4-4-22 BOC Regular Meeting - Laserfiche WebLink

Home Browse Search

(normally six (6) months but up to 12 months). New hires who are already members of the State or Local Retirement System will be covered under Retirement immediately so that there will be no break in their creditable service. Employees contribute, through payroll deduction, six percent (6%) of their gross salary each month to the system. The county contributes an actuarially determined percentage of the gross payroll each month to the system. 3.10 Retirement Death Benefit: If an employee dies while still in active service with at least one (1) year as a contributing member of the Retirement System, the employee's beneficiary will receive a lump-sum payment equal to the employee's highest twelve (12) consecutive months' salary during the preceding twenty-four (24) months, but not less than $25,000 and not more than $50,000. This benefit is also paid if the employee dies within 180 days of the last day for which he or she was paid a salary. 3.11 Law Enforcement Officers' Separation Allowance: A. The county shall provide a special separation allowance to qualified officers who retire early or who leave service early and who meet all of the following qualifications: 1. The officer must have completed thirty (30) or more years of creditable service or have attained fifty-five (55) years of age and completed five (5) or more years of creditable service (creditable service is defined as that service for which credit is allowed under the Retirement System, provided that at least 50 percent of that service time has been as a law enforcement officer); 2. The officer must not yet be age sixty-two (62); and 3. The officer must have completed at least five (5) years of continuous service as a law enforcement officer immediately before service retirement. B. Payment of the separation allowance will cease if the officer (1) reaches age sixty-two (62); (2) dies; or (3) is re-employed in any capacity by any unit of local government which participates in the Local Government Retirement System and under any circumstances which would require said employee to participate in said retirement system. 3.12 Supplemental Retirement Income Plan — 401(k): The Supplemental Retirement Income Plan of North Carolina dictates an automatic 5% contribution by the employer for all NC Law Enforcement Officers' Retirement System. All sworn law enforcement officers automatically become members of the State Supplemental Retirement Income Plan on the date of hire. E-1 Employee Benefits 5