Orange County NC Website
Browse       Search
23 <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 e4Human 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 />