Terms Used In North Carolina General Statutes > Chapter 120 > Article 1A - Legislative Retirement System

• 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
• Actuarial equivalent: means a benefit of equal value when computed upon the basis of the mortality tables as adopted by the Board of Trustees, and regular interest. 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Compensation: means salary and expense allowance paid for service as a legislator in the North Carolina General Assembly, exclusive of travel and per diem. See North Carolina General Statutes 120-4.8
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Dependent: A person dependent for support upon another.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Filing: when used in reference to an application for retirement, means the receipt of an acceptable application on a form provided by the Retirement System. See North Carolina General Statutes 120-4.8
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Highest annual salary: means the twelve consecutive months of compensation authorized during a member's final legislative term for the highest position that a member ever held as a member of the General Assembly. See North Carolina General Statutes 120-4.8
• 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
• Juror: A person who is on the jury.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Medical Board: means the board of physicians provided for in N. See North Carolina General Statutes 120-4.8
• Member in service: means a member in service on or after June 15, 1983. See North Carolina General Statutes 120-4.8
• 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
• Pensions: means payments for life derived from money provided by the State of North Carolina. See North Carolina General Statutes 120-4.8
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Regular interest: means interest compounded annually at the rate determined by the Board of Trustees in accordance with N. 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
• Trustee: A person or institution holding and administering property in trust.
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Year: as used in this Article shall mean the regular fiscal year beginning July 1, and ending June 30 in the following calendar year unless otherwise defined by rule of the Board of Trustees. See North Carolina General Statutes 120-4.8