120-4.10. Administration of retirement system. The Board of Trustees of the Teachers’ and State Employees’ Retirement System shall be the trustee of the Retirement System. The provisions of this Article shall be administered by the Board of Trustees. (1983, c. 761, s. 238; 2013-287, s. 7.)
120-4.11. Membership. The following members of the General Assembly and former members of the General Assembly are eligible for membership in the Retirement System: (1) Members of the General Assembly who serve on and after June 15, 1983; and (2) Former members of the General Assembly who served prior to June 15, 1983; and a. […]
120-4.12. Creditable service. (a) Creditable service at retirement consists of the membership service rendered by the member of the Retirement System and any prior service purchased or granted by this Article. (b) Membership Service means the number of years served as a member of the General Assembly as of the establishment of the Retirement System […]
120-4.12A. Reciprocity of creditable service with other state-administered retirement systems. (a) Only for the purpose of determining eligibility for benefits accruing under this Article, creditable service standing to the credit of a member of the Consolidated Judicial Retirement System, Teachers’ and State Employees’ Retirement System, or Local Governmental Employees’ Retirement System shall be added to […]
120-4.13. Transfer of membership and benefits. (a) The Board of Trustees shall set up procedures to transfer membership from the Legislative Retirement Fund to the Retirement System and to recompute benefits paid to retirees of the Legislative Retirement Fund who elect to transfer to the Retirement System. (b) The accumulated contributions and creditable service of […]
120-4.14. Purchase of prior service. Purchase of prior service rendered by a member of the General Assembly before becoming a member of the Retirement System that is not service that may be transferred pursuant to G.S. 120-4.12 shall be at the rate of one month of service for each month for which a legislator received […]
120-4.15. Repayment of contributions. (a) On or before December 31, 2021, repayment of contributions withdrawn from the Legislative Retirement Fund and System shall be at the rate of seven percent (7%) of the highest monthly compensation received as a legislator at the time of purchase for each month of creditable service restored plus an administrative […]
120-4.16. Repayments and purchases. (a) All repayments and purchases of service credit, allowed under this Article, shall be made within two years after the member first becomes eligible to make such repayments and purchases. All such repayments and purchases not made within two years after the member becomes eligible shall equal the full liability increase […]
120-4.17. Assets of retirement system. (a) All of the assets of the Retirement System shall be credited according to the purpose for which they are held to one of two funds, either the Annuity Savings Fund or the Pension Accumulation Fund. (b) The Annuity Savings Fund is the fund to which all members’ contributions, and […]
120-4.18. Management of funds. The Board of Trustees shall manage the fund established by G.S. 120-4.17 pursuant to G.S. 135-7. (1983, c. 761, s. 238.)
120-4.19. Contributions by the members. Effective upon convening of the 1985 Regular Session of the General Assembly, each member shall contribute by payroll deduction for each pay period for which he receives compensation seven percent (7%) of his compensation for the period. Anything within this Article to the contrary notwithstanding, the State, pursuant to the […]
120-4.20. Contributions by the State. (a) Effective upon convening of the 1985 Regular Session of the General Assembly, the State shall contribute annually an amount equal to the sum of the "normal contribution" and the "accrued liability contribution." (b) The normal contribution for any period shall be determined as a percentage, equal to the normal […]
120-4.21. Service retirement benefits. (a) Eligibility; Application. – Any member may retire with full benefits who has reached 65 years of age with five years of creditable service. Any member may retire with reduced benefits who has reached the age of 50 years with 20 years of creditable service or 60 years with five years […]
120-4.22. Disability retirement benefits. (a) Eligibility; Application. – Upon application by or on behalf of the member, any member in service who has completed at least five years of creditable service and who has not reached his 60th birthday may, after medical certification, be retired on a disability retirement allowance by the Board of Trustees […]
120-4.22A. Post-retirement increases in allowances. (a) Retired members and beneficiaries of the Retirement System shall receive post-retirement increases in allowances on the same basis as post-retirement increases in allowances are provided to retired members and beneficiaries of the Teachers’ and State Employees’ Retirement System. (b) In accordance with subsection (a) of this section, from and […]
120-4.23. Reexamination for disability retirement allowance. Any disability retiree who has not reached age 65 shall be reexamined pursuant to G.S. 135-5(e). After he reaches age 65, no further examinations are required. (1983, c. 761, s. 238.)
120-4.24. Return to membership of former member. If a retired former member of the Retirement System or of the Legislative Retirement Fund returns to service as a member of the General Assembly, his retirement allowance shall cease and he shall be restored as a member of the Retirement System. The computation of the amount of […]
120-4.25. Return of accumulated contributions. If a member ceases to be a member of the General Assembly except by death or retirement, the member shall, upon submission of an application, be paid not earlier than 60 days following the date of termination of service the sum of the member’s accumulated contributions provided the member has […]
120-4.26. Benefit payment options. Any member may elect to receive his benefits in a retirement allowance payable throughout life, or he may elect to receive the actuarial equivalent of the retirement allowance in a reduced allowance payable throughout life under the provisions of one of the options set forth below. No election may be made […]
120-4.26A. Benefits on death after retirement. In the event of the death of a retired member while in receipt of a retirement allowance under the provisions of this Article, there shall be paid to such person or persons as the retiree shall have nominated by electronic submission in a form approved by the Board of […]
