§ 135-65 – Post-retirement increases in allowances.
135-65. Post-retirement increases in allowances. (a) Commencing with the post-retirement adjustment, effective July 1, 1974, all retirement allowances payable under the provisions of this Article shall be adjusted annually in accordance with the provisions of G.S. 135-5(o). (b) Increases in Benefits Paid to Members Retired prior to July 1, 1978. – Notwithstanding subsection (a) of […]
§ 135-66 – Administration; management of funds; method of financing.
135-66. Administration; management of funds; method of financing. (a) The State Treasurer shall be the custodian of the assets of this Retirement System and shall invest them in accordance with the provisions of G.S. 147-69.2 and G.S. 147-69.3. (b) The assets of this Retirement System shall include employers’ contributions held with the Pension Accumulation Fund […]
§ 135-67 – Assets of Retirement System.
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.
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.
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. […]
§ 135-56.2 – Creditable service for other employment.
135-56.2. Creditable service for other employment. Any member may purchase creditable service for service as a State teacher or employee, as defined under G.S. 135-1(10) and (25), and for service as an employee of local government, as defined under G.S. 128-21(10). A member, upon the completion of 10 years of membership service, may also purchase […]
§ 135-56.3 – Repayments and Purchases.
135-56.3. Repayments and Purchases. (a) Purchase of Service Credits Through Rollover Contributions From Certain Other Plans. – Notwithstanding any other provision of this Article, and without regard to any limitations on contributions otherwise set forth in this Article, a member, who is eligible to restore or purchase membership or creditable service pursuant to the provisions […]
§ 135-57 – Service retirement.
135-57. Service retirement. (a) Any member on or after January 1, 1974, who has attained his fiftieth birthday and five years of membership service may retire upon electronic submission or written application to the board of trustees setting forth at what time, as of the first day of a calendar month, not less than one […]
§ 135-58 – Service retirement benefits.
135-58. Service retirement benefits. (a) Any member who retires under the provisions of subsection (a) or subsection (c) of G.S. 135-57 before July 1, 1990, after he either has attained his sixty-fifth birthday or has completed 24 years or more of creditable service shall receive an annual retirement allowance, payable monthly, which shall commence on […]
§ 135-59 – Disability retirement.
135-59. Disability retirement. (a) Upon application by or on behalf of the member, any member in service who has completed five or more years of creditable service and who has not attained his sixty-fifth birthday may be retired by the Board of Trustees, on the first day of any calendar month, not less than one […]