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92 <br /> OTHER POST-EMPLOYMENT BENEFITS <br /> The County administers a single employer defined benefit Retiree Healthcare Benefits Plan. This <br /> plan provides post-employment health care benefits to retirees of the County. <br /> A Permanent Employee employed on or before June 30,2012 and who commences retirement and <br /> meets the following conditions receives an annual retirement medical allowance. A participant must be <br /> eligible and approved to receive retirement benefits in accordance with the regulations of the North Carolina <br /> Local Government Employees Retirement System and meet one of the following conditions: <br /> 1) A minimum of ten years of service with the County, <br /> 2) Age 65 with a minimum of five years of service with the County, or <br /> 3) Disabled retirement with a minimum of five years of service with the County. <br /> A Permanent Employee employed after June 30, 2012 and who commences retirement and meets <br /> the following conditions receives an annual retirement medical allowance. A participant must be eligible <br /> and approved to receive retirement benefits in accordance with the regulations of the North Carolina Local <br /> Government Employees Retirement System and meet one of the following conditions: <br /> 1) A minimum of 20 years of service with the County, <br /> 2) Age 65 with a minimum of ten years of service with the County, or <br /> 3) Disabled retirement with a minimum of ten years of service with the County. <br /> The County contributes to the cost of health insurance premiums for both non-Medicare eligible <br /> retirees and Medicare eligible retirees based on the years of service with Orange County using the following <br /> schedule: <br /> If hired on or before June 30,2012: <br /> Years of Service at Retirement Age at Retirement Countv Contribution <br /> 10 or more Any Age 100% <br /> 5-9 65 50% <br /> If hired after June 30,2012: <br /> Years of Service at Retirement Age at Retirement County Contribution <br /> 20 or more Any Age 100% <br /> 10-19 65 50% <br /> Per resolution, the County is required to contribute the projected pay-as-you financing <br /> requirements, with an additional amount to prefund benefits as determined annually by the Board. For the <br /> fiscal year ended June 30,2019, current year benefit payments made by the County were $2,477,527. The <br /> County estimates its Net OPEB Obligation at $41.8 million. The Net OPEB Obligation is the cumulative <br /> difference between Annual OPEB Cost and the Employer Contributions to the Plan. The Annual OPEB <br /> Cost (AOC) is equal to the Annual Required Contribution (ARC), one year's interest on the Net OPEB <br /> Obligation,and an adjustment to the ARC to offset the effect of actuarial amortization of past under or over <br /> contributions. <br /> 38 <br />