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• May 14, 2010 -The last possible date to declare an intent to participate in the retirement <br />incentive by signing the Election and Release Form <br />• June 30, 2010 -The last possible date to apply for retirement to the NCLGERS for <br />participation in this program. <br />• July 1, 2010 -The last effective date for retirement under the Program. <br />This is a voluntary Program. Employees will not be coerced or pressured to retire or to take advantage <br />of this benefit. Employees with concerns relating to this process are encouraged to bring them to the <br />attention of the Human Resources Director. Employees are also encouraged to consult with an attorney <br />and/or financial consultants before signing the Release Form. <br />3. BENEFITS AVAILABLE UNDER THE PROGRAM <br />• Eligible employees who elect to participate in the Program and comply with all requirements of <br />the Program shall receive in consideration for their participation in the program an incentive <br />payment based on their base annual salary and years of service in a lump sum as shown below. <br />The lump-sum payment will be made within 30 days following the effective date of retirement <br />and will be subject to the usual deductions and withholdings. The lump sum payment is an <br />incentive payment and will not be considered in the final compensation amount used for the <br />calculation of retirement benefits as provided in the North Carolina Local Governmental <br />Employees' Retirement System guidelines. <br />• Employees will receive any earned but unused vacation and, in addition, longevity pay prorated <br />to the date of retirement. Vacation and prorated Longevity Pay will be included with the <br />employee's final pay check in accordance with .County policies and procedures. These <br />payments will also be included in the calculation of the employee's retirement benefits. <br />• An employee will receive applicable benefits as provided in the Orange County Personnel <br />Ordinance and state and federal regulations. <br />Incentive Amount <br />The amount of an individual employee's incentive is determined by base annual salary as of the last day <br />of employment and years of service as determined by the North Carolina Retirement System. <br />NCLGERS Service <br />Credit # of Weeks Salary <br /> <br />Paid as Incentive <br />10 but less than 15 years 8 weeks <br />15 but less than 20 years 10 weeks <br />20 but less than 25 years 12 weeks <br />25 but less than 30 years 14 weeks <br />30 + years 16 weeks <br />4 <br />