401(k) & 457 Savings Plans
The City of Charlotte offers two tax deferred savings plans programs for employees - a 401(k) Plan and a 457 Plan.  Employees can invest savings in one or a combination of several investment options.

401(k)
For 2008, Employees covered under the North Carolina State Retirement System may contribute up to $15,500 to their 401(k) plan. In addition, employees are able to contribute an additional $5,000, for a total of $20,500, if they are a 401(k) participant age 50 or older.  The City provides a 3% contribution to the 401(k) plan for employees (sworn law enforcement receives 5%) after they have been covered under the North Carolina State Retirement System for six (6) months. The plan is administered through Prudential.  The City also offers an after-tax Roth 401(k) option.

457
Employees may contribute up to $15,500 to their 457-Plan. In addition, you are able to contribute an additional (1) $5,000, for a total of $20,500, if you are age 50 or older or (2) $15,000, for a total of $30,500, if you are eligible to participate in the "pre-retirement" catch-up provision.

• ICMA-Retirement
• ING Retirement Services (Aetna Investment Services)

North Carolina Retirement System Information (Including Law Enforcement)
Regular full-time and part-employees (including law enforcement officers) are covered under the North Carolina Local Government Employees' Retirement System (NCLGERS) beginning the first day of hire (firefighters are covered under the Charlotte Firefighter Retirement System).   Temporaries who have worked more than 1000 hours for two consecutive years and whose hours are not expected to decrease may also be covered.

Employees are required to contribute 6% of their salary weekly (City also contributes 4.8% per employee for General Employees and 4.78% per employee for Sworn Law Enforcement Officers).

Charlotte Firefighters' Retirement System
This is a summary of provisions and benefits of the Charlotte Firefighters' Retirement System (CFRS) for information only.  It does not replace the legal Act and its language.

Established by Special Act of the North Carolina Legislature in 1947 for the benefit of uniformed Civil Service firefighters of the Charlotte Fire Department, this is a qualified Defined Benefit Retirement Plan. 

• Participation in the CFRS is mandatory and automatic upon employment with the Charlotte Fire Department.
• Employee contributions are 12.65% of all eligible earnings and are matched by the City.
• Employee contributions are deducted before taxes under IRS 414(h).
• Types of Retirement:
  • Service at any age after completion of 30 years of service OR at Age 50 after 25 years of service OR after 5 years of service at Age 60
  • Early prior to Age 50 after completion of 25-30 years of service with actuarially reduced benefit
  • Disability in the line of duty and not in the line of duty (non-duty disability retirement requires completion of ten years of service)

Supplemental Retirement Program through North Carolina Firemen's and Rescue Squad Pension Fund

• Current cost is $10.00 ($2.50 per week) payment per month via payroll deduction for 20 years.
• Eligible for benefit at Age 55 and retired after minimum 20 years of service.
• Participation as Volunteer counts toward completion of service for period during which contributions were paid.  You must request that this credit be transferred to CFD service.
• Current benefit $167.00 per month (effective July 1, 2007).  Benefits subject to change by NC Legislature on a periodic basis.