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RETIREMENT INCENTIVE PLAN <br /> for <br />Cabarrus County Employees Receiving Longevity Payments <br />As of July 1, 1997 <br /> <br />PURPOSE: To encourage eligible employees to consider an accelerated regular or early <br /> retirement because of the proposed financial incentives. <br /> <br />ELEMENTS OF THE PLAN: <br /> <br />Employees qualified to receive full retirement benefits under the North Carolina Local <br />Governmental Employees' Retirement System choosing to retire during the plan's time <br />limit, shall be eligible to receive the equivalent of one (1) full year of longevity payments. <br /> <br />Bo <br /> <br />Any employee eligible for early retirement electing to retire during the plan's time limit, <br />shall receive up to the equivalent of five (5) full years of longevity payments plus the <br />equivalent of one (1) full year of longevity payments as a bonus. Longevity payments <br />will be based upon the time period (calculated to the nearest month) an employee has <br />remaining until he/she qualifies for full retirement benefits. Example - an employee <br />retiring four years and three months early receives the equivalent of five years and three <br />months longevity payments. <br /> <br />C. Payments under this plan will be paid on the employee's retirement date, at his or her then <br /> current longevity rate. <br /> <br />To qualify under both of these provisions, employees will have until December 31, 1997, <br />to submit their individual intention in writing to retire. The effective date of their <br />retirement must be June 30, 1998, or before. <br /> <br /> <br />