Agenda - 04-07-1986 - Laserfiche WebLink

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ORANGE COUNTY • • • - BOARD OF COMMISSIONERS • - ACTION AGEN•;D,T ACTION AGENDA ITEM ABSTRACT ITEM NO.C5 MEETING DATE MARCH 18, 1986 • 0.35 SUBJECT: THE SUPPLEMENTAL RETIREMENT INCOME PLAN OF NORTH CAROLINA - DEPARTMENT: COUNTY MAIIV AE;ER I PUBLIC HEARING: YES X NO • ATTACHMENT(S): YES INFORMATION CONTACT:. K.R. THQMPSON EXT 501 3.M. WHITEHEAD EXT•515 • PHONE NUMBERS: HILLSBOROUGH -• 732-8181 .HILLSBOROUGH --. 732--9351. CHAPEL HILL -- 967-9251 1. - . • MEBANE -- .227-2031 - DURHAM - 688-7331 PURPOSE: THESTATE OF NQRTH CAROLINA. HAS ADOPTED A STATE-SPONSORED SUPPLEMENTAL RETIREMENTI INCOME PLAN TO PROVIDE VOLUNTARY RETIREMENT SAVINGS AND INVESTMENTS ON. ATAX- DEFERRED BASIS FOR LAW ENFORCEMENNT OFFICERS AND/OR GENERAL EMPLOYEES or ORANGE COUNTY.WHO ARE MEMBERS or THE STATE-ADMINISTERED RETIREMENT SYSTEM. • • • NEED: TO OFFER THE LATEST DEVELOPMENT IN RETIREMENT BENEFIT PLANNING TO ORANGE.COUNTY EMPLOYEES.THAT INCLUDES; . . f TAk''DEFER2ED _SAVINGS; DISTRIBUTIQtLS FROM THE ?LAN ARE EXEMPT- FROM-STATE INCOME TAXES; , FAVORABLE FEDERAL TAX TREATMENT; • HARDSHIP WITHDRAWAL;. . -. INVESTMENT •OPTIONS; • -PAYROLL DEDUCTIONS FOR VOLUNTARY CONTRIBUTIONS; AND. LOAN PROVISIONS_ . • • - IMPACT: THIS PLAN ISIN ADDITION TO AND DOES NOT AFFECT THE EXISTING RETIREMENT SYSTEM. _ ALL SPECIAL ANNUITIES. FROM THE DISCONTINUATION OF THE LAW ENFORCEMENT OFFICER'S. RETIREMENT SYSTEM, AND APPLIABLE OFFICERS FEES, TO INCLUDE ANY VOLUNTARY • CONTRIBUTIONS BY TUE EMPLOYEE ARE AUTOMATICALLY DEPOSITED INTO THIS SUPPLEMENTAL - RETIREMENT INCOME PLAN. WITHOUT FORMAL CONSENT, CONTRIBUTIONS ARE 'PUT INTO 'A SUSPENSE ACCOUNT WHICH PRODUCES NO EARNINGS FOR THE EMPLOYEE. . • • RECOMMENDATION(S) : ADOPTION OF THE ATTACHED RESOLUTION AUTHORIZING LAW ENFORCEMENT- -_ OFFICERS AND GENERAL EMPLOYEES TO PARTICIPATE IN THE SUPPLEMENTAL RETIREMENT INCOME PLAN AS RECOMMENDED BY THE COUNTY MANAGER.