GENERAL ASSEMBLY OF NORTH CAROLINA

1987 SESSION

 

 

CHAPTER 177

HOUSE BILL 191

 

AN ACT TO MAKE CLARIFYING TECHNICAL CHANGES IN THE RETIREMENT AND PENSION BENEFITS FOR STATE AND CERTAIN LOCAL GOVERNMENT EMPLOYEES.

 

The General Assembly of North Carolina enacts:

 

Section 1.  (a) Article 1A of Chapter 120 of the General Statutes is amended by adding a new section to the end designated as G.S. 120-4.30; Article 3 of Chapter 128 of the General Statutes is amended by adding a new section to the end designated as G.S. 128-38.1; Article 1 of Chapter 135 of the General Statutes is amended by adding a new section to the end designated as G.S. 135-18.6; and, Article 4 of Chapter 135 of the General Statutes is amended by adding a new section to the end designated as G.S. 135-73.

(b)       The catchline and text of each new section created under subsection (a) above reads as follows:

"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 extent funded as of such date, or the amounts credited to the members' accounts, shall be nonforfeitable and fully vested."

(c)       This section shall be effective upon the first day of the calendar month following the State's receipt of a favorable letter of determination or ruling from the Internal Revenue Service, United States Department of Treasury, that the Retirement Systems are qualified trusts under Section 401(a) of the Internal Revenue Code of 1954 as amended.

Sec. 2.  Effective July 1, 1986, G.S. 143-27.2 is amended in the second sentence of the second paragraph by deleting the number "25" and substituting the number "20".

Sec. 3.  Effective January 1, 1987, G.S. 143-166.84(b) is amended by adding immediately after the word "section" the phrase "relating to age, service, and retirement status".

Sec. 4.  Effective January 1, 1987, G.S. 143-166.85(a) is amended in the third sentence by inserting the phrase "at retirement" between the words "allowance" and "from".

Sec. 5.  Unless otherwise specified, this act is effective upon ratification.

In the General Assembly read three times and ratified this the 11th day of May, 1987.