Orange County NC Website
Browse       Search
Attachment 6 Revised page A-11 (August 30, 2011 work session agenda) <br />13 <br />SUPPLEMENTAL RETIREMENT CONTRIBUTIONS <br />A recent employee survey asked for input relating to the relative value of the 401(k) in light of <br />rising health care costs. When asked what the County should do with the $715 contribution to a <br />supplemental retirement plan, responses were divided nearly evenly among the choices. One- <br />third wanted the $715 contribution to continue towards a supplemental retirement benefit; <br />another one-third wanted it to go towards health insurance, and the remaining one-third wanted <br />the health insurance plan to be developed without loss of the $715. <br />When given a choice between (a) continuing to receive the $715 supplemental retirement <br />benefit and (b) using the $715 to defray their own employee health care premiums, employees <br />would choose to continue receiving the $715 towards their supplemental retirement benefit, as <br />shown below. <br />The percentages for "Employees with Dependents" in the chart below have been revised to <br />correct a typo. <br />As of 8/20/20'12 Number of Continue receiving $715 Use the $715 <br /> Respondents as Supplemental towards health <br /> Retirement Benefit remiums <br />All Em to ees 372 59% 41 <br />*Sworn Law <br /> <br />Enforcement Officers 21 76% 24% <br />General Em to ees 351 58% 42% <br />All Employees without <br /> <br />De endents 178 65% 35% <br />Employees with <br /> <br />De endents 182 53% 47% <br />*Sworn iaw enforcement officers would not be able to reduce the state-mandated County <br />contribution to 401(k). <br />