Overview of benefits for full-time employees:
Retirement:The Town provides a mandatory defined benefit pension plan and a traditional 401K deferred savings plan, which is mandatory for law enforcement officers and optional for general employees. The Town is also required by NC General Statutes to pay each officer, upon retirement, a separation allowance if the officer meets qualifying conditions set forth in the General Statutes.
Pension:The town participates in the Local Governmental Employees' Retirement System through the State of North Carolina. Employees working a regular position averaging 1,000 or more work hours per year must be enrolled and contributing a percentage of their salary. The Town makes a contribution as well for all general employees and law enforcement officers.
The plan is administered through Prudential Retirement. The Town must contribute at least 5 percent of each law enforcement officer's compensation. The Town makes a matching contribution of up to 5 percent for general employees including firefighters.