North Carolina General Statutes 135-68. Contributions by the members
Terms Used In North Carolina General Statutes 135-68
- Compensation: includes all special pay contribution of annual leave made to a 401(a) Special Pay Plan for the benefit of an employee. See North Carolina General Statutes 135-1
- Compensation: shall mean all salaries and wages derived from public funds which are earned by a member of the Retirement System for his service as a justice or judge, or district attorney, or clerk of superior court, or public defender, or the Director of Indigent Defense Services. See North Carolina General Statutes 135-53
- 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
- month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
- 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) Each member shall contribute by payroll deduction for each pay period for which he receives compensation six percent (6%) of his compensation for such period.
(b) Anything within this Article to the contrary notwithstanding, the State, pursuant to the provisions of section 414(h)(2) of the Internal Revenue Code of 1954 as amended, shall pick up and pay the contributions which would be payable by the members under subsection (a) of this section with respect to the services of such members rendered after the effective date of this subsection.
The members’ contributions picked up by the State shall be designated for all purposes of the Retirement System as member contributions, except for the determination of tax upon a distribution from the System. These contributions shall be credited to the annuity savings fund and accumulated within the fund in a member’s account which shall be separately established for the purpose of accounting for picked-up contributions.
Member contributions picked up by the State shall be payable from the same source of funds used for the payment of compensation to a member. A deduction shall be made from a member’s compensation equal to the amount of his contributions picked up by the State. This deduction, however, shall not reduce a member’s compensation as defined in subdivision (5) of N.C. Gen. Stat. § 135-53 Picked up contributions shall be transmitted to the Retirement System monthly for the preceding month by means of a warrant drawn by the State payable to the Retirement System and shall be accompanied by a schedule of the picked-up contributions on such forms as may be prescribed. (1973, c. 640, s. 1; 1983, c. 469, s. 1.)