NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 621

HOUSE BILL 497

 

 

AN ACT REVISING BENEFITS OF THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM WITHOUT REQUIRING ANY INCREASE IN THE EMPLOYER CONTRIBUTION RATE.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 128-27 is hereby amended by the addition of a new subsection (r) to read as follows:

"(r)       Notwithstanding any other provision of this act, the increase in the allowance to each beneficiary on the retirement rolls as otherwise provided in G.S. 128-27(k) shall be the current maximum of four per centum (4%) plus an additional four per centum (4%) to a total of eight per centum (8%) on July 1, 1975, and July 1, 1976, provided the increases do not exceed the actual percentage increase in the cost of living as determined in G.S. 128-27(k). The provisions of this paragraph shall apply also to the allowance of a surviving annuitant of a beneficiary. The cost of these increases shall be borne from the funds of the Retirement System."

Sec. 2.  G.S. 128-27 is hereby amended by the addition of a new subsection (s) to read as follows:

"(s)       Increases in benefits to those persons on Disability Retirement who were retired prior to July 1, 1971. From and after July 1, 1975, the monthly benefits to members who commenced receiving disability benefits prior to July 1, 1965, shall be increased one percent (1%) thereof for each year by which the member retired prior to age 65 years; the monthly benefits to members who commenced receiving disability benefits after June 30, 1963, and before July 1, 1971, shall be increased by five percent (5%) thereof. These increases shall be calculated before monthly retirement allowances as of June 30, 1975, have been increased to the extent provided in the preceding provisions of this Chapter."

Sec. 3.  This act shall become effective July 1, 1975.

In the General Assembly read three times and ratified, this the 16th day of June, 1975.