Orange County NC Website
Browse       Search
I <br />Orange County Personnel Ordinance Issue Date: August 5, 2011 <br />17.2 Orange County Local Governmental employees (full -time permanent or part -time <br />permanent) may join the Local Government employee's credit union if they are not <br />already being served by another Credit Union. <br />17.3 If the conditions listed above exist, the employee may apply for membership at the <br />Credit Union or in the Pefsonne 1luman Resources Department and make the <br />necessary deposit. Upon approval of the applications by the Board of Directors of <br />the Credit Union, the applicant is entitled to all benefits of membership. <br />18.0 Deferred Compensation <br />The advantages of participation in the County s Deferred Compensation Plan shall be <br />made available to all County employees. <br />18.1 Deferred Compensation allows an employee to pay less taxes now in accordance <br />with the Tax Revenue Act of 1978. <br />18.1.1 Orange County has established a legally qualified plan. Such plans set up <br />methods of payroll deductions, for investing your money and crediting it <br />properly, and for providing regular statements of accounts. <br />18.1.2 This is not a regular savings account, its primary purpose is to help in <br />retirement planning. Money may be reimbursed only at retirement or when <br />an employee terminates public employment. In severe financial hardship, <br />the money may be reimbursed by approval. In event of death, funds would <br />go to the employee's beneficiaries. Deferred Compensation does not affect <br />in any way any other retirement benefits or Social Security benefits. <br />18.1.3 Employees may defer no more than 25% of their gross income (up to a <br />maximum of $7,500) in any one year. <br />18.1.4 Employees interested in enrolling may do so by contacting an enrollment <br />representative of the plan. <br />19.0 Longevity Pay <br />Amended <br />19.1 General 07/01/93 <br />The County provides Longevity Pay to recognize long -term service of Permanent <br />employees, both Full Time and Part Time (regularly, scheduled at least 20 hours <br />each workweek) who have completed at least 10 years of total Orange County <br />service as a permanent employee. <br />19.2 Calculating Longevity Pay <br />Longevity Pay is calculated by multiplying the employee's base annual salary by <br />the appropriate percentage as follows: <br />Article IV - Page 22 <br />