135-67. 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, namely, the annuity savings fund and the pension accumulation fund. (b) The annuity savings fund shall be the fund to which all members’ contributions, […]
135-68. Contributions by the members. (a) Each member shall contribute by payroll deduction for each pay period for which he receives compensation six percent (6%) of his compensation for such period. (b) Anything within this Article to the contrary notwithstanding, the State, pursuant to the provisions of section 414(h)(2) of the Internal Revenue Code of […]
135-69. Contributions by the State. (a) 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 contribution rate, of the total compensation of the members for such period. […]
135-70. Transfer of members to another system. (a) Any member whose membership service is terminated other than by retirement or death and, who, while still a member of this Retirement System becomes a member of either the Teachers’ and State Employees’ Retirement System or the North Carolina Local Governmental Employees’ Retirement System, may elect to […]
135-70.1. Transfer of members from the Local Governmental Employees’ Retirement System, the Teachers’ and State Employees’ Retirement System, or the Legislative Retirement System. (a) The accumulated contributions, creditable service, and reserves, if any, of a former teacher or employee, as defined in G.S. 135-1(25), 135-1(10), and 128-21(10), respectively, or a former member of the General […]
135-71. Return to membership of retired former member. (a) In the event that a retired former member should at any time return to membership service, his retirement allowance shall thereupon cease and he shall be restored as a member of the Retirement System. (b) Upon his subsequent retirement, he shall be paid a retirement allowance […]
135-73. 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 […]
135-74. 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) […]
135-75. 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 […]
135-75.1. Forfeiture of retirement benefits for certain felonies committed while serving as elected government official. (a) Except as provided in G.S. 135-56(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 the federal […]
135-75.1A. Forfeiture of retirement benefits for certain felonies related to employment or holding office. (a) Except as provided in G.S. 135-56(j), 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 […]
135-75.1B. Prohibition on purchase of forfeited service. Any member whose retirement benefits have been forfeited under G.S. 135-75.1 or G.S. 135-75.1A 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 […]
135-75.2. 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 […]
