Agenda - 06-16-2009 - 6-2-b - Laserfiche WebLink

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ORANGE COUNTY 2009 RETIREMENT INCENTIVE PROGRAM DESCRIPTION Orange County has developed a Retirement Incentive Program ("Program")" in an effort to achieve cost savings and provide eligible employees an opportunity to retire and receive a lump sum payment. 1. ELIGIBILITY REQUIREMENTS: ~O To be eligible for the Retirement Incentive Program, participants must meet all requirements listed below: • Be a full-time or part-time permanent or provisional employee; • Meet the qualifications for retirement (reduced and unreduced) under the North Carolina Local Government Employees' Retirement System (NCLGERS); • Elect to retire with an effective date of July 1, August 1, September 1, or October 1, 2009; • Complete and sign the Program Election and Release Form ("Release") and submit to the Human Resources Department (eligible employees who voluntarily elect to participate in the Program are required to execute and submit the Retirement Incentive Program Election and Release Form to the Human Resources Department and have seven days from that date to revoke their Release and withdraw from the Program); • Have submitted a "Claiming Your Monthly Retirement Benefit" (Form 6) to NCLGERS prior to the end of the Program. Any employee who elects to participate in the Program, but fails to timely and properly comply with the above requirements, will not be eligible to participate in the Program. 2. TIME LIMITS APPLICABLE TO THE PROGRAM • June 17, 2009 -Preliminary information communicating Board of County Commissioners' approval of the Program will be distributed to employees. • June 17-July 1, 2009 -Additional information regarding the Program will be distributed to all employees. Election and Release Forms will be distributed to Program-eligible employees as identified by the County. • July 1, 2009-October 1, 2009 -The effective dates of this Program. • July 1, 2009 -The first possible effective retirement date under this Program. • July 11, 2009 -Deadline for employees who believe they are eligible but did not receive the Election and Release Form to notify the Human Resources Department that they may be eligible. • July 13, 2009 -Information for "missed" eligible employees will be distributed. • July 7-15, 2009 -Retirement Information Sessions (see below) will be held. • September 30, 2009 -The last possible date to apply for retirement to the NCLGERS for participation in this program. • October 1, 2009 -The last effective date for retirement under the Program. • January 1, 2010 -The last date that the County Manager may delay an employee's effective retirement date for operational purposes. However, the employee must have met the eligibility requirement and applied to NCLGERS by September 30, 2009. All required County Election and Release forms must be submitted by the end of the Election Period.