§ 128-37.2 – Continued membership for certain fire departments.
128-37.2. Continued membership for certain fire departments. (a) In order to participate in the Local Governmental Employees’ Retirement System after October 1, 2015, the charter or articles of incorporation of fire departments must include a provision that provides that the governing body of the local government entity that holds the contract with the highest dollar […]
§ 128-38 – Reservation of power to change.
128-38. Reservation of power to change. The General Assembly reserves the right at any time and from time to time, and if deemed necessary or appropriate by said General Assembly in order to coordinate with any changes in the benefit and other provisions of the Social Security Act made after January 1, 1955, to modify […]
§ 128-38.1 – Termination or partial termination; discontinuance of contributions.
128-38.1. 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 […]
§ 128-38.2 – Internal Revenue Code compliance.
128-38.2. 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) […]
§ 128-38.3 – Deduction for payments allowed.
128-38.3. 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 employers as defined in G.S. 128-21(11), may authorize, in writing, the periodic deduction from the beneficiary’s retirement benefits a designated […]
§ 128-30 – Method of financing.
128-30. Method of financing. (a) Funds to Which Assets of Retirement System Credited. – All of the assets of the Retirement System shall be credited according to the purpose for which they are held to one of three funds, namely, the annuity savings fund, the pension accumulation fund, and the expense fund. (b) Annuity Savings […]
§ 128-31 – Exemptions from execution; employing unit to offset amount owed by member or beneficiary.
128-31. Exemptions from execution; employing unit to offset amount owed by member or beneficiary. (a) Except for the applications of the provisions of G.S. 110-136, and G.S. 110-136.3 et seq., and in connection with a court-ordered equitable distribution under G.S. 50-20, the right of a person to a pension, an annuity, or a retirement allowance, […]
§ 128-32 – Protection against fraud.
128-32. Protection against fraud. Any person who shall knowingly make any false statement or shall falsify or permit to be falsified any record or records of this Retirement System in any attempt to defraud such System as a result of such act shall be guilty of a Class 1 misdemeanor. Should any change or error […]
§ 128-32.1 – Failure to respond.
128-32.1. Failure to respond. If a member fails to respond within 120 days after preliminary option figures and the Form 6-E or Form 7-E are transmitted to the member, or if a member fails to respond within 120 days after the effective date of retirement, whichever is later, the Form 6 or Form 7 shall […]
§ 128-33 – Certain laws not applicable to members.
128-33. Certain laws not applicable to members. Subject to the provisions of Article 2 of Chapter 135 of Volume 3B of the General Statutes, as amended, no other provision of law in any other statute which provides wholly or partly at the expense of any county, city or town for pensions or retirement benefits for […]