§ 135-94 – Benefits.
135-94. Benefits. (a) The Department of State Treasurer and the Board of Trustees shall establish a schedule of supplemental retirement income benefits for all members of the Supplemental Retirement Income Plan, subject to the following limitations: (1) Except as provided in G.S. 143-166.30(g1) and G.S. 143-166.50(e2), the balance in each member’s account shall be fully […]
§ 135-71 – Return to membership of retired former member.
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.
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.
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) […]
§ 135-65 – 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. […]
§ 135-70 – Transfer of members to another system.
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 […]