NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 391

SENATE BILL 477

 

AN ACT TO REPEAL CHAPTER 169 OF THE 1969 SESSION LAWS AND TO PROVIDE A SUPPLEMENTAL RETIREMENT FUND FOR FIREMEN IN THE TOWN OF ELKIN AND TO MODIFY THE APPLICATION OF G.S. 118-5, 118-6, AND 118-7 TO THE TOWN OF ELKIN.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Supplemental Retirement Fund Created.  The Board of Trustees of the Local Firemen's Relief Fund of the Town of Elkin, as established in accordance with G.S. 118-6, hereinafter called the Board of Trustees, shall create and maintain a separate fund to be called the Elkin Firemen's Supplemental Retirement Fund, hereinafter called the Supplemental Retirement Fund, and shall maintain books of account for such fund separate from the books of account of the Firemen's Local Relief Fund of the Town of Elkin, hereinafter called the Local Relief Fund.  The Board of Trustees shall pay into the Supplemental Retirement Fund the funds prescribed by this act.

Sec. 2.  Transfers of Funds and Disbursements.  Notwithstanding the provisions of G.S. 118-7, the Board of Trustees of the Local Firemen's Relief Fund of the Town of Elkin shall:

(1)       prior to July 1, 1971, transfer to the Supplemental Retirement Fund all funds, including earnings on investments, of the Local Relief Fund in excess of five thousand dollars ($5,000); and all funds of the "Elkin Firemen's Supplementary Pension Fund";

(2)       in each subsequent calendar year, and within thirty (30) days after receipt from the North Carolina Insurance Commissioner of the annual funds paid to the Local Relief Fund by authority of G.S. 118-5, transfer to the Supplemental Retirement Fund such funds;

(3)       at any time when the amount of funds in the Local Relief Fund shall, by reason of disbursements authorized by G.S. 118-7, be less than five thousand dollars ($5,000), transfer from the Supplemental Retirement Fund to the Local Relief Fund an amount sufficient to maintain in the Local Relief Fund the sum of five thousand dollars ($5,000);

(4)       beginning in July, 1971, and as soon as practical after the first day of each month, but in no event later than the fifth day of each month, disburse funds in the Supplemental Retirement Fund as supplemental retirement benefits in accordance with Section 3 of this act.

Sec. 3.  Supplemental Retirement Benefits.

(a)       Each active fireman of the Town who has retired subsequent to January 1, 1969, and who has attained the age of 55 with thirty (30) years' service or more as a town fireman, shall be entitled to and shall receive in each calendar month following the calendar month in which he retires a monthly supplemental retirement benefit equal to one dollar ($1.00) for each full year of service as a fireman of the Town; provided, in the event, in any calendar month, funds in the Supplemental Retirement Fund are not available to pay a benefit equal to one dollar ($1.00) for each full year of service as a fireman of the Town, the Board of Trustees shall specify a lesser amount to be paid.

(b)       Any former fireman of the Town who has served twenty years (20) or more as an active Town fireman and who is not otherwise entitled to supplemental retirement benefits under subsection (a) of this Section, shall nevertheless be entitled to such benefits in any calendar year in which the Board of Trustees makes the following written findings of fact:

(1)       that he initially retired from his position as fireman because of his inability, by reason of sickness or injury, to perform the normal duties of an active fireman; and

(2)       that, within thirty (30) days prior to or following his initial retirement as a fireman, at least two physicians licensed to practice medicine in North Carolina certified that he was at such time unable, by reason of sickness or injury, to perform the normal duties of an active fireman; and

(3)       that, since the preceding January 1, at least one physician licensed to practice medicine in North Carolina certified that he remains unable, by reason of sickness or injury, to perform the normal duties of an active fireman.

Sec. 4.  Investment of Funds.  The Board of Trustees is hereby authorized to invest any funds, either of the Local Relief Fund or of the Supplemental Retirement Fund, in any investment named in or authorized by G.S. 159-28.1, only in accordance with the provisions thereof, and is hereby directed to invest all of the funds of the Supplemental Retirement Fund in one or more of such investments.

Sec. 5.  Acceptance of Gifts.  The Board of Trustees is hereby authorized to accept any gift, grant, bequest, or donation of money for the use of the Supplemental Retirement Fund.

Sec. 6.  Bond of Treasurer.  The Board of Trustees shall bond the Treasurer of the Local Relief Fund with a good and sufficient bond, in an amount at least equal to the amount of funds in his control, payable to the Board of Trustees, and conditioned upon the faithful performance of his duties; such bond shall be in lieu of the bond required by G.S. 118-6.  The Board of Trustees shall pay from the Supplemental Retirement Fund the premiums on the bond of the Treasurer.

Sec. 7.  If any provision of this act shall be declared invalid by a court of competent jurisdiction, such invalidity shall not affect other provisions hereof which can be given effect without the invalid provision, and to this end the provisions of this act are declared to be severable.

Sec. 8.  Chapter 169 of the 1969 Session Laws is hereby repealed.

Sec. 9.  This act shall be effective upon its ratification.

In the General Assembly read three times and ratified, this the 19th day of May, 1971.