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AG19800512
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AG19800512
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Last modified
3/28/2003 9:13:23 AM
Creation date
11/27/2017 12:16:21 PM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
5/12/1980
Board
Board of Commissioners
Meeting Type
Regular
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· ' STATE OF NORTH CAROLINA <br /> <br /> DEPARTMENT OF STATE TREASURER <br /> <br /> RETIREMENT AND HEALTH BENEFITS DIVISION <br /> <br /> April 18, 1980 <br /> <br /> MEMORANDUM <br /> <br /> TO: Chief Financial Officers <br /> Employer Reporting Units of the Law <br /> Enforcement Officers' Benefit and Retirement Fund <br /> <br /> FROM: E.T. Barnes <br /> <br /> SUBJECT: Law Enforcement Officers' Benefit and Retirement Fund <br /> Proposed Employer Contribution Rate for 1980-81 Budget <br /> <br /> Based upon th'e present level of benefits, the employer contribution rate <br /> for the Law Enforcement Officers' Benefit and Retirement Fund muss be increased. <br /> by .30% to a new rate of 4.10% effective July 1, 1980. This contribution rate, <br /> which is subject to our compliance with the provisions of the Administrative <br /> Procedures Act and final approval by the Board of Commissioners, is the result <br /> of the actuarial valuation of the Fund for the year ended December 31, 1978. <br /> <br /> The reasons for this .30% increase are as follows: <br /> <br /> 1. insufficient contributions to the Fund in past years; <br /> <br /> 2. a decrease in the value of court cost receipts expressed <br /> in a percentage of payroll as a result ofinflation; and, <br /> <br /> 3. an increase in liabilities caused by a~ underestimate of <br /> assumed rates of mortaility. <br /> <br /> State departments, agencies and institutions with law enforcement officers <br />paid from the State's General or Highway Funds need take no action with regard <br />to this notice and should wait for instructions from the Office of State Budget. <br />State agencies with law enforcement officers paid in whole or in part from funds <br />other than the General or Highway Funds should anticipate this rate increase in <br />preparing their 1980-81 budgets. <br /> <br /> Local governments with law enforcement officers participating in the Fund <br />should also anticipate this rate increase i~ preparing their 1980-81 budgets. <br /> <br /> This .30% employer contribution rate should be used for budget planning <br />purposes and is a tentative increase subject, in part, to legislative appropriations. <br /> <br /> In addition, a further employer contribution rate increase or change might <br />be required if the General Assembly enacts benefit increases and alternate funding <br /> <br /> (OVER) <br /> <br /> <br />
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