Educators in North Carolina are about to have a new way to save for retirement by investing a percentage of their paycheck.
State Treasurer Janet Cowell on Friday unveiled the details of a new statewide 401(k)-style retirement option for teachers and school personnel.
The 403(b) program was authorized by the General Assembly in 2012 and approved last week by a board of trustees for retirement plans.
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Money from a school employee's salary can be invested in stock, bond or blended funds that carry low fees because of the volume being handled.
School districts that are taking part in the program can offer it instead of, or in addition to, their current plans.
Meanwhile, an annual study on public schools found North Carolina remains near the bottom of all states in terms of teacher pay.
The National Education Association report released Thursday showed North Carolina ranked 46th among the states and the District of Columbia in average pay during 2012-13, as it did the previous year.
The state's average of $45,737 is more than $10,000 below the national average. NEA said North Carolina's average starting pay ranked 48th at just under $30,800.
North Carolina teachers have received one across-the-board raise since 2008. Gov. Pat McCrory and legislative leaders have pledged to raise starting salaries this coming year and work on better pay for other teachers.
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