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/- � <br /> AGENDA ATTACHMENT V <br /> EQUALIZATION OF RETIREMENT—BENEFITS <br /> Presently several substantial differences exist between the state <br /> retirement system and the local retirement system which render it <br /> impossible for us to say Orange County offers the same fringe benefit <br /> package to its employees the state offers. Three of these differences <br /> are (1) credit for military service, (2) repayment of withdrawn contri- <br /> butions, and (3) credit for out of state service. 'These differences can <br /> be eliminated by agreeing with the retirement system to extend. Orange <br /> County's coverage to these areas. The cost of this new coverage is <br /> 17/100 of i of covered payroll or roughly $240 monthly. <br /> From time to time modifications in the state retirement system are <br /> introduced. If the County does not move to adopt these modifications <br /> a radical difference between the No systems will soon develop. This <br /> will serious ly impair our recruiting efforts as the University., our <br /> major competitor for employees, is automatically covered by changes <br /> approved either by the General Assembly or the retirement trustees. <br /> I recommend the Board of Commissioners approve this extension of <br /> coverage. <br />