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312 <br /> <br />DRAFT <br /> <br />$250,000.00 bud§eted for the W.~. Flowe Park grant match as follows: $75,000.00 <br />toward W. W. Flows Park and $175,000.00 to upgrade school playgrounds to minimum <br />standards as suggested by Commissioner Niblock. <br /> <br />Library <br /> <br /> Board members asked the County Manager to work with the City of Concord to <br />develop a proposal for the consolidation of the two library systems. <br /> <br />Retirement Incentive Plan <br /> <br /> UPON MOTION of Commissioner Mills, seconded by Commissioner Carpenter and <br />unanimously carried, the Board amended the Retirement Incentive Plan approved by <br />the Board on May 19 to increase the minimum incentive from one year to the <br />equivalent of two full years of longevity payments with this benefit to be <br />extended to all employees for regular or early retirement. The revised Plan as <br />approved by the Board was as follows: <br /> <br /> RETIREMENT INCENTIVE PLAN <br /> for <br /> Cabarrus County Employees Receiving Longevity Payments <br /> As of July 1, 1997 <br /> <br />PURPOSE: To encouraEe eligible employees to consider an accelerated regular or <br />early retirement because of the proposed financial incentives.! <br /> <br />ELEMENTS OF THE PLAN: <br /> <br />A. Employees qualified to receive full retirement benefits under the North <br /> Carolina Local Governmental Employees' Retirement System choosing to <br /> retire during the plan's time limit, shall be eligible to receive the <br /> equivalent of two (2) full years of longevity payments. <br />B. Any employee eligible for early retirement electing to retire during the <br /> plan's time limit, shall receive up to the equivalent of five (5) full <br /> years of longevity payments plus the equivalent of two (2) full years of <br /> longevity payments as a bonus. Longevity payments will be based upon the <br /> ~ime period (calculated to the nearest month) an employee has remaining <br /> until he/she qualifies for full retirement benefits. Example - an employee <br /> retiring four years and three months early receives the equivaleng of six <br /> years and three months longevity payments. . <br />C. Payments under this plan will be paid on the employee's retirement date, <br /> at his or her then current longevity rate. <br />D. To qualify under both of these provisions, employees will have until <br /> December 31, 1997, to submit their individual intention in writing to <br /> retire. The effective date of their retirement must be June 30, 1998, or <br /> before. <br /> <br />Recess of Meetfn~ <br /> <br /> There being no further business to come before the Board, Chairman Casper <br />recessed the meeting at 8:05 P.~. until 6:00 P.M. on June 2, 1997. <br /> <br />Clerk to the Board <br /> <br /> <br />