North Carolina General Statutes 135-67. Assets of Retirement System
Terms Used In North Carolina General Statutes 135-67
- Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a member and accredited to his individual account in the annuity savings fund, together with regular interest thereon as provided in N. See North Carolina General Statutes 135-1
- 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: shall mean payments for life derived from that "accumulated contribution" of a member. See North Carolina General Statutes 135-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Member: shall mean any teacher or State employee included in the membership of the System as provided in N. See North Carolina General Statutes 135-1
- Member: shall mean any person included in the membership of the Retirement System as provided in this Article. See North Carolina General Statutes 135-53
- Regular interest: shall mean interest compounded annually at such a rate as shall be determined by the Board of Trustees in accordance with N. See North Carolina General Statutes 135-1
- Regular interest: shall mean interest compounded annually at such a rate as shall be determined by the Board of Trustees in accordance with N. See North Carolina General Statutes 135-53
- Retirement System: shall mean the Teachers' and State Employees' Retirement System of North Carolina as defined in N. See North Carolina General Statutes 135-1
- Retirement System: shall mean the "Consolidated Judicial Retirement System" of North Carolina, as established in this Article. See North Carolina General Statutes 135-53
- 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) All of the assets of the Retirement System shall be credited according to the purpose for which they are held to one of two funds, namely, the annuity savings fund and the pension accumulation fund.
(b) The annuity savings fund shall be the fund to which all members’ contributions, and regular interest allowances thereon as provided for in N.C. Gen. Stat. § 135-7(b), shall be credited. From this fund shall be paid the accumulated contributions of a member in accordance with N.C. Gen. Stat. § 135-62, or 135-63.
(c) Upon the retirement of a member, his accumulated contributions shall be transferred from the annuity savings fund to the pension accumulation fund. In the event that a retired former member should subsequently again become a member of the Retirement System as provided for in N.C. Gen. Stat. § 135-60(c) or 135-71, any excess of his accumulated contributions at his date of retirement over the sum of the retirement allowance payments received by him since his date of retirement shall be transferred from the pension accumulation fund to the annuity savings fund and shall be credited to his individual account in the annuity savings fund.
(d) The pension accumulation fund shall be the fund in which shall be accumulated contributions by the State and amounts transferred from the annuity savings fund in accordance with subsection (c) above, and to which all income from the invested assets of the Retirement System shall be credited. From this fund shall be paid retirement allowances and any other benefits provided for under this Article except payments of accumulated contributions as provided in subsection (b) above.
(e) The regular interest allowance on the members’ accumulated contributions provided for in N.C. Gen. Stat. § 135-7(b) shall be transferred each year from the pension accumulation fund to the annuity savings fund. (1973, c. 640, s. 1.)