NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 608

HOUSE BILL 1047

 

AN ACT TO PROVIDE A SUPPLEMENTAL RETIREMENT FUND FOR FIREMEN IN THE CITY OF CHERRYVILLE AND TO MODIFY THE APPLICATION OF G.S. 118-5, G.S. 118-6, AND G.S. 118-7 TO THE CITY OF CHERRYVILLE.

 

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 City of Cherryville, 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 Cherryville Firemen's Supplemental Retirement Fund, hereinafter called the Supplemental Retirement Fund, and shall maintain books of account for such funds separate from the books of account of the Firemen's Local Relief Fund of the City of Cherryville, 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 City of Cherryville shall:

(a)       Prior to July 1, 1971, transfer to the Supplemental Retirement Fund all funds, including earnings on investments, on the Local Relief Fund in excess of five thousand dollars ($5,000);

(b)       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), or at the discretion of the City Council a sum sufficient to maintain in the Local Relief Fund the sum of five thousand dollars ($5,000) make such transfer from the General Fund of the City;

(c)       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, subject to provisions of Section (a) above;

(d)       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 4 of this act.

Sec. 3. Firemen's contributions. (a)  Each fireman of the City of Cherryville, whether full-time or part-time, shall qualify to share in the supplemental retirement benefits by payment of a monthly contribution of two dollars and fifty cents ($2.50) per month of service beginning July 1, 1971, and continuing for the full tenure of service.

(b)       Any fireman who shall resign prior to eligibility or retirement shall be entitled to have returned his contributions made to the Firemen's Supplemental Retirement Fund.

(c)       No fireman shall be eligible for supplemental retirement benefits, either full-time or part-time, who has not contributed the two dollars and fifty cents ($2.50) per month continuously from July 1, 1971, until such time as of eligibility for retirement, except for any fireman eligible for retirement as of July 1, 1971, in accordance with provisions of retirement provided herein.

Sec. 4. Supplemental retirement benefits. (a)  Each active fireman of the City of Cherryville eligible for retirement on or after July 1,1971, who has attained the age of 55 with twenty (20) years' service or more as a City 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 two dollars ($2.00) for each full year of service as a fireman of the City; provided, in the event, in any calendar month, funds in the Supplemental Retirement Fund are not available to pay a benefit equal to two dollars ($2.00) for each full month of service as a fireman of the City, the Board of Trustees shall specify a lesser amount to be paid; or at discretion of the City Council sufficient funds may be transferred from the General Fund to perpetuate full benefits.

(b)       In no event shall any retired fireman be entitled to or receive in any year an annual benefit in excess of six hundred dollars ($600.00).

Sec. 5. 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 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. 6. 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. 7. 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 Local Relief Fund the premiums on the bond of the Treasurer.

Sec. 8. 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. 9. All laws and clauses of laws in conflict with this act are hereby repealed.

Sec. 10. This act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 18th day of June, 1971.