City of Greensboro Personnel Policy Manual

City of Greensboro Personnel Policy Manuał

Table of Contents A B C D E F H I J K L List of Appendices G 5.5 Rehired employees who previously worked for the City of Greensboro, will have the member’s retirement accounts reactivated for contributions automatically. If the previous service time was not withdrawn, service credit with the same account will resume. If the service time was withdrawn, the employee may purchase the service time, after vesting and subject to the Retirement System regulations. monthly retirement benefits based on age, service requirements and the retirement formula described below, as long as the member does not withdraw the member’s contributions. 4.7 Creditable Service – The total of all service credit that counts toward retirement. It includes membership service for any period during which a member contributes to NCLGERS, provided the member’s contributions have not been withdrawn. It also includes eligible purchased service and eligible unused sick leave that is converted to creditable service at retirement. 4.8 Average Final Compensation - The average of the member’s salary during the four highest consecutive paid years. If the member’s four highest-paid years in a row include a final payment for unused vacation leave (and/or prorated longevity), the member’s average final compensation may be increased by the extra payment(s). Final payments, if any, for unused sick leave, payments for housing or any other allowances or reimbursements for expenses, whether or not these are classified as salary or wages, are not includable in average final compensation. Normally, the four consecutive highest-paid years of salary will be the last four; however, the highest paid years could have been earlier in a member’s career. 4.9 Retirement Formula - Your annual benefit equals 1.85% of the average final compensation x (times) years and months of creditable service. 5.0 ORGANIZATIONAL RULES 5.1 Benefit eligible employees who work at least 1,040 hours per year participate in the NCLGER retirement program immediately upon employment. 5.2 Employee retirement payroll contributions are a fixed percentage (currently 6%) of the employee’s pensionable earnings. Employee pension deductions begin upon date of hire and continue as long as the employee is on paid employee status. 5.3 All employees are required to register an online ORBIT Account and assign beneficiaries online with NCLGERS upon notification that the online accounts have been activated. All subsequent changes to beneficiary designations should be made online in a timely manner. 5.4 New employees who are current members of the NCLGERS Retirement System from another City/County, or are current members of other NC State Retirement Systems, do not need to notify the People & Culture (P&C) Department. The prior service and credits will remain in the employee’s account and will count towards the total retirement time with the NC Retirement System. If the service time was withdrawn, the employee may purchase the service time after vesting and subject to the Retirement System regulations.

B - General Employment Policies

53