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i' <br /> I, <br /> r <br /> '9 <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 G <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 /> E <br /> Contributions to the system are determined on an actuarial basis . For information concerning the f <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 /> : <br /> k <br /> V: <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 1% <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 /> h <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 /> i <br /> If hired on or before June 30 , 2012 : <br /> Years of Service at Retirement Age at Retirement County Contribution <br /> i <br /> 10 or more Any Age 100 % <br /> 5 - 9 65 50 % 1 <br /> i <br /> If hired after June 30 , 2012 : <br /> i ' <br /> 41 <br />