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7 <br />Comparison of Retirement Incentive Programs <br />Attachment 2 <br />Eligibility <br />Incentive Amount <br />Program release <br />requirement <br />Timeframe for decision <br />Effective retirement dates <br />Projected participatior <br />Actual participation <br />Information about EI <br />Average salary and <br />benefits <br />Average pro-rated <br />Average vacation <br />Average incentive <br />2009 <br />Eligible for retirement <br />(unreduced or reduced <br />benefits) under the Local <br />Governmental Employees <br />Retirement System <br />(LGERS) <br />Based on LGERS service <br />credit <br />5-9 years = 6 weeks <br />10-14 years = 8 weeks <br />15-19 years = 10 weeks <br />20-24 years = 12 weeks <br />25-29 years = 14 weeks <br />30+ years = 16 weeks <br />Accepted releases up to 7 <br />days before the last day <br />worked (as late as <br />October 23, 2009) <br />4 months <br />July 1 -October 31, 2009, <br />with possible extension to <br />December 31, 2009, for <br />critical positions (15 <br />extensions granted) <br />37 employees <br />46 emolovees <br />ible Retirees <br />$ 64,380 <br />$ 1,137 <br />$ 5,621 <br />$ 15,013 <br />2010 <br />10 or more years of <br />Orange County service <br />and Eligibility for service <br />retirement (unreduced or <br />reduced benefits) under <br />the Local Governmental <br />Employees Retirement <br />System (LGERS) <br />Based on Orange County <br />service only <br />10-14 years = 8 weeks <br />15-19 years = 10 weeks <br />20-24 years = 12 weeks <br />25-29 years = 14 weeks <br />30+ years = 16 weeks <br />Must declare intent to <br />retire and sign release <br />prior to May 14, 2010 <br />2 months <br />June 1 or July 1, 2010 <br />18 employe <br />N/A <br />$68,752 <br />$994 <br />$6,398 <br />$13,671 <br />2/26/2009 <br />