Benefits Book 2018

201 8 Benefits Book

Retirement

All benefit eligible general employees and firefighters are members of the North Carolina Local Governmental Employees’ Retirement System (NCLGERS). • All employees contribute 6% of their salary on a pre-tax basis to the Retirement System. • TheCity contributes to the retirement programaswell. • An employee becomes vested in theRetirement System after five years of membership. • Upon termination an employee may elect to receive their contributions and interest, if applicable, with completion of the necessary paperwork. • All employees’ contributions and interest will be paid upon retirement or death. • To be eligible for the City’s contributions an employee must retire from the Retirement System.

EEC Cookout: submitted by Cora Cunnigham

Police Officers & Retirement Police officers are members of the Law Enforcement Officers’ division of the Retirement System, which has additional benefits.

An Employee may retire on Service based on the following criteria:

Unreduced Benefits

Reduced Benefits

Age 55with five years of service as an officer (PoliceOfficers)

Age 50with 15 years of service as an officer (PoliceOfficers

Age 60with 25 years of service Age 65with five years of service 30 years of service at any age

Age 50with 20 years of service

Age 55with five years of service (Firefighters)

Age 60with five years of service

Retirement Service

All service is creditable service, which means any period a contribution is made to the Retirement System, including purchased time and sick leave.

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