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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Fiscal Year Ended June 30, 2009
<br /> 3 Year Trend Information
<br />Fiscal Year Annual Pension Percentage of Net Pension
<br />Ended Cost tAPC) APC Contributed Obligation
<br />6/30/2007 $329,899 118.98% $163,839
<br />6/30/2008 342,978 99.29% 166,281
<br />6/30/2009 345,999 101.35% 161,605
<br />Funded Status and Funding Progress. As of December 31, 2008, the most recent actuarial valuation date, the plan
<br />was 1.34 percent funded. The actuarial accrued liability for benefits was $2,504,422, and the actuarial value of
<br />assets was $33,566, resulting in an unfunded actuarial accrued liability (UAAL) of $2,470,856. The covered payroll
<br />(annual payroll of active employees covered by the plan) was $8,025,050 and the ratio of the UAAL to the covered
<br />payroll was 30.79 percent.
<br />The schedule of funding progress, presented as required supplementary information following the notes to the
<br />financial statements, presents multiyear trend information about whether the actuarial value of plan assets are
<br />increasing or decreasing over time relative to the actuarial accrued liability for benefits.
<br />c. Supplemental Retirement Income Plan (401 k)
<br />Plan Description. The County contributes to the Supplemental Retirement Income Plan (Plan), a defined
<br />contribution pension plan administered by the Department of State Treasurer and a Board of Trustees. The Plan
<br />also provides retirement benefits to law enforcement officers employed by the County. Article 5 of G.S. Chapter 135
<br />assigns the authority to establish and amend benefit provision to the North Carolina General Assembly. The
<br />Supplemental Retirement Income Plan for Law Enforcement Officers is included in the Comprehensive Annual
<br />Financial Report (CAFR) for the State of North Carolina. The State's CAFR includes the pension trust fund
<br />financial statements for the Internal Revenue Code Section 401(k) plan that includes the Supplemental Retirement
<br />Income Plan for Law Enforcement Officers. That report may be obtained in writing to the Office of the State
<br />Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, or by calling (919) 981-5454.
<br />Funding Policy. Article 12E of G.S. Chapter 143 requires the County to contribute each month an amount equal to
<br />five percent of each law enforcement officer's salary, and all amounts contributed are vested immediately. Also, the
<br />law enforcement officers may make voluntary contributions to the plan. The County and the Alliance have chosen
<br />to extend this benefit to all its full and part-time (who are eligible for North Carolina Local Governmental Employees'
<br />Retirement System) employees. Contributions by Cabarrus County for the year ended June 30, 2009 were
<br />$2,457,904 which consisted of $1,841,021 from the County and $616,883 from the employees. The Alliance's
<br />contributions for the year ended June 30, 2009 were $460,682, which consisted of $109,696 from the Alliance and
<br />$ 350,986 from the employees.
<br />d. Register of Deeds' Supplemental Pension Fund
<br />Plan Description. Cabarrus County also contributes to the Registers of Deeds' Supplemental Pension Fund (Fund),
<br />a noncontributory, defined contribution plan administered by the North Carolina Department of State Treasurer. The
<br />Fund provides supplemental pension benefits to any eligible county register of deeds who is retired under the Local
<br />Government Employees' Retirement System (LGERS) or an equivalent locally sponsored plan. Article 3 of G. S.
<br />Chapter 161 assigns the authority to establish and amend benefit provisions to the North Carolina General
<br />Assembly. The Register of Deeds' Supplemental Pension Fund is included in the Comprehensive Annual Financial
<br />Report (CAFR) for the State of North Carolina. The State's CAFR includes financial statements and required
<br />supplementary information for the Registers of Deeds' Supplemental Pension Fund. That report may be obtained
<br />by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, or by
<br />calling (919) 981-5454.
<br />Funding Policy. On a monthly basis, the County remits to the Department of State Treasurer an amount equal to
<br />one and one-half percent (1.5%) of the monthly receipts collected pursuant to Article 3 of G.S. 161. Immediately
<br />following January 1 of each year, the Department of State Treasurer divides ninety-three percent (93%) of the
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<br />G-8 Page 344
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