120-4.27. Death benefit. The designated beneficiary of a member who dies while in service after completing one year of creditable service shall receive a lump-sum payment of an amount equal to the deceased member’s highest annual salary, to a maximum of fifteen thousand dollars ($15,000). For purposes of this death benefit "in service" means currently […]
120-4.28. Survivor’s alternate benefit. The designated beneficiary of a member who dies in service before retirement but after age 60 and after completing five years of creditable service or after completing 12 years of creditable service is entitled to Option 2 prescribed by G.S. 120-4.26. In the event that a retirement allowance becomes payable to […]
120-4.29. Exemption from garnishment, attachment. Except for the applications of the provisions of G. S. 110-136, and in connection with a court-ordered equitable distribution under G.S. 50-20, the right of a person to a pension, annuity, or retirement allowance, to the return of contributions, or to the receipt of the pension, annuity or retirement allowance […]
120-4.30. Termination or partial termination; discontinuance of contributions. In the event of the termination or partial termination of the Retirement System or in the event of complete discontinuance of contributions under the Retirement System, the rights of all affected members to benefits accrued to the date of such termination, partial termination, or discontinuance, to the […]
120-4.31. Internal Revenue Code compliance. (a) Notwithstanding any other provisions of law to the contrary, compensation for any calendar year after 1988 in which employee or employer contributions are made and for which annual compensation is used for computing any benefit under this Article shall not exceed the higher of two hundred thousand dollars ($200,000) […]
120-4.32. Deduction for payments allowed. (a) Any beneficiary who is a member of a domiciled employees’ or retirees’ association that has at least 2,000 members, the majority of whom are active or retired employees of the State or public school employees, may authorize, in writing, the periodic deduction from the beneficiary’s retirement benefits a designated […]
120-4.33. Forfeiture of retirement benefits for certain felonies. (a) Except as provided in G.S. 120-4.12(f), the Board of Trustees shall not pay any retirement benefits or allowances, except for a return of member contributions plus interest, to any member who is convicted of any felony under the federal laws listed in subsection (b) of this […]
120-4.33A. Forfeiture of retirement benefits for certain felonies related to employment or holding office. (a) Except as provided in G.S. 120-4.12(g), the Board of Trustees shall not pay any retirement benefits or allowances, except for a return of member contributions plus interest, to any member who is convicted of any felony under federal law or […]
120-4.33B. Prohibition on purchase of forfeited service. Any member whose retirement benefits have been forfeited under G.S. 120-4.3 or G.S. 120-4.3A is prohibited from subsequently purchasing or repurchasing either those forfeited benefits or any creditable membership service associated with those forfeited benefits and that service may not be used for the purposes of eligibility for […]
120-4.34. Improper receipt of decedent’s retirement allowance. A person is guilty of a Class 1 misdemeanor if the person, with the intent to defraud, receives money as a result of cashing, depositing, or receiving a direct deposit of a decedent’s retirement allowance and the person (i) knows that he or she is not entitled to […]
120-4.8. Definitions. The following words and phrases as used in this Article, unless the context clearly requires otherwise, have the following meanings: (1) "Accumulated contributions" means the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund, together with regular interest as […]
120-4.9. Retirement system established. A Retirement System is established and placed under the Board of Trustees of the Teachers’ and State Employees’ Retirement System for administrative purposes. This Retirement System is a governmental plan, within the meaning of Section 414(d) of the Internal Revenue Code. Therefore, the nondiscrimination rules of Sections 401(a)(5) and 401(a)(26) of […]
