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A board member, Ray Soporowski, is General Manager of Concord Mills. The Bureau <br />paid Concord Mills $20,000 during the year ended June 30, 2017, under a marketing <br />agreement. <br />A board member, Jennifer Parsley, is the owner of Adventures in Motorsports. The <br />Bureau paid Adventures in Motorsports $2,245 during the year ended June 30, 2017, for <br />assistance with destination tours. <br />NOTE 4- RETIREMENT PLAN <br />A. Local Governmental Employees' Retirement System <br />Plan Description. The Bureau is a participating employer in the statewide Local <br />Governmental Employees' Retirement System (LGERS), a cost-sharing multiple -employer <br />defined benefit pension plan administered by the State of North Carolina. LGERS <br />membership is comprised of general employees and local law enforcement officers (LBOs) <br />of participating local governmental entities. Article 3 of G.S. Chapter 128 assigns the <br />authority to establish and amend benefit provisions to the North Carolina General <br />Assembly. Management of the plan is vested in the LGBRS Board of Trustees, which <br />consists of 13 members — nine appointed by the Governor, one appointed by the state <br />Senate, one appointed by the state House of Representatives, and the State Treasurer and <br />State Superintendent, who serve as ex -officio members. The Local Governmental <br />Employees' Retirement System is included in the Comprehensive Annual Financial <br />Report (CAFR) for the State of North Carolina The State's CAFR includes financial <br />statements and required supplementary information for LGERS. That report may be <br />obtained by writing to the Office of the State Controller, 1410 Mail Service Center, <br />Raleigh, North Carolina 27699-1410, by calling (919) 981-5454, or at www.osc.no.gov. <br />Benefits Provided. LGERS provides retirement and survivor benefits. Retirement <br />benefits are determined as 1.85% of the member's average final compensation times the <br />member's years of creditable service. A member's average final compensation is <br />calculated as the average of a member's four highest consecutive years of compensation. <br />Plan members are eligible to retire with full retirement benefits at age 65 with five years of <br />creditable service, at age 60 with 25 years of creditable service, or at any age with 30 years <br />of creditable service. Plan members are eligible to retire with partial retirement benefits at <br />age 50 with 20 years of creditable service or at age 60 with five years of creditable service <br />(age 55 for firefighters). Survivor benefits are available to eligible beneficiaries of <br />members who die while in active service or within 180 days of their last day of service and <br />who have either completed 20 years of creditable service regardless of age (15 years of <br />creditable service for firefighters and rescue squad members who are killed in the line of <br />duty) or have completed five years of service and have reached age 60. <br />-Continued- <br />24 Attachment number 1 In <br />1-2 Page 209 <br />