Orange County NC Website
45 <br /> work nor be paid in advance for work during the month <br /> following the effective date of retirement. <br /> SERVICE RETIREMENT AT AGE 65 - At age 65 or thereafter <br /> an employee is eligible for unreduced service retire- <br /> ment, with at least five (5) years of service. <br /> POST RETIREMENT INCREASES - After retirement, an <br /> employee may become eligible for increases that become <br /> a permanent part of your retirement benefits. <br /> 9. 1 DISABILITY <br /> Disability benefits are available after five (5) years <br /> of service, should the employee become permanently <br /> disabled, mentally or physically, for the further per- <br /> , formance of duty as certified by the Medical Board of <br /> the Retirement System, upon written application to the <br /> Board of Trustees, be retired on a disability retire- <br /> ment allowance. This allowance is calculated as a <br /> service retirement allowance based on the average final <br /> compensation prior to retirement and the years of ser- <br /> vice the employee would have had at age 65. <br /> 9.2 DEATH BENEFIT <br /> Death benefit is paid the beneficiary if death occurs <br /> in active service after one year of service. The bene- <br /> ficiary would be paid a death benefit equal to the <br /> compensation earned and on which contributions were <br /> made in the previous calendar year, or the compensation <br /> earned and on which contributions were made in the le <br /> months preceding the month of death, whichever is <br /> greater, subject to a maximum of $20,000. If death <br /> occurs within 90 days after the last day of actual <br /> service, the death benefit would be payable; or, if <br /> he/she had applied for and were entitled to receive a <br /> disability retirement allowance, the death benefit <br /> would be payable, provided the disability retirement <br /> allowance had not been discontinued or revoked during <br /> I ' the one year period. In case of resignation or ter- <br /> 1 mination, last day of actual service is the last day <br /> actually worked; in all other cases, the date on <br /> which sick and annual leave expires. <br /> 9.3 MANDATORY RETIREMENT AGE <br /> It shall be the policy of Orange County that retirement <br /> is mandatory for all employees no later than the first' <br /> day of the month immediately following the employee's <br /> 70th birthday. <br /> 9.4 TeX SHELTERING OF RETIREMENT CONTRIBUTIONS <br /> Effective July 1, 1962, Orange County elected a method <br /> of tax sheltering of member contributions to the Re- <br /> tirement System. This is funded by the same six per- <br />- cent (6%) retirement contribution deducted from a mem- <br /> ber's gross salary. Using this arrangement, there is <br />