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...... AW ENFORCEMFaNT OFFICERS' RETIREbIENT SYSTEM ' '~* ;~ NORTH CAROLINA DEPARTMENT OF STATE TREASURER AGREEMENT TO PAY EMPLOYER SPECIAL ANNUITY CONTRIBUTIONS ~' - This ACRE£MENT is made and entered into by and between the Board of Tmste~ of the Law En~orcemenl Officers' Retirement System nf the State of North Carolina, hereinafter designated the Retirement System, and the hereinafter designated the Employer, in accordance wtih the pto',~ions of North Carolina General Statute 143-1 f:~6.03, effective as of the first day of 19 and shall continue in full fore and effect until written notice to the Retirement System by the Employer of ~he cessation of this Agreement under the provisions herein provided. WIIEREAS, the North Carolina General Assembly enacted Chapter 468 nf the 1983 Session Laws; and. WHEREAS, Section 8 of this Chapter created North Carolina General Statute 143-166.03 setting forth the condi- tions under which the State and any county, eib,' town or other political subdivision thereof may voluntarily elect to pay specihl contributions to be credited to designated individual accounts of members of the Law Enforcement Officers' Retirement System, which are in addition to any contributions as otherwise required under North Carolina General Statute 143-166(al); and, WHEREAS, the first condition is that such voluntary election shall be effective only after a written agreement is entered into between a county, city, town or other political subdivision and the Board of Trtmces of the Law Enforce- meat Officers' Retirement System. NOW THEREFORE, it is hereby agreed between the Retirement System and the Employer as follmvs: First. In comideration of the payment of special contributiom by the Employer, the Retirement System agrees to provide annuities to members payable at retirement and throughout life, which are in addition to the basic service and disability retirement allowances provided by law, with the ammmts of such annuities determined by the Retirement System on the basis of the tables and rate of interest last adopted by the Retirelnent System for this purpose. Second. The Retirement System agrees to credit the special contributions paid by the Employer to the designated individual aceotmts of members and shall accumulate such eontributiom together wRh such rate of interest as the Retire- ment System may from time to time determine. Third. The Employer agrees to pay special contributions not to exceed fifteen percent (15 % ) of a member's eom- pensation within any calendar year, beginning January 1 and ending December 31, into a member's account, with the provision that the percentage ma), vary from month to month. Fourth. The Employer agrees to pay special contributions for all its employees who are members, and shall pay identical percentage rates of contribution for all such members. Fifth. The Employer agrees to pay special contributions for a minimum V, venty-four (24) consecutive months following the month of this AGREEMENT, but may cease such contributiom upon written notice to the Retirement System; provided, if the Employer elects to cease special contributions, the Retirement System shall not enter into any further AGREEMENT with the Employer for a period of twelve (12) consecutive months from the month of cessation; and further, it is mutually agreed by the Retirement System and the Employer that payment and acceptance of special contributiom for the first month following the twenty-f nut (24) consecutive months following the effective date of this AGREEMENT shall in itself be an AGREEMENT to continue to pay and accept spec/al contributimrs until the Employer elects to cease special contribetiom by written notice to the Retirement System as herein provided. Sixth. Tbe Retirement System agrees to issue a Letter of Credit to the Employer each month in which a member or members for whom the Employer has paid special contributions withdraws accumulated regular contrthutiom or dies without eligibility for a survivor's alternate benefit, in an amount or amounts equal to such special contributions previomly paid by the Employer; and, the Employer agrees to utilize the Letter of Credit so issued to satisfy and pay any obligation owing to the Retirement System. S;'oenth. It is mutually agreed by the Retirement System and the Emp oyes that the first, second, third and slxth seetlom above apply equally to all special contributions paid by the Employer prior to tim effective date of this AGREEMENT. IN WITNESS tIEREOF, the , pursuant to a re~olutlon adopted by its governing body on the day of ., 19__ , h~ caused this instrument to be executed on its behalf by its Chairman, to be attested by its Clerk and its seal to be hereto affixed all as of the da],, and year written above and to be executed in duplicate. For the Employer: For the Retirement System: (Seal) (Seal) Chairman Director Attest: Witnk-,:s: (Seal) (Seal) Clerk