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91 <br /> to be within budget primarily attributed to personnel savings and prudent management of non-personnel <br /> expenditures. The County estimates slightly better than breakeven financial performance resulting in stable <br /> fund balance consistent with previous years fund balance performance. <br /> PENSION PLANS <br /> The County participates in the North Carolina Local Governmental Employees'Retirement System <br /> (the "LGERS"). The North Carolina Local Governmental Employees' Retirement System is a service <br /> agency administered through a board of trustees(the"Board of Trustees")by the State for public employees <br /> of counties,cities,boards,commissions and other similar governmental entities. While the State Treasurer <br /> is the custodian 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 option, <br /> death benefits from contributions made by employers and employees. Employee members contribute six <br /> percent of their individual compensation. Each new employer makes a normal contribution plus, where <br /> applicable,a contribution to fund any accrued liability over a 24-year period. The normal contribution rate, <br /> uniform for all employers for fiscal year 2019-20, is 8.95 percent of eligible payroll for general employees <br /> and 9.70 percent of eligible payroll for law enforcement officers ("LEO"). The accrued liability <br /> contribution rate is determined separately for each employer and covers the liability of the employer for <br /> benefits based on employees' service rendered prior to the date the employer joins the system. Additional <br /> rates, such as rates associated with death benefits or past service liabilities,will be added to the base rate to <br /> determine the actual contribution percentage for each employer. <br /> The Board of Trustees'policy anticipates increases in the base rates effective July 1,2020 and July <br /> 1,2021 equal to 1.20 percent of reported compensation for each year as follows: <br /> General LEO <br /> Effective Date Employee Base Rate <br /> Base Rate <br /> July 1,2020 10.15 10.90 <br /> July 1,2021 11.25 12.10 <br /> Members qualify for a vested deferred benefit at age 50 with at least 20 years of creditable service; <br /> at age 60 after at least five years of creditable service to the unit of local government. Unreduced benefits <br /> are available: at age 65, with at least five years of service; at age 60, with at least 25 years of creditable <br /> service; or after 30 years of creditable service,regardless of age. Benefit payments are computed by taking <br /> an average of the annual compensation for the four consecutive years of membership service yielding the <br /> highest average. This average is then adjusted by a percentage formula, by a total years of service factor, <br /> and by an age service factor if the individual is not eligible for unreduced benefits. <br /> Contributions to the system are determined on an actuarial basis. For information concerning the <br /> County's participation in the North Carolina Local Governmental Employees' Retirement System and the <br /> Supplemental Retirement Income Plan of North Carolina see the Notes to the County's Audited Financial <br /> Statements in Appendix B. <br /> Financial statements and required supplementary information for the North Carolina Local <br /> Governmental Employees'Retirement System are included in the Comprehensive Annual Financial Report <br /> ("CAFR")for the State. Please refer to the State's CAFR for additional information. <br /> 37 <br />