leads, HR Officers and Secondary Contacts, University Business Managers

From:  Walter Miller, Director of Payroll Services; Joe Williams, Senior Director-Benefits, Leave Administration & Total Wellbeing

The employer retirement contribution rates have been communicated to us by the North Carolina Teachers and State Retirement System (TSERS). Effective July 1, 2024, the TSERS employer contribution rate will decrease from 25.02% to 24.04%, and the Optional Retirement Program (ORP) employer disability and retiree health contribution rate will decrease from 7.25% to 7.12%.

The new rates will be implemented with payrolls beginning with Biweekly 26 (B26 payday July 12, 2024) and Monthly 01 (M01 payday July 31, 2024). This is an employer only adjustment and does not affect employee pay. More information can be found in the June 19, 2024 edition of Retirement Monitor, a newsletter for North Carolina’s public sector employees.

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