Want to ask a question? Click here

Are city and county employees retirement plans fully funded?

Ashley Withers
StarNews

The City of Wilmington participates in the statewide Local Governmental Employees’ Retirement System (LGERS), a cost-sharing multiple-employer defined benefit pension plan administered by the state of North Carolina, according to city spokesperson Malissa Talbert.

The city is required by the General Assembly to kick in its share.

The details for the city’s retirement plan are outlined in the city’s annual financial report. The most recent report states that “plan members are required to contribute 6 percent of their annual covered salary. The City and the Authority are required to contribute at an actuarially determined rate. For the City and the Authority, the current rate for employees not engaged in law enforcement and for law enforcement officers is 6.35 percent and 6.55 percent, respectively, of annual covered payroll. The contribution requirements of members, the City and the Authority are established and may be amended by the North Carolina General Assembly.”

New Hanover County participates in the state’s local government retirement system. Charles Smith, the county spokesperson, said the system is fully funded. The difference between the city and the county’s plan is that the county does not contribute to the retirement fund for all employees.

“New Hanover County puts in the state-required 5 percent to 401Ks for sworn law enforcement only,” Smith said. “Everyone else has the option to participate. It is a voluntary employee deduction.”

Wilmington Law enforcement officers also receive larger contributions from the city than other employees.

RELATED LINKS:

What is the total compensation package for members of Congress?

What happens to the debt of authorities if they dissolve or default on it?

 

User-contributed question by:
Linda

Got a comment about this post or know more about the answer? Click here to let us know!


Bookmark and Share

X
Ask a question
X

Ask a question

If you’re looking for answers about living in coastal North Carolina, you’ve come to the right place. If we don’t have the answer to your question, we’ll find out or try to find someone who does. Hey, that’s our job! So, ask your question below and we’ll do our best to find the answer. Once we do, we’ll post it in an appropriate category.





Can we use your name to credit you by name (no e-mail or other contact information) with this question when we post an answer?
Yes
Your question:

Post a comment
X

Talk to us!

Have a comment about this post or know more about the answer? Use this form to let us know. Note that all comments are moderated and must be approved before they are posted, although you may see your own comments the first time you post them.





Your comment: