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CABARRUS COUNTY TOURISMAUTHORITY <br /> d/bla CABARRUS COUNTY CONVENTION AND VISITORS B UREA U <br /> NOTES TO FINANCIAL STATEMENTS <br /> For the Year Ended June 30, 2016 <br /> NOTE 3 - RELATED PARTY TRANSACTIONS <br /> A board member, "rim Hagler, is Vice President of Community Relations for Charlotte <br /> Motor Speedway. The Bureau paid Charlotte Motor Speedway $500,000 during the year <br /> ended June 30, 2016, under a marketing agreement. <br /> A board member, Ray Soporowski, is General Manager of Concord Mills. The Bureau <br /> paid Concord Mills $20,000 during the year ended June 30, 2016, under a marketing <br /> agreement. <br /> A board member, Jennifer Parsley, is the owner of Adventures in Motorsports. The <br /> Bureau paid Adventures in Motorsports $1,800 during the year ended June 30, 2016, for <br /> assistance with destination tours. <br /> NOTE 4- RETIREMENT PLAN <br /> A. Local Governmental Employees' Retirement System <br /> Plan Description. The Bureau is a participating employer in the statewide Local <br /> Governmental Employees' Retirement System (LGERS), a cost-sharing multiple-employer <br /> defined benefit pension plan administered by the State of North Carolina. LGERS <br /> membership is comprised of general employees and local law enforcement officers(LEOs) <br /> of participating local governmental entities. Article 3 of G.S. Chapter 128 assigns the <br /> authority to establish and amend benefit provisions to the North Carolina General <br /> Assembly. Management of the plan is vested in the LGERS Board of Trustees, which <br /> consists of 13 members — nine appointed by the Governor, one appointed by the state <br /> Senate, one appointed by the state House of Representatives, and the State Treasurer and <br /> State Superintendent, who serve as ex-officio members. The Local Governmental <br /> Employees' Retirement System is included in the Comprehensive Annual Financial <br /> Report (CAFR) for the State of North Carolina, The State's CA.FR includes financial <br /> statements and required supplementary information for LGERS. That report may be <br /> obtained by writing to the Office of the State Controller, 1410 Mail Service Center, <br /> Raleigh,North Carolina 27699-1410, by calling(919)981-5454, or at www.osc.ne.gov. <br /> Benefits Provided. LGERS provides retirement and survivor benefits. Retirement <br /> benefits are determined as 1.85% of the member's average final compensation times the <br /> member's years of creditable service. A member's average final compensation is <br /> calculated as the average of a member's four highest consecutive years of compensation. <br /> Plan members are eligible to retire with full retirement benefits at age 65 with five years of <br /> creditable service, at age 60 with 25 years of creditable service, or at any age with 30 years <br /> of creditable service. Plan members are eligible to retire with partial retirement benefits at <br /> age 50 with 20 years of creditable service or at age 60 with five years of creditable service <br /> (age 55 for firefighters). Survivor benefits are available to eligible beneficiaries of <br /> members who die while in active service or within 180 days of their last day of service and <br /> who have either completed 20 years of creditable service regardless of age (15 years of <br /> creditable service for firefighters and rescue squad members who are killed in the line of <br /> duty) or have completed five years of service and have reached age 60. <br /> -Continued- <br /> 24 <br /> Attachment number 1 \n <br /> 1-5 Page 167 <br />