2024 Annual Comprehensive Report

3. Supplemental Retirement Income Plan For Law Enforcement Officers All law enforcement officers employed by the City participate in the State of North Carolina Supplemental Retirement Income Plan, a 401(k) defined contribution pension plan, administered by the Department of State Treasurer and a Board of Trustees. Participation begins on the first day of the quarter upon reaching sworn status. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. Article 5 of G. S. Chapter 135 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. Article 12E of G. S. Chapter 143 requires that the City contribute each month an amount equal to 5% of each officer’s salary, and all amounts contributed are vested immediately. Also, the law enforcement officers may make voluntary contributions to the plan. The City’s contributions for the year ended June 30, 2024 were calculated using a covered payroll (base salary) in the amount of $52,578,567. The City’s total payroll was $235,890,934. Total contributions were $5,433,427, which consisted of $2,477,996 from the City and $2,955,431 from the law enforcement officers. The City’s required contributions and the officer’s voluntary contributions represented 4.71% and 5.62% of the covered payroll amount, respectively. The Supplemental Retirement Income Plan for Law Enforcement Officers is included in the Annual Comprehensive Financial Report for the State of North Carolina. The State’s Annual Comprehensive Financial Report includes the pension trust fund financial statements for the Internal Revenue Code Section 401(k) plan that includes the Supplemental Retirement Income Plan for Law Enforcement Officers. That report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, or by calling (919) 981-5454. 4. Fiduciary Fund Financial Statements The following are financial statements for the City of Greensboro’s Law Enforcement Officers’ Special Separation Allowance Trust Fund and Other Postemployment Benefit Trust Fund included in Exhibits A-13 and A-14 at June 30, 2024 on pages 34 and 35.

Statement of Fiduciary Net Position Fiduciary Funds June 30, 2024

Other Postemployment Benefit (OPEB) Trust

LEOSSA Pension Benefit Trust

Total

Assets Cash and Cash Equivalents/Investments Demand Deposits Mutual Funds: NC Short Term Investment Fund

$

5,000

$

$

5,000

9,369

9,697

19,066

NC Equity Index Fund NC Bond Investment Fund

7,578,758 2,701,243

26,585,563 12,855,907

34,164,321 15,557,150

Miscellaneous Receivable

492

66

558

Total Assets

10,294,862

39,451,233

49,746,095

LIABILITIES Accounts Payable

492

66

558

Net Position Restricted for Pension and Benefits

$

10,294,370

$

39,451,167

$

49,745,537

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