Minutes - 20090611 - Laserfiche WebLink

Browse Search

• Eligible employees who elect to participate in the Program and comply with all requirements of the Program shall receive in consideration for their participation in the program an incentive payment based on their base annual salary and years of service in a lump sum as shown below. The lump-sum payment will be made within 30 days following the effective date of retirement and will be subject to the usual deductions. The lump sum payment is an incentive payment and will not be considered in the final compensation amount used for the calculation of retirement benefits as provided in the North Carolina Local Government Employees Retirement System guidelines. • Employees will receive any earned but unused vacation and, in addition, longevity pay prorated to the date of retirement. Vacation and prorated Longevity Pay will be in the employee's final pay check in accordance with County policies and procedures; these payments will be included in the calculation of the employee's retirement benefits. • An employee will receive applicable benefits as provided in the Orange County Personnel Ordinance and state and federal regulations. Incentive Amount The amount of an individual employee's incentive is determined by base annual salary as of the last day of employment and years of service as determined by the North Carolina Retirement System. NCLGERS Service # of Weeks Salary Credit Paid as Incentive 5 but less than 10 years 6 weeks 10 but less than 15 8 weeks years 15 but less than 20 10 weeks years 20 but less than 25 12 weeks years 25 but less than 30 14 weeks years 30 + years 16 weeks 4. RETIREMENT INFORMATION SESSIONS The Human Resources Department will offer several informational workshops in mid-July. All eligible employees who meet the Program requirements are encouraged to attend the workshops to receive information on a variety of related topics, including Retirement System procedures and Health Insurance. Spouses, domestic partners and significant others may attend these workshops with employees. Please see the proposed schedule of meetings.