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AG 2017 01 17
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AG 2017 01 17
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Last modified
1/20/2017 11:55:41 AM
Creation date
11/27/2017 10:27:07 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
1/17/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARR US COUNTY TOURISM A UTHORITY <br /> d/b/a CABARR US COUNTY CONVENTIONAND VISITORS BUREAU <br /> NOTES TO FINANCIAL STATEMENTS <br /> For the Year Ended June 30, 2016 <br /> NOTE 4- RETIREMENT PLAN(cont'd) <br /> Eligible beneficiaries may elect to receive a monthly Survivor's Alternate Benefit for life <br /> or a return of the member's contributions. The plan does not provide for automatic post- <br /> retirement benefit increases. Increases are contingent upon actuarial gains of the plan. <br /> LGERS plan members who are LEDs are eligible to retire with full retirement benefits at <br /> age 55 with five years of creditable service as an officer, or at any age with 30 years of <br /> creditable service. LEO plan members are eligible to retire with partial retirement benefits <br /> at age 50 with 15 years of creditable service as an officer. Survivor benefits are available <br /> to eligible beneficiaries of LEO members who die while in active service or within 180 <br /> days of their last day of service and who also have either completed 20 years of creditable <br /> service regardless of age, or have completed 15 years of service as a LEO and have <br /> reached age 50, or have completed five years of creditable service as a LEO and have <br /> reached age 55, or have completed 15 years of creditable service as a LEO if killed in the <br /> line of duty. Eligible beneficiaries may elect to receive a monthly Survivor's Alternate <br /> Benefit for life or a return of the member's contributions. <br /> Contributions. Contribution provisions are established by General Statute 128-30 and <br /> may be amended only by the North Carolina General Assembly. Bureau employees are <br /> required to contribute 6% of their compensation. Employer contributions are actuarially <br /> determined and set annually by the LGERS Board of Trustees. The Bureau's <br /> contractually required contribution rate for the year ended June 30, 2014, was 7.34% and <br /> for June 30, 2015 was 7.74% of compensation, actuarially determined as an amount that, <br /> when combined with employee contributions, is expected to finance the costs of benefits <br /> earned by employees during the year. Contributions to the pension plan from the Bureau <br /> were $72,368 for the year ended June 30, 2016. <br /> Refunds of Contributions — Bureau employees who have terminated service as a <br /> contributing member of LGERS, may file an application for a refund of their <br /> contributions. By state law, refunds to members with at least five years of service include <br /> 4% interest. State law requires a 60 day waiting period after service termination before <br /> the refund may be paid. The acceptance of a refund payment cancels the individual's right <br /> to employer contributions or any other benefit provided by LGERS. <br /> Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred <br /> Inflows of Resources Related to Pensions <br /> At June 30, 2016, the Bureau reported a liability of$83,701 for their proportionate share <br /> of the net pension liability. The net pension liability was measured as of June 30, 2015. <br /> The total pension liability used to calculate the net pension liability was determined by an <br /> actuarial valuation as of December 31, 2014. The total pension liability was then rolled <br /> forward to the measurement date of June 30, 2015 utilizing update procedures <br /> incorporating the actuarial assumptions. The Bureau's proportion of the net pension <br /> liability was based on a projection of the Bureau's long-term share of future payroll <br /> covered by the pension plan, relative to the projected future payroll covered by the pension <br /> plan of all participating LGERS employers, actuarially determined. <br /> -Continued- <br /> 25 <br /> Attachment number 1 \n <br /> 1-5 Page 168 <br />
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