Retirement Plans

Cape Fear Public Utility Authority is a participant in the North Carolina Local Government
Employees’ Retirement System.

Employee Eligibility & Requirements
  • Full-time permanent employees who work at least 1,000 hours per year are eligible to participate.
  • The employee is required to contribute 6% of their gross pay into the retirement system per paycheck.
  • Monthly payments at retirement are based on the employees, salary, age, and years of creditable service.
  • Employees are eligible for an unreduced retirement benefit at 65 with 5 years of credit, at age 60 with 25 years of credit, or at any age with 30 years of credit.
  • Employees are eligible for a reduced retirement benefit after age 50 and 20 years of credit, or at age 60 with five years of credit.
Rolling Over Contributions
If the employee leaves, they can:
  • Withdraw the contribution (plus interest, if you have at least 5years of service as a contributing member)
  • Leave their contribution in the system and keep all the creditable service they have earned to that date
  • Roll it over to another employer plan or IRA, providing that the new plan will accept it
Mandatory Participation
Participation is mandatory with a 6% contribution by the employee and a 7.07 % contribution by CFPUA.

More Information
For more information, visit the North Carolina Retirement System website. Active employees may call 1-877-NCSECURE (1-877-627-3287) or email for more information. You can also view a list of Frequently Asked Questions (PDF).

North Carolina 401(k) Plan & 457, Serviced by Prudential / ICMA-RC
Cape Fear Public Utility Authority gives eligible employees the opportunity to participate in a
401K and/or a 457 Supplemental Retirement Plan. The 401k and the 457 are Defined Contribution Retirement Plans that permit employees to contribute to an investment account without paying income taxes on those investments or
associated earnings until they are withdrawn.

Salary Deferment

With a variety of investment options, employees may defer as much as 80% of their base salary, up to $17,000, or $22,500, if the employee is 50 or older by December 31, 2011. Employees are eligible to defer the maximum
contribution in both plans.

Matching Contribution
CFPUA will contribute 2% of the employee's annual salary into the plan chosen by the employee. If a plan is not chosen, contributions will be made to the 401K account.

More Information
For more information or assistance, visit the North Carolina Retirement website or call 1-866-624-0151. You can also visit the ICMA-RC Building Retirement website or call 1-800-669-7400.