GENERAL ASSEMBLY OF NORTH CAROLINA
1995 SESSION
CHAPTER 165
AN ACT TO AMEND THE LAW RELATING TO MOUNT AIRY'S FIREFIGHTERS' SUPPLEMENTARY FUND.
The General Assembly of North Carolina enacts:
Section 1. Chapter 302 of the 1967 Session Laws, as amended by Chapter 12 of the 1969 Session Laws and Chapter 121 of the 1973 Session Laws, reads as rewritten:
"Section 1. There is hereby established a Supplementary
Pension Fund for the Fire Department of the Town City of Mount
Airy, North Carolina, said which fund is to be known as
the 'Mount Airy Firemen's Firefighters' Supplementary Pension Fund'
Fund', herein after referred to as 'Supplementary Pension
Fund' the Supplementary Pension Fund. and said fund This
fund is to be administered by a five-member board of trustees Board
of Trustees composed of the City Treasurer Finance Director of
the Town City of Mount Airy, the Chief of the Fire
Department of Mount Airy Airy, and three (3) members of said
the board to be elected annually in annual elections for
staggered two-year terms from the membership of the City of Mount
Airy Fire Department by a majority vote of its members.
Sec. 2. That all All funds in the
Firemen's Relief Fund of the Town City of Mount Airy Airy,
referred to as the Firemen's Relief Fund, in excess of five thousand
dollars ($5,000) shall be transferred to the 'Supplementary Pension Fund' Supplementary
Pension Fund so as to retain in the Firemen's Relief Fund an amount of
money not greater than five thousand dollars ($5,000); provided, however, the
Firemen's Relief Fund shall have restored such the sums from
recurring annual receipts as that are necessary to maintain a
fund of not less than five thousand dollars ($5,000); provided further, that,
of the funds and subsequent recurring increments thereto transferred
from the Firemen's Relief Fund of the Town of Mount Airy to the 'Supplementary
Pension Fund', Supplementary Pension Fund, any or all of the same,
same shall be retrievable may be retrieved by and to
the Firemen's Relief Fund of the Town of Mount Airy in order to defray
and meet such the legitimate claims which that accrue
under the provisions and coverage of the Firemen's Relief Fund of the Town
of Mount Airy. Fund.
Sec. 3. Any person who is a member of the City of Mount
Airy Fire Department, salaried or volunteer, career or part-time, as
shown by the records of the Town City of Mount Airy at the time
of the ratification of this Act, or any person who shall become such a member, salaried
or volunteer, career or part-time, shall be eligible for benefits
from the 'Supplementary Pension Fund' of the Fire Department of the Town of
Mount Airy. Supplementary Pension Fund. It is further provided
that this Act does not modify or alter in any way the Workmen's Compensation
Laws of the State of North Carolina. North Carolina's Workers'
Compensation Laws.
Sec. 4. Any member who has served 20 years as a fireman
firefighter in the City of Mount Airy Fire Department and has
attained the age of 55 years, shall be entitled to receive
retirement benefits from the 'Supplementary Pension Fund'; Supplementary
Pension Fund; said this monthly pension shall be computed on
the basis of $1.25 a defined amount per month for each year of
service in the department. The Board of Trustees shall define the
amount used as the basis for the monthly pension, and may adjust the amount
when the board determines it appropriate, necessary, or imperative to keep or
maintain the Supplementary Pension Fund on a good, solid financial basis, while
providing a level of benefits consistent with funding. Any adjustments
made are effective for firefighters not currently receiving a benefit as well
as retired firefighters currently receiving a benefit.
The Board of Trustees may, in its discretion, adjust the
monthly payment of the retired fireman receiving a benefit from the
'Supplementary Pension Fund', when the board determines it necessary or
imperative to keep or maintain the 'Supplementary Pension Fund' on a good solid
financial basis.
Sec. 5. The City Treasurer Finance Director of
the Town City of Mount Airy, as a member of the board of
trustees Board of Trustees of the 'Supplementary Pension Fund' Supplementary
Pension Fund, shall be treasurer and custodian of the said fund and
shall pay the beneficiaries thereof on the first day of on a regular
basis each and every month any moneys in his possession that such
the beneficiaries may be entitled to under the provisions of this
Act.
Sec. 6. The City Treasurer Finance Director of
the Town City of Mount Airy, as custodian of the 'Supplementary
Pension Fund', Supplementary Pension Fund, shall be required to give
a bond with an indemnity company authorized to do business in the State of
North Carolina as surety in a sum equal to one and one quarter times the
maximum amount estimated by the board of trustees Board of Trustees as
likely to be in his possession as such the custodian at
any time within the fiscal year for which the bond is given. The
condition of said the bond shall be that said the custodian
shall shall, pursuant to this section, faithfully receive, keep,
disburse, and account for, as herein provided, for all funds and
property coming into his the director's hands as such custodian,
and the premiums on said this bond shall be paid out of the 'Supplementary
Pension Fund'. Supplementary Pension Fund.
Sec. 7. The said custodian of said
'Supplementary Pension Fund' is authorized and directed to the
Supplementary Pension Fund shall invest all moneys coming into his possession
belonging to said Supplementary Pension Fund, the Supplementary
Pension Fund, except so much as the board of trustees Board of
Trustees from time to time determine determines is reasonably
necessary for the prompt payment of claims and expenses, in such those
securities as the board of trustees that the board shall elect:
Provided, elect; provided, however, that such these securities
shall be limited to, and upon, the same conditions as those enumerated by the
General Statutes of North Carolina, as amended, as to the investment of
trust funds, and/or and the funds of guardians.
Sec. 8. The board of trustees Board of
Trustees as herein provided for may, in its discretion, take and
receive any gift, grant, bequest, or devise or any real or personal property or
other things of value for, and as, the property of said 'Supplementary
Pension Fund' and hold and disburse and the Supplementary Pension Fund
and hold, disburse, and invest the same for the use of said the fund
in accordance with the purpose of this Act and the conditions attached to any
such gift, grant, bequest bequest, or devise.
Sec. 9. The provisions of Chapter 118 Article
84 of Chapter 58 of the General Statutes of North Carolina creating
a Firemen's Relief Fund are repealed as to the Town City of Mount
Airy insofar and only insofar as said these provisions are
inconsistent with and contradictory to the provisions of this Act.
Sec. 10. All laws and clauses of laws in conflict
with the provisions of this Act are hereby repealed.
Sec. 11. This Act shall be in full force and effect from and after its ratification.
Sec. 12. None of the provisions of this Act shall create a liability for the Mount Airy Firefighters' Supplementary Pension Fund or for the State unless sufficient current assets are available in the Fund to pay fully for the liability. Under no circumstances shall the State incur any liability as a result of this Act."
Sec. 2. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 5th day of June, 1995.
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Dennis A. Wicker
President of the Senate
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Harold J. Brubaker
Speaker of the House of Representatives