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I NORTH CAROLINA ASSOCIATION OF COUNTY COMMISSIONERS RALEIGH BUILDING · P.O. BOX 48~ RALEIGH, NORTH CAROLINA 27602 . TELEPHONE 919/832-2893 HEMORANDU~ TO: Chairmen FROM: C. Ronald Aycoc~, Executive Director DATE: Harch 19, 1979 ~ RE: Proposed Changes in the Local Governmental Employees Retirement System .......... ~ . ...~ The Board of Trustees of the North Carolina Local Governmental Employees Retirement System will propose legislation to the current General Assembly to increase retirement benefits for presefit retirees and beneficiaries in the Local Governmental Employees System, if the proposed increases are supported by the N. C. Association of County Commissioners and the N. C. League of Municipalities. Therefore, the Board of Directors of the Association has.directed that.the. Counties. be polled and that the Association be guided in its response to the Board of Trustees by the majority expression of the counties. The pro, posals are as follows: 1. A five percent (5%) cost of living increase in retirement benefits would be granted to all' ' retirees and beneficiaries. Three percent ~the five percent increase will be funded' by.actuarial gains within the system and thus would not require a~ ................ increase in_the Employer's contribution rate. The remaining two percent (2%) of the'proposed increase would be funded by increasing the normal contribution rate paid by Local Governmental Employers'by.-.;06~% (example: $65.00 on a $100,000 monthly, payroll]. 2. An adjusting increase would be granted to present retirees and beneficiaries as follows: a. a 10% increase for those persons retiring prior to June 50, 1959; b. .a 7% increase for those persons retiring between July 1, 1959 and June 50, 1968~ ~ OVER -