Orange County NC Website
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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />4. Construction Commitments <br />The government has active construction projects as of June 30, 2012. At June 30, 2012, the <br />5.Pension Plan Obligations <br />Local Governmental Employees' Retirement System <br />Plan Description. <br />The County contributes to the State-wide Local Governmental Employees <br />Retirement System ("LGERS"), a cost-sharing, multiple-employer defined benefit pension plan <br />administered by the State of North Carolina. LGERS provides retirement and disability benefits to <br />plan members and beneficiaries. Article 3 of G.S. Chapter 128 assigns the authority to establish and <br />amend benefit provisions to the North Carolina General Assembly. The LGERS is included in the <br />Comprehensive Annual Financial Report ("CAFR") for the State of North Carolina. The State's <br />CAFR includes financial statements and required supplementary information for LGERS. That report <br />may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, North <br />Carolina 27699-1410, or by calling (919) 981-5454. <br />Funding Policy. <br />Plan members are required to contribute six percent of their annual covered salary. <br />The County is required to contribute at an actuarially determined rate. For the County, the current <br />rate for employees not engaged in law enforcement and for law enforcement officers is 4.89% and <br />4.78%, respectively, of annual covered payroll. The contribution requirements of members and of the <br />County are established and may be amended by the North Carolina General Assembly. The County's <br />contributions to LGERS for the years ended June 30, 2012, 2011, and 2010 were $2,773,835, <br />$2,505,559, and $1,943,795, respectively. The contributions made by the County equaled the <br />required contributions for each year. <br />49 <br /> <br />