Agenda - 01-22-1985 - Laserfiche WebLink

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F- , # 54 17. 3 If the conditions listed above exist, the employee may apply for membership at the Credit Union or in the Personnel Department and make the necessary deposit. Upon approval of the application by the Board of Directors of the Credit Union, the appli- cant is entitled to all benefits of membership. 18.0 DEFERRED COMPENSATION The advantages of participation in the County' s De- - ferred Compensation Plan shall be made available to all County employees. 18. 1 Deferred Compensation allows an employee to pay less taxes now in accordance with the Tax Revenue Act of 1978. 18. 1. 1 Orange County has extablished a legally qualified plan. Such plan sets up methods for payroll deductions, for investing your money and crediting it properly, and for providing regular statements of accounts. 18. 1.2 This is not a regular savings account, its primary purpose is to help in retirement planning. Your money may be reimbursed only when you retire or if you terminate your public employment. In severe finan- cial hardship, the money may be paid to you by approval. In event of death, your funds would go to your beneficiaries. Deferred Compensation does not affect in any way any other retirement benefits or Social Secur- ity benefits. 18. 1.3 You may defer no more than 25% of your gross income (up to a maximum of $7, 500) in any one year. 18. 1.4 An employee interested in enrolling may do so by contacting an enrollment representa- tive of the plan. 19.0 LONGEVITY PAY The Longevity Pay Plan is an important part of the County' s program of service appreciation. It recog- , nized the long-term service of full-time permanent, and part-time permanent employees who have completed at least 15 years of continious County service. 19. 1 Longevity is computed by multiplying the em- , ployee' s base annual salary by the appropriate percentage: 15 but less than 20 years - 2. 25% 20 but less than 25 years - 3.25% 25 or more years - 4.50%