Agenda - 03-04-2010 - 2 - Laserfiche WebLink

Browse Search

Attachment 1 3 ORANGE COUNTY 2010 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: 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 with ten years or more Orange County Service; • Meet the qualifications for service retirement (reduced and unreduced) under the North Carolina Local Governmental Employees' Retirement System (NCLGERS); • Elect to retire with an effective date of June 1 or July 1, 2010 by applying between March 22 and May 14, 2010; • Complete and sign the Program Election and Release Form ("Release") and submit to the Human Resources Department by May 14, 2010. 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 June 30, 2010 • Be in a position and/or department that is not exempt from the Program.* Any employee who elects to participate in the Program, but fails to timely and properly comply with the above requirements, may not be eligible to participate in the Program. *The County Manager may determine, prior to implementation of the program, which departments and positions will be ineligible to participate. Such determination would be based on public safety requirements or the need to provide mandated services. Any decision to exclude employees from participation would be made in consultation with the department director and the Human Resources Manager prior to announcement of the Program. 2. TIME LIMITS APPLICABLE TO THE PROGRAM • March 17, 2010 -Preliminary information communicating Board of County Commissioners' approval of the Program will be distributed to employees. Election and Release Forms will be distributed to Program-eligible employees as identified by the County. • March 22, 2010 -The first date an individual may apply for service retirement benefits under this program • June 1, 2010-July 1, 2010 -The retirement effective dates of this Program. • March 31, 2010 -Deadline for employees who believe they are eligible but did not receive the Election and Release Form ("missed" eligibles) to notify the Human Resources Department that they may be eligible. • Apri16, 2010 -Last date for information for "missed" eligibles to be distributed. • Apri15-14, 2010 -Retirement Information Sessions will be held (to be announced).