North Carolina General Statutes 120-4.13. Transfer of membership and benefits
Terms Used In North Carolina General Statutes 120-4.13
- Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund, together with regular interest as provided in N. See North Carolina General Statutes 120-4.8
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means payment for life derived from the "Accumulated contribution" of a member. See North Carolina General Statutes 120-4.8
- Retirement: means the withdrawal from active service with a retirement allowance granted under the provisions of this Article. See North Carolina General Statutes 120-4.8
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) The Board of Trustees shall set up procedures to transfer membership from the Legislative Retirement Fund to the Retirement System and to recompute benefits paid to retirees of the Legislative Retirement Fund who elect to transfer to the Retirement System.
(b) The accumulated contributions and creditable service of any member whose service as a member of the General Assembly has been or is terminated other than by retirement or death and who, while still a member of this Retirement System, became or becomes a member, as defined in N.C. Gen. Stat. § 135-1(13), of the Teachers’ and State Employees’ Retirement System for a period of five or more years may, upon application of the member, be transferred from this Retirement System to the Teachers’ and State Employees’ Retirement System. In order to effect the transfer of a member’s creditable service from the Legislative Retirement System to the Teachers’ and State Employees’ Retirement System, there shall be transferred from the Legislative Retirement System to the Teachers’ and State Employees’ Retirement System the sum of (i) the accumulated contributions of the member credited in the annuity savings fund and (ii) the amount of reserve held in the Legislative Retirement System as a result of previous contributions by the employer on behalf of the transferring member.
(c) The accumulated contributions and creditable service of any member whose service as a member of the General Assembly has been or is terminated other than by retirement or death and who, while still a member of this Retirement System, became or becomes a member, as defined in N.C. Gen. Stat. § 135-53(11), of the Consolidated Judicial Retirement System for a period of five or more years may, upon application of the member, be transferred from this Retirement System to the Consolidated Judicial Retirement System. In order to effect the transfer of a member’s creditable service from the Legislative Retirement System to the Consolidated Judicial Retirement System, there shall be transferred from the Legislative Retirement System to the Consolidated Judicial Retirement System the sum of (i) the accumulated contributions of the member credited in the annuity savings fund and (ii) the amount of reserve held in the Legislative Retirement System as a result of previous contributions by the employer on behalf of the transferring member. (1983, c. 761, s. 238; 2003-284, s. 30.18(a).)