North Carolina General Statutes 128-35. Obligations of pension accumulation fund
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Terms Used In North Carolina General Statutes 128-35
- Pension: shall mean payments for life derived from money provided by the employer. See North Carolina General Statutes 128-21
- Regular interest: shall mean interest compounded annually at such rate as shall be determined by the Board of Trustees in accordance with N. See North Carolina General Statutes 128-21
The maintenance of annuity reserves and pension reserves as provided for, and regular interest creditable to the various funds as provided in N.C. Gen. Stat. § 128-30, and the payment of all pensions, annuities, retirement allowances, refunds and other benefits granted under the provisions of this Article, are hereby made obligations of the pension accumulation fund. All income, interest and dividends derived from deposits and investments authorized by this Article shall be used for the payment of said obligations of the said fund. (1939, c. 390, s. 15.)