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112 <br /> OTHER POST-EMPLOYMENT BENEFITS <br /> The County administers a single employer defined benefit Postemployment Healthcare Benefits <br /> Plan. This plan provides post-employment health care benefits to retirees of the County. <br /> [to be reviewed]A Permanent Employee employed on or before June 30,2012 and who commences <br /> retirement and meets the following conditions receives an annual retirement medical allowance. A <br /> participant must be eligible and approved to receive retirement benefits in accordance with the regulations <br /> of the North Carolina Local Government Employees Retirement System and meet one of the following <br /> 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 /> Years of Service at Retirement Age at Retirement Countv 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 go financing <br /> requirements,with an additional amount to prefund benefits as determined annually by the Board. Benefit <br /> payments by the County were$4,064,731 for the fiscal year ended June 30,2024. <br /> The Annual OPEB Cost (AOC) is equal to the Annual Required Contribution (ARC), one year's <br /> interest on the Net OPEB Obligation, and an adjustment to the ARC to offset the effect of actuarial <br /> amortization of past under or over contributions. <br /> 41 <br />