Regular full-time and part-time employees (including law enforcement officers) are covered under the North Carolina Local Governmental Employee's Retirement System (LGERS). LGERS is a defined benefit plan. Under this type of plan the benefit you receive at retirement is based on a formula.
This formula considers your years and months of creditable service, your age, and your average final compensation. Participation is mandatory for all permanent full-time employees and part time employees working 20 hours or greater. Burke contributes 7.07% for employees. The Employee contributes 6%.
Burke County currently provides a 2% pre-tax contribution to the 401(k) plan for all benefit-eligible employees. The plan is administered through Prudential Retirement and offers both a pre-tax and Roth 401(k) after-tax option.
Burke County offers a 457 Retirement Savings Plan that is administered through Nationwide Retirement and offers a pre-tax option.