2023d ABC Board Minutes - Laserfiche WebLink

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ORANGE COUNTY ALCOHOLIC BEVERAGE CONTROL BOARD (a component unit of Orange County Government) NOTES TO FINANCIAL STATEMENTS June 30,2023 and 2022 3. DETAIL NOTES ON ALL FUNDS[cont'dj Pension Plan Obligations[cont'd] LGERS[cont'df LGERS plan members who are LEOs are eligible to retire with full retirement benefits at age fifty-five (55) with five (5)years of creditable service as an officer, or at any age with thirty(30)years of creditable service. LEO plan members are eligible to retire with partial retirement benefits at age fifty(50)with fifteen(15)years of creditable service as an officer. Survivor benefits are available to eligible beneficiaries of LEO members who die while in active service or within one hundred and eighty(180) days of their last day of service and who also have either completed twenty (20)years of creditable service regardless of age, or have completed fifteen (15)years of service as an LEO and have reached age fifty-five (55), or have completed fifteen (15) years of creditable service as an LEO if killed in the line of duty. Eligible beneficiaries may elect to receive a monthly Survivor's Alternate Benefit for life,or a return of the member's contributions. Contributions. Contribution provisions are established by NC G.S. 128-30 and may be amended only by the North Carolina General Assembly. The ABC Board employees are required to contribute 6% of their compensation. Employer contributions are actuarially determined and set annually by the LGERS Board of Trustees. The ABC Board's contractually required contribution rate for the years ended June 30, 2023 and 2022,was 8.01% of compensation for law enforcement officers and 8.00% for general employees, actuarially determined as an amount that,when combined with employee contributions,is expected to finance the costs of benefits earned by employees during the year. Contributions to the pension plan from the ABC Board for the years ended June 30,2023 and 2022,were$254,559 and$201,166,respectively. Refunds of Contributions. ABC Board employees, who have terminated service as a contributing member of LGERS,may file an application for a refund of their contributions. By state law, refunds to members with at least five (5) years of service include 4% interest. State law requires a sixty (60)-day waiting period after service termination before the refund may be paid. The acceptance of a refund payment cancels the individual's right to employer contributions,or any other benefit provided by LGERS. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2023, the ABC Board reported a liability of$1,413,742 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2022. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2019. The total pension liability was then rolled forward to the measurement date of June 30, 2022, utilizing updated procedures incorporating the actuarial assumptions. The ABC Board's proportion of the net pension liability was based on a projection of the ABC Board's long-term share of Future payroll covered by the pension plan, relative to the projected future payroll covered by the pension plan of all participating LGERS employers, actuarially determined. At June 30, 2023,the ABC Board's proportion was 0.02506%, which was an increase of 0.00136%from its proportion measured as of June 30,2022. j -22-