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113 <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 LGERS are included in the <br /> Annual Comprehensive Financial Report ("ACFR") for the State. Please refer to the State's ACFR for <br /> additional information. <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 County Contribution <br /> 10 or more Any Age 100% <br /> 5-9 65 50% <br /> If hired after June 30,2012: <br /> 41 <br />