News Archives

Have You Left Unclaimed Funds on the Table? Here’s How to Find Out.

Isaiah on April 14, 2024

Get AMBA’s tips to find money you may have lost.

Wouldn’t it be nice to have a little extra money in your savings? Even better is if it’s money you’ve already earned but forgot was yours.

You’re not alone. Lost assets have become a common and concerning trend in recent years. One report indicates that the United States has just under 30,000,000 forgotten 401k accounts that hold a staggering $1.65 trillion in assets. One reason is the increased trend and frequency of people switching jobs during their working years.

Missing out on funds you’ve earned – especially if they contain significant assets – can put your retirement at risk. Fortunately, AMBA is here with simple, straightforward suggestions for you to research and locate potential unclaimed funds.

If you think you’re potentially missing out on some retirement assets somewhere, it’s worth the time and effort to track them down. Even if it has been years or decades since you contributed to the account, the power of compounding and interest could mean your retirement assets have significantly grown over time.

Check with all previous employers

Have you held multiple jobs throughout your lifetime? Make sure you haven’t left any money behind. Follow up with your past employers. Retirement plan administrators have an array of options for locating abandoned funds in an employer-sponsored account.

There are different procedures based on the value of the account:

$1,000 or less: The employer can issue a check and mail it to your last known address. If you’ve moved since leaving a job, you may need to request a new check.
Between $1,000 and $5,000: Employers can move funds to an IRA without your consent. You’ll need to contact them and discuss how to access the account.
$5,000 or more: It’s likely your unclaimed funds are still in the employer’s plan. You may consider rolling over the account balance to an IRA you control.

Search your state’s unclaimed databases

One of the most common causes for unclaimed funds is people lose track of their retirement savings when they move and forget to notify past employers of their new, updated mailing address. When an employer or financial institution is unable to reach an account holder, it may turn over the account to the state’s unclaimed property office. For North Carolina, visit: www.nccash.com.

You can search for your name on the National Association of Unclaimed Property Administrators (NAUPA) website or your state-specific unclaimed property office to locate any unclaimed retirement funds that you’ve earned.

Check the Department of Labor’s abandoned plan database: If your past employer’s plan was terminated, DOL’s Employee Benefits Security Administration consolidates information about unclaimed benefits and simplifies tracking down missing funds.
Contact the Pension Benefit Guaranty Corporation: Did you lose track of a defined benefit pension plan at a previous employer? The PBGC can help. This organization is a government agency that ensures the value of pension benefits and helps individuals locate lost pension plans.

Track down forgotten IRAs

If you think you may have unclaimed funds through an abandoned IRA, take inventory of past bank and investment account statements. You can also directly contact any financial institution you’ve worked with to inquire about any inactive or dormant IRAs associated with your name.

These simple steps can help you recover the money you’ve earned during your career. With a little research, you could potentially find thousands of dollars waiting for you!

Another great way to keep money that’s yours: NCRGEA & AMBA’s Tax-Deferred Asset Protection. This is an excellent way to diversify savings and potentially earn more interest than with cash deposits or savings accounts. Advantages include tax-deferred accumulation of interest, a guaranteed competitive interest rate, multiple payout options, and a nursing home waiver. Call AMBA at 800-956-1228 or visit amba-review.com/NCRGEA.

Source: https://www.nytimes.com/2023/12/23/business/401k-rollover-retirement.html

AMBA’s April Recipe: Mint Pesto Vegetable Salad

Isaiah on April 7, 2024

In the springtime, seasonal salads are a smart choice and healthy go-to.

AMBA’s April recipe comes from a reader in North Carolina. It’s a bright green beauty filled with English peas, green beans, snap peas, and a minty pesto.

This delicious recipe serves 4, can be prepared in 30 minutes, and is a perfect complement to chicken, fish, burgers, or on its own!

Salad Ingredients

6 ounces green beans
6 ounces sugar snap peas, halved
1 1/2 cups frozen peas
1/4 cup whole almonds with skins
4 radishes, thinly sliced
1 tablespoon olive oil
1 1/2 tablespoons sherry vinegar red wine vinegar
1/4 teaspoon kosher salt
1/8 teaspoon freshly ground black pepper
1/3 cup mint pesto
1/2 cup fresh mint leaves
2 ounces (1/2 cup) crumbled feta

Preheat the oven to 350°F.
Spread the almonds on a baking sheet and toast in the oven for 8 to 10 minutes, or until they are fragrant. Let cool and coarsely chop or crush them.
Bring a large saucepan of salted water to a boil. Prepare a bowl of ice water. Add the beans to the boiling water and cook for 3 minutes. Add the sugar snap peas and peas, and let cook for 2 minutes or until crisp-tender. (Total cooking time is 5 minutes.)
Use a slotted spoon to transfer the vegetables to the bowl of ice water. Swish them around for about 1 minute. Drain them in a colander and spread them on a paper towel-lined baking sheet. Pat dry.
In a large bowl, toss the beans, snap peas, peas, and radishes with the oil, vinegar, salt, and pepper. Add the mint pesto and toss again.
Taste and add more salt, pepper, or vinegar, if you like. Transfer to a bowl or platter. Sprinkle with the almonds, feta, and mint leaves.
Serve and enjoy!

Want to Reduce Stress? AMBA Makes It Easy with 5 Simple Tips

Isaiah on April 4, 2024

April is Stress Awareness Month. It’s the perfect opportunity to shed light on stress management and promote strategies for healthier living. From preparing taxes, to paying bills, to demands on our schedules, stress is something we all must deal with. Managing stress can not only simplify our lives but is vital for our wellbeing. For many, stress can affect our mental and physical health and can cause major health issues including anxiety, insomnia, and even a heart attack. However, there are effective ways to manage stress. Here are some tips to help you alleviate stress and a timely reminder of how AMBA can support your journey to reduce stress.

Quick Stress-Relief Strategies

1) Embrace Mindfulness

Incorporate meditation or mindfulness into your daily routine to help calm your mind and reduce stress. Just a few minutes can make a significant difference.

AMBA Discounts offers 15% on solu n.o.w. Tone Therapy meditation speakers. Discover for yourself the simplest way to relieve stress and anxiety, and to open to deep peace and clarity. Visit passportcorporate.com for more information.

2) Stay Physically Active

Regular exercise is a proven stress buster. Whether it’s a walk, a cycle, or a dance class, moving your body releases endorphins, can improve your mood, and can reduce stress levels.

AMBA Discounts has great savings on many gyms and studios, including 305 Fitness, Alo Yoga, 24 Hour Fitness, and more. Check passportcorporate.com for more information.

3) Connect with Nature

Spending time outside can enhance your mood and decrease stress. Activities like walking in a park or gardening can offer a refreshing mental reset.

With AMBA Discounts, connecting with nature is easy. Get great discounts on apparel at Adidas and Sunglass Hut, gear like Garmin and Case Logic, and more. Visit passportcorporte.com for more.

Keeping in touch with friends and family provides emotional support and helps buffer against stress. Simple acts of connection can bring immense comfort and relaxation.

Entertainment and dining out are excellent ways to bond with friends and loved ones. AMBA Discounts offers big savings on movie tickets, sporting events, and many popular restaurants. Check passportcorporate.com for more information.

5) Prioritize Quality Sleep

Good sleep is crucial for stress management. Establish a relaxing nighttime routine and strive for 7-9 hours of sleep to help your body and mind recover from daily stresses.

Getting great sleep starts with a comfortable mattress. Saatva offers high-quality handcrafted mattresses, bedding & furniture. And with AMBA Discounts, you can enjoy 10% off online purchases! Check passportcorporate.com for more information.

Simplify Your Health Concerns with NCRGEA & AMBA

Health worries, particularly about dental and vision care, can add unnecessary stress to your life. NCRGEA & AMBA offer comprehensive dental and vision policies to ease these concerns, letting you focus on enjoying life. Our plans provide peace of mind, ensuring you and your loved ones can access the care you need without the stress of out-of-pocket surprises.

Discover the benefits of securing your dental and vision coverage through NCRGEA & AMBA today. Without the worry of dental and vision health hanging over your head, you’re free to lead a happier, healthier, and stress-reduced lifestyle. Schedule your Benefits Review today at www.amba-review.com/NCRGEA or call 800-956-1228 Mon.-Fri 9am-6pm ET.

Members, if you don’t have your activation code, please call our office at 919-834-4652 or 800-356-1190.

Hear what State Treasurer Dale Folwell had to say at our Spring Conference

Patti Dukes on April 4, 2024

NCRGEA held our 2024 Spring Conference in Raleigh at the McKimmon Center April 1 and April 2, 2024. We enjoyed our guest presentation by current Treasurer, Dale Folwell, who also provided attendees with cards directing them to find Unclaimed Property at NC Cash.

Click the button below for his video presentation.

AMBA Discounts Can Help You Prepare & File Your Taxes For Less

Isaiah on April 1, 2024

If you’re like many people, you meant to get ahead of your taxes early this year. But in what seems like the blink of an eye, it’s already April. Don’t worry. AMBA is here to help you get your taxes filed on time. AMBA Discounts has great deals with the services and professionals who can help you file your taxes and who have the expertise to potentially help you get a refund! And no one has ever complained about saving time and money!

TurboTax

There are 3 great reasons why TurboTax is America’s #1 brand of tax software. First, TurboTax searches hundreds of tax deductions to find every tax deduction and credit you qualify for, so you get your maximum tax refund. Secondly, you can file with complete confidence. TurboTax scans your return from beginning to end, so you can be confident it’s accurate before you file. Best of all, if TurboTax’s calculations aren’t 100% accurate, they’ll pay you any IRS penalties. As if those guarantees aren’t enough, here’s one more: AMBA Discounts can help you save up to an additional 20% on TurboTax.

TaxAct

TaxAct has helped over 90 million people file their returns since 2000. They have everything you need to file with confidence that your return will be accurate, and you’ll get the maximum return possible. TaxAct’s software makes it easy as you’re walked step-by-step through the process. Plus, TaxAct offers additional support, including free, convenient live help from a tax expert who can review your return. And TaxAct’s safeguards, procedures, and practices help keep your data safe and protected. When you sign up for TaxAct with AMBA Discounts, you can save 25% on your federal and state filings with TaxAct.

There are so many more savings to explore with AMBA Discounts, like clothing, dining, hotels, and car rentals. Best of all, your AMBA Discounts membership is absolutely FREE.

Members, if you don’t have your activation code, please call our office at 919-834-4652 or 800-356-1190.

Already have an account? Start browsing by visiting www.passportcorporate.com.

On the Trail

Patti Dukes on March 28, 2024

Winter Edition 2023/2024 | LIving Power Magazine

George Preiss hasn’t always been the outdoorsy type. When he began his career as a middle school language arts teacher, he befriended a colleague who kept inviting him to go camping, but he always declined. Finally, Preiss decided to accept the invitation and to his surprise, ended up loving the experience.

“Driving home from that first trip, we crossed the sign indicating the Appalachian Trail, and I was like, ‘What is the Appalachian Trail?’ I’d never heard of it,” Preiss says. “My friend explained that it was a 2,000-plus mile continuous trail through the Appalachian Mountains. And I told him, ‘We’ve got to do that.’”

Over the years, Preiss began to see hiking the Appalachian Trailnas a goal for retirement. And when he wrapped up his teaching career in December 2022, he set his sights on finally making the hike a reality. Though he maintained an active lifestyle of walking and biking around his home in Wilmington, NC, Preiss says he didn’t do much hiking prior to tackling the trail.

“I showed up cold turkey, and I’d say a quarter to a third of the people I met on trail had a similar story,” he says. “This was their first hike. So it’s not that uncommon for people to get this idea in their head and do it.”

Preiss did other prep work, though, purchasing all the equipment he’d need on the trail and planning his trek to maximize the best possible weather conditions. On March 11, he set out from the southern entrance of the trail, in
Springer Mountain, Georgia. From there he spent the next 201 days—minus some breaks to nurse injuries—traversing the Appalachian Trail through Georgia, North Carolina, Tennessee, Virginia, West Virginia, Maryland, Pennsylvania,
New Jersey, New York, Connecticut, Massachusetts, Vermont, New Hampshire, and Maine.

Preiss says that one of the biggest misconceptions about hiking the Appalachian Trail is the belief that you’ll be alone in the forest the entire time. While he certainly enjoyed plenty of peaceful solitude hiking and camping through the wilderness, the journey also included stops in trail towns along the way where hikers can rest and replenish supplies.

After completing his trek in September, Preiss says he has gained a greater appreciation not only for hiking, but also his ability to face a challenge.

“I realized pretty early on that I’m a very determined person, and when I commit to something, I’m going to finish it,” he says. “But I’ll never do a six-month hike again with that magnitude. I did learn to love hiking, and I’ll love to go out for a week at a time and go see some new places in the United States—it’s going to be really fun.”

Diving In

Patti Dukes on March 25, 2024

Winter Issue 2023/2024, Living Power Magazine

When Cynthia Ferebee retired after a more than 30-year career as a teacher and assistant principal, she knew she wanted to stay active.

“When I retired, I told myself I was not going to sit home and do nothing,” she recalls. Living in Durham, Ferebee says she found the Durham Center for Senior Life, where she encountered no shortage of pursuits from playing cards with friends to taking yoga classes. The latter led her to discover a new passion.

“I fell in love with yoga,” she says. “And after doing yoga a couple of years, I decided to get certified to teach and trained at Duke Integrative Medicine. I’ve been teaching a beginning yoga class at the Durham Center for Senior Life since 2010.”

But yoga isn’t Ferebee’s only athletic activity. Prior to retirement, she ran and competed in 5K races, and once she wrapped up her career, she added biking and swimming to the mix. Cycling and swimming led Ferebee to compete in local, state, and national Senior Games. Akin to the Olympics, the Senior Games hosts athletic competitions for those age 50 and older.

“When I heard about the Senior Games, I knew I wanted to participate,” she says. “I even went to the national event in Birmingham in 2017 and came in 7th place in cycling.” Ferebee says participating in athletics and other activities not only improves her physical health, but it also feeds her mentally and emotionally, too.

“I have a support network with my Scrabble buddies, my meditation buddies, my biking buddies, and my swimming buddies,” she says. “I have people I can talk to and have fun with, and that helps keep my mind sharp because I have an outlet.”

Social Security is Changing How They Collect Overpayments

Patti Dukes on March 22, 2024

Wednesday, March 20, 2024 | SSA Press Release

Social Security Commissioner Martin O’Malley today announced he is taking four vital steps to immediately address overpayment issues customers and the agency have experienced. Commissioner O’Malley testified before the U.S. Senate Special Committee on Aging and the U.S. Senate Committee on Finance (excerpt):

“For 88 years, the hard-working employees of the Social Security Administration have strived to pay the right amount, to the right person, at the right time. And the agency has done this with a high degree of accuracy over a massive scale of beneficiaries. But despite our best efforts, we sometimes get it wrong and pay beneficiaries more than they are due, creating an overpayment.

When that happens, Congress requires that we make every effort to recover those overpaid benefits. But doing so without regard to the larger purpose of the program can result in grave injustices to individuals, as we see from the stories of people losing their homes or being put in dire financial straits when they suddenly see their benefits cut off to recover a decades-old overpayment, or disability beneficiaries attempting to work and finding their efforts rewarded with large overpayments. Innocent people can be badly hurt. And these injustices shock our shared sense of equity and good conscience as Americans.

We are continually improving how we serve the millions of people who depend on our programs, although we have room for improvement, as media reports last fall revealed. We have also embarked upon a deep dive into the extent of the overpayment problem at Social Security, the root causes of these administrative errors, and the steps we can take as an agency to address these individual injustices.

Our deeper understanding of the complexities of this problem has set us on the following course of action:

Starting next Monday, March 25, we will be ceasing the heavy-handed practice of intercepting 100 percent of an overpaid beneficiary’s monthly Social Security benefit by default if they fail to respond to our demand for repayment. Moving forward, we will now use a much more reasonable default withholding rate of 10 percent of monthly benefits — similar to the current rate in the Supplemental Security Income (SSI) program.
We will be reframing our guidance and procedures so that the burden of proof shifts away from the claimant in determining whether there is any evidence that the claimant was at fault in causing the overpayment.
For the vast majority of beneficiaries who request to work out a repayment plan, we recently changed our policy so that we will approve repayment plans of up to 60 months. To qualify, Social Security beneficiaries would only need to provide a verbal summary of their income, resources, and expenses, and recipients of the means-tested SSI program would not need to provide even this summary. This change extended this easier repayment option by an additional two years (from 36 to 60 months).
And finally, we will be making it much easier for overpaid beneficiaries to request a waiver of repayment, in the event they believe themselves to have been without any fault and/or without the ability to repay.

Implementing these policy changes — with proper education and training across the people, policies, and systems of the agency — is an important but complex shift. And we are undertaking that shift with urgency, diligence, and speed.

I look forward to working with Members to discuss ideas that could address the root causes of overpayments.”

Social Security launched a comprehensive review in October 2023 of agency overpayment policies and procedures to address payment accuracy systematically. (See Learn about Overpayments and Our Process | SSA and Press Release | Press Office | SSA). These changes are a direct result of the ongoing review. Additionally, the agency recently announced it is working to reduce wage-related improper payments by using its legal authority to establish information exchanges with payroll data providers that will significantly reduce the number of improper payments, once implemented. (See Press Release | Press Office | SSA for more information). The agency will continue examining programmatic policy and making regulatory and sub-regulatory changes to improve the overpayment process. More details on these updates will be shared as they become available.

To watch the testimony and read Commissioner O’Malley Statement for the Record, visit Keeping Our Promise to Older Adults and … | Senate Committee On Aging and Hearing | Hearings | The United States Senate Committee on Finance.

Rep. Jeffrey Elmore: NCRGEA’S First Legislator of the Year

Patti Dukes on March 21, 2024

Winter 2023/2024, Living Power Magazine

The executive board and staff of the North Carolina Retired Governmental Employees’ Association (NCRGEA) is proud to award Wilkes County State House Representative Jeffrey Elmore as our 2023 Legislator of the Year. Elmore is the first legislative member of the year named by the association.

Elmore serves the 94th House District, representing Wilkes and Alleghany counties. In his 11th year in the North Carolina General Assembly, Elmore serves as a House appropriations chairperson and also serves on the House Pensions and Retirement Committee, among other appointments.

Elmore worked tirelessly to secure bonus money for TSER retirees. In addition to his role in the legislature, Elmore also works as an educator in his 23rd year of teaching and has also served as president of the Professional Educators of North Carolina (PENC), a nonpartisan group of 7,000 teachers in North Carolina. Prior to serving in the state legislature, Elmore was a planning board member, commissioner in North Wilkesboro, and he served as chairman of the town’s board of adjustments.

A native of Wilkes County, Elmore has deep roots in the region. He resides in North Wilkesboro with his wife and two children, where he’s also a member of First United Methodist Church.

“We are grateful to Rep. Elmore for his service and for championing North Carolina’s public service retirees,” said NCRGEA Executive Director Tim O’Connell.

Prevention is the Best Cure

Patti Dukes on March 18, 2024

By Dale R. Folwell, CPA
State Treasurer of North Carolina

The only thing that beats a happy new year is a healthy new year! The State Health Plan offers many preventive care services and medications at no cost to members. Plan members can start their year off right by taking advantage of all the preventive care benefits available to them on all the options the State Health plan offers, including the Base PPO Plan (70/30), Enhanced PPO Plan (80/20), and Humana Medicare Advantage plans.

Preventive care is routine health care that includes screenings, checkups, and patient counseling to help prevent illnesses or disease. Preventive care is covered at 100% when it is provided by an in-network provider, when the claim is filed as a preventive visit, and when services are identified as preventive care under the Affordable Care Act. Examples include mammograms, preventative colonoscopies, and immunizations. There may be exceptions, so it’s important to know what qualifies as preventive care, as well as what questions to ask your provider to avoid extra costs. Good questions to ask include:

Will any additional tests, labs, or treatments I get during my appointment not be considered preventive care?
Will talking about other topics that are not considered preventive care during my appointment lead to out-of-pocket costs?

For members enrolled in Humana Medicare Advantage Plans, your coverage includes additional benefits, such as the SilverSneakers® fitness program—free of charge—and the Go365 wellness and rewards program, which offers personalized activities, tracking, support, and rewards to keep your health top of mind. To learn more about SilverSneakers and other preventive benefits, visit Humana’s website at Your.Humana .com/ncshp.