North Carolina General Statutes 135-96. Supplemental Retirement Board of Trustees
(a) The Supplemental Retirement Board of Trustees is established to administer the Supplemental Retirement Income Plan established under the provisions of this Article and the North Carolina Public Employee Deferred Compensation Plan established under N.C. Gen. Stat. § 143B-426.24, and the North Carolina Public School Teachers’ and Professional Educators’ Investment Plan established under N.C. Gen. Stat. § 115C-341.2
(b) The Board consists of nine voting members, as follows:
(1) Six persons appointed by the Governor who have experience in finance and investments, one of whom shall be a State employee, and one of whom shall be a retired State or local governmental employee;
Terms Used In North Carolina General Statutes 135-96
- Board of Trustees: shall mean the Board provided for in N. See North Carolina General Statutes 135-1
- 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
- Employee: shall mean all full-time employees, agents or officers of the State of North Carolina or any of its departments, bureaus and institutions other than educational, whether such employees are elected, appointed or employed: Provided that the term "employee" shall not include any person who is a member of the Consolidated Judicial Retirement System, any member of the General Assembly or any part-time or temporary employee. See North Carolina General Statutes 135-1
- Ex officio: Literally, by virtue of one's office.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
- 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
- President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
- Public school: shall mean any day school conducted within the State under the authority and supervision of a duly elected or appointed city or county school board, and any educational institution supported by and under the control of the State. See North Carolina General Statutes 135-1
- 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
(2) One person appointed by the General Assembly upon the recommendation of the Speaker of the House of Representatives;
(3) One person appointed by the General Assembly upon the recommendation of the President Pro Tempore of the Senate; and
(4) The State Treasurer, ex officio, who shall be the Chair.
(c) Effective July 1, 2016:
(1) The appointments made by the General Assembly pursuant to subdivisions (2) and (3) of subsection (b) of this section shall be for initial terms of three years, to expire June 30, 2019.
(2) Three of the appointments made by the Governor pursuant to subdivision (1) of subsection (b) of this section shall be for initial terms of one year, to expire June 30, 2017.
(3) Three of the appointments made by the Governor pursuant to subdivision (1) of subsection (b) of this section shall be for initial terms of two years, to expire June 30, 2018.
Upon the expiration of these initial terms, appointments for all members shall be for terms of three years beginning on the day following the expiration date of the previous member‘s term.
(c1) A member shall continue to serve until the member’s successor is duly appointed, but a holdover under this provision does not affect the expiration date of the succeeding term. No member of the Board may serve longer than any of the following:
(1) Two consecutive three-year terms.
(2) Three consecutive terms of any length, in the event that one or more of the terms is for fewer than three years in duration or the member serves a partial term as result of filling a vacancy.
(3) Eight consecutive years, regardless of term lengths.
(d) Other than ex officio members, members appointed by the Governor shall serve at the Governor’s pleasure. An ex officio member may designate in writing, filed with the Board, any employee of the member’s department to act at any meeting of the Board from which the member is absent, to the same extent that the member could act if present in person at such meeting.
(e) The Board may retain the services of independent appraisers, auditors, actuaries, attorneys, investment counseling firms, statisticians, custodians, or other persons or firms possessing specialized skills or knowledge necessary for the proper administration of investment programs that the Board administers pursuant to this section. (2008-132, s. 2; 2009-378, s. 1; 2013-287, s. 1; 2015-164, s. 1(b).)