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appropriation of $149.8 million. This budget contains all required appropriations to meet the <br />current as «~ell as projected debt sel-~~ice payments. <br />Pension Plans <br />The County participates in the North Carolina Local Governmental Employees' <br />Retirement System. <br />North Carolina Local Governmental Employees' Retirement System -The North <br />Carolina Local Governmental Employees' Retirement System is a service agency administered <br />through a board of trustees by the State for public employees of counties, cities, boards, <br />commissions and other similar governmental entities. While the State Treasurer is the custodian <br />of system funds, administrative costs are borne by the participating employer governmental <br />entities. The State makes no contributions to the system. <br />The system provides, on a uniform system-wide basis, retirement and, at each employer's <br />option, death benefits from contributions made by employers and employees. Employee <br />members contribute six percent of their individual compensation. Each new employer makes a <br />normal contribution plus, where applicable, a contribution to fund any accrued liability over a <br />24-year period. The normal contribution rate, uniform for all employers, is currently 4.8~ <br />percent of eligible payroll for general employees and x.27 percent of eligible payroll for la~~~ <br />enforcement officers. The accrued liability contribution rate is deternined separately for each <br />employer and covers the liability of the employer for benefits based on employees' service <br />rendered prior to the date the employer joins the system. <br />Ivlembers qualify for a vested deferred benefit at age 50 with at least 20 years of <br />creditable service; at age 6Q after at least five years of creditable service to the unit of local <br />government. Unreduced benefits are available: at age 65, with at least f°ive years of service; at <br />age 60, with at least 25 years of creditable service; or after 3U years of creditable service, <br />regardless of age. Benefit payments are computed by taking an average of the annual <br />compensation for the four consecutive years of membership service yielding the highest average. <br />This average is then adjusted by a percentage formula, by a total years of service factor, and by <br />an age service factor if the individual is not eligible for unreduced benefits. <br />Contributions to the system are determined on an actuarial basis. <br />For information concerning the County's participation in the North Carolina Local <br />Governmental Employees' Retirement System and the Supplemental Retirement. Income Plan of <br />North Carolina see the Notes to the County's Audited Financial Statements in Appendix A. <br />Financial statements and required supplementary information for the North Carolina <br />Local Governmental Employees' Retirement System are included in the Comprehensive Annual <br />Financial Report ("CAFR"} for the State. Please refer to the State's CAFR for additional <br />information. <br />C-883836v4 13361.00022 29 <br />