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ri I STATE..OF NORTH. CAROI~INA DEPARTMENT OE Tile TREAs:0RER RETIREMENT AN[~'HI~L~ BE'NEFITS DIVISION HAR~2N E. BOYLES ~ALEi~H 2~611 March ]7, ]978 w Hm.~C~O" CAB6H~USCOUNTY POST OFFICE BOX' ?07 COMCO~D, M. C.- 28025 At ils meeting on Janfiary 27, 1978 tile Board of Trustees o'f lie Loc Gove~rnni~fi al Emp o ecs' Retire . P y ra eofcontribuiol ass'~-;I .,~'. ... . p IHtostalulo~a~lllorfi w ,o ' - ~o Board is recomn ond~g other cJmnges w ch are identical ohc cbauges made n I lo Teachers' ami Slale Eul. pl'o~es' Retirement Systein by the 1977 ~e~sio'n of ho Go ~0ra Assemb y Those pro m~d cl an e · ~,~:~,~,:s.w,'l, of course ,eq ,ire actmn by tlc General Assembly. T,,~ fo,lowing paragraphs J. Increase thc bonedt formula from 1.50% of f~ur year average final compon~fion times years of se~ce 1.55% of fou~ yea~ average ~n~ compenstiofi i~ies ~'cars of ~co; ~o 2. Provide a 7% adjusting increase~cfl~ciive Jury , ~8 (or Ju y [ J979) {o ~re Ju y I ]976 re tees and bene~ciar~es and an additional 2~% cost~f-]i~n~ i Icrcasc effeciivc hiiy , 1978 (or Ju]~ [, ]979) to relirees and bene~ciaries on th~ roll~ ~s ~f July I. J97~; ~d 3. Increase tile death behest provision, for tho~ covered by this optional provision, as folJowk: (a) to pro~dc a ma~mum pay ent of g20.000 (present roam (b) to ox/end thc 90 day covc.-~ . ..... _ mum $15,000) ~ --s~ ponou [o] owing d sability rctiremcn to 366 days' and (c) endt° extender thc dscalthe coveragCyear in wPerlich°dagef°r65activei~ altai~ed~e np ovees beyond l e day on Which age 65 is attained to thc The changes in.the benefit fornlnla and tho po~t~redre leul iucrca~s will bare an increasing effect ou Ibc emph}yer rate of re iremenl contribution of all participating Incal uuils; however, ibc cha.ges [o the deadl benefit provision will have au increasing cf feel OUly ou Ihe dealh b~ne/h rate of contribufion and wi]~, therefore, be applicable only lhos~ participating local units Ihat have adopled [his optioaal pro~sJon. . The Board of Truslees recommends thai Ibese cha~ges be adc as soon as possible because Of (1) tJ~e need lo keep the ~cal Rc~iresuenl System co upetJHve n ~ew of z npe e.transfc'ra ly e ween the State a d L~ cal Redre- ~ler Sys e ~s fin'd (2) tim ne~d ~o attract quali~ed employec~ ingo governmental work at tim local/evel However, Board of Trustees ueeds to be informed ~f your g~verni~g B~ard's support of or opposiHou to dm proposed chau~es. prov~d submission] of the~ changes Io /l~e'Genera( Assembly in tim 1978 or the 1979 Sessiou provMed such actioe will be endorsed by a majority ofonr participating Jocal units. changes are made emctlv~ July I ~978 '~r~sun ably, me c6st wit c ange s~ ~w a ~f ti e c nges ~re Imadc effective July J, 19~9.) p e~se Ob~rve thai the ~esults ff bis calc at ohs shox~ x~ ~a~ yet runi s ~a e of emp oyer contribution will be, effective July I, 1978, if tim dmuge~ fire mad~ m~ if they are nol made. EMPLOYER RATES ~:ECTIV~ULy 1, 1978 IF CrinGES ARE NOT MADE --' " IF CHANGES ARE MADE · e League of Muiliclpal es o~ ib~ Assoca~io off) /~Cd nissh)n~sbav~ recently r~cc red ~nfor this suSjec~ and ~l~ld co uuica~e tl,~ d~C~io, < f ~beir g~vemln~ ~bards ~o ,he ~ag e ofMu c pfiliHes or e A~ociatiou of County Commi~ioners as previofiSly i.s/rncted by Ihose organizalions. , -/ ........ a~ed e/lecHve dale (he. July J, 1978 or July