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372 The Board of Commissioners for the County of Cabarrus met in regular session at the County Courthouse in Concord, North Carolina, on Tuesday, September 6, 1983, at 9:30 A.M. Present - Chairman: J. Harold Nash Commissioners: Archie Y. Barnhardt Marcelle Milloway James W. Lentz Kenneth F. Payne The invocation was given by Reverend Ed Hall of Pitts Baptist Church. UPON MOTION of Commissioner Barnhardt, seconded by Commissioner Payne and unanimously carried, the minutes of August 15 and August 31, 1983, were approved as written. UPON~MOTION of Commissioner Milloway, seconded by Commissioner Payne and unanimously carried, the Board approved the following Agreement to Pay Employer Special Annuity Contributions. LAW ENFORCEMENT OFFICERS' RETIREMENT SYSTEM NORTH CAROLINA DEPARTMENT OF STATE TREASURER AGREEMENT TO PAY EMPLOYER SPECIAL ANNUITY CONTRIBUTIONS This AGREEMENT is made and entered into by and between the Board of Trustees of the Law Enforcement Officers' Retirement System of the State of North Carolina, hereinafter designated the Retirement System, and the County of Cabarrus hereinafter designated the Employer, in accordance with the provisions of North Carolina General Statute 143-166.03, effective as of the first day of October, 1983, and shall continue in full force and effect until written notice to the Retirement System by the Employer of the cessation of this Agreement under the provisions herein provided. WHEREAS, the North Carolina General Assembly enacted Chapter 468 of the 1983 Session Laws; and WHEREAS, Section 8 of this Chapter created North Carolina General Statute 143-166.03 setting forth the conditions under which the State and any county, city, town or other political subdivision thereof may voluntarily elect to pay special 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 r~quired 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 Trustees of the Law Enforcement Officers' Retirement System. NOW THEREFORE, it is hereby agreed between the Retirement System and the Employer as follows: First. In consideration of the payment of special contributions 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 amounts of such annuities determined by the Retirement System on the basis of the tables and rate of interest last adopted by the Retirement System for this purpose. Second. The Retirement System agrees to credit the special contributions paid by the Employer to the designated individual accounts of members and shall accumulate such contributions together with such rate of interest as the Retirement 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 compensation within any calendar year, beginning January 1 and ending December 31, into a member's account, with the provision that the percentage may vary from month to month. Fourth. The Employer agrees to pay special contributions for all ~s employees who are members, and shall pay identical percentage rates of contribution for all such members.