Retirees

401(k) Supplemental Retirement

Upon successful completion of a six month probationary period, the County will contribute 3% of the employee’s annual salary into a state and federal tax sheltered 401(k) plan administered by Prudential (5% for law enforcement officers). Employees may elect to contribute up to 80% of their salary, not to exceed $18,000 in 2016 through payroll deduction. Upon termination of employment with the County, the employee may close the 401(k) account and withdraw the funds, or the account may be held in suspension. Contributions to the fund may only be made by payroll deduction, therefore, an individual leaving employment with the County would not be able to continue contributing to the fund.

Benefits

  • 100% vested immediately
  • Choice of investment options
  • Deferred state and federal taxes
  • Loan provisions
  • Solid retirement savings

Additional Information

For more information, you may call 866-627-5267 or visit My NC Retirement.

Local Government Retirement

The County provides benefits for employees and their family in case of disability, retirement, or death after an employee has completed certain service requirements. The benefits are available in addition to Social Security. Employees contribute 6 cents of each dollar earned and no income tax is paid on this until you retire. The County adds almost an equal amount towards your retirement benefits.

After five years, an employee has a "vested interest." This means that if the employee leaves County service, they may leave their contributions in the system and draw a retirement income beginning at age 60. At age 65 and five years of creditable service, at age 60 and 25 years of service, or 30 years in the retirement system at any age, an employee can retire with full benefits.

Retirement Benefits

  • An employee can retire with reduced benefits after age 50 with 20 years of credible services, or at age 60 with five years of service.
  • Law Enforcement Officers can retire with full benefits age 55 with five or more years of service, or 30 years of creditable service at any age.  Reduced benefits can be attained by an officer at age 50 with 15 years of creditable service as an officer.  
  • Estimate your retirement on the Orbit Website.

Contributions

If you cease to be a County employee (except by death or retirement), you may withdraw all your retirement contributions. You will receive interest if you have at least five years in the retirement system. You may receive your contributions 60 days after you receive your final paycheck. Withdrawal will be subject to Federal and State tax withholding and a penalty for early withdrawal. If you return later to County service, you may buy back this time toward retirement.

Retirement Death Benefit

After one year of employment, members of the Local Government Employees Retirement System automatically are eligible for a death benefit. It is free, but cannot be transferred if you should leave County service. The beneficiary is paid an amount equal to the employee’s highest 12 months' salary in a row during the 24 months before death, but no less than $25,000 and no more than $50,000.