North Carolina · statute · N.C. Gen. Stat. ch. 135 · 166 active provisions
Definitions. The following words and phrases as used in this Chapter, unless a different meaning is plainly required by the context, shall have the following meanings: (1) "Accumulated contributions" shall mean the sum of all the amounts deducted from the compensation of a member and accredited to his individual accoun…
Licensing and examining boards. (a) Any State board or agency charged with the duty of administering any law relating to the examination and licensing of persons to practice a profession, trade or occupation, in its discretion, may elect on or before July 1, 1983, by an appropriate resolution of said board, to cause it…
Name and date of establishment. A Retirement System is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Chapter for teachers and State employees of the State of North Carolina. The Retirement Sy…
Membership. (a) The membership of this Retirement System shall be composed as follows: (1) All persons who shall become teachers or State employees after the date as of which the Retirement System is established. On and after July 1, 1947, membership in the Retirement System shall begin 90 days after the election, appo…
Creditable service. (a) Repealed by Session Laws 2020-29, s. 1(a), effective June 19, 2020. (b) In no case shall more than one year of service be creditable for all services in one year. Service rendered for the regular school year in any district shall be equivalent to one year's service. Service rendered by a school…
Reciprocity of creditable service with other State-administered retirement systems. (a) Members First Hired Prior to January 1, 2021. - Only for the purpose of determining eligibility for benefits accruing under this Article for members first hired prior to January 1, 2021, creditable service standing to the credit of…
Creditable service purchases. (a) General Purchases of Service Credit. - Any member in service with five or more years of membership service may purchase creditable service authorized under this subsection by paying a lump sum amount to the Annuity Savings Fund. The amount payable shall be equal to the full liability i…
Benefits. (a) Service Retirement Benefits. (1) Any member may retire upon electronic submission or written application to the Board of Trustees setting forth at what time, as of the first day of a calendar month, not less than one day nor more than 120 days subsequent to the execution of and filing thereof, he desires…
Optional retirement program for The University of North Carolina. (a) An Optional Retirement Program provided for in this section is authorized and established and shall be implemented by the Board of Governors of The University of North Carolina. The Optional Retirement Program shall be underwritten by the purchase of…
Optional participation for charter schools operated by private nonprofit corporations or municipalities. (a), (b) Repealed by Session Laws 2015-168, s. 1, effective January 1, 2016. (b1) The board of directors of a charter school operated by a private nonprofit corporation or a charter school operated by a municipality…
Optional retirement program for State-funded community colleges. (a) An Optional Retirement Program provided for in this section is authorized and established and shall be implemented by the North Carolina Community Colleges System, ("System"). The Optional Retirement Program shall be underwritten by the purchase of an…
Inactive employers. (a) An employer shall be considered an inactive employer if all of the following criteria are met: (1) The employer has no employees that qualify for membership in any System under this Chapter. (2) The employer has made no employer contributions for at least one month. (3) The employer makes a requ…
Employees of the University of North Carolina Health Care System. (a) All employees of the University of North Carolina Health Care System who (i) are employed before January 1, 2024, and (ii) are members of either the Retirement System or the Optional Retirement Program before January 1, 2024, shall retain membership…
Certain employees of East Carolina University. (a) As used in this section, the terms "Medical Faculty Practice Plan" and "ECU Dental School Clinical Operations" have the same meaning as in G.S. 116-360.5. (b) All employees of the Medical Faculty Practice Plan and the ECU Dental School Clinical Operations who (i) are e…
Administration. (a) Administration by Board of Trustees; Corporate Name; Rights and Powers; Tax Exemption. - The general administration and responsibility for the proper operation of the Retirement System and for making effective the provisions of the Chapter are vested in a Board of Trustees. The Board of Trustees is…
Member retirement record files held by the Retirement System. (a) The following definitions apply in this section: (1) Employment-related information. - As defined in G.S. 126-22(b)(3). (2) Personal information. - As defined in G.S. 126-22(b)(3). (3) Retirement file. - Any employment-related, retirement-related, or per…
Management of funds. (a) Vested in Board of Trustees. - The Board of Trustees shall be the trustee of the several funds created by this Chapter as provided in this section and in G.S. 135-8. (b) Regular Interest Allowance. - The Board of Trustees annually shall allow regular interest on the mean amount for the precedin…
Method of financing. (a) Funds to Which Assets of Retirement System Credited. - All of the assets of the Retirement System shall be credited according to the purpose for which they are held to one of of two funds, namely, the annuity savings fund and the pension accumulation fund. (b) Annuity Savings Fund. - Contributi…
Exemption from garnishment, attachment, etc.; employing unit to offset amount owed by member or beneficiary. (a) Except for the applications of the provisions of G.S. 110-136, and G.S. 110-136.3 et seq., and in connection with a court-ordered equitable distribution under G.S. 50-20, the right of a person to a pension,…
Protection against fraud. Any person who shall knowingly make any false statement or shall falsify or permit to be falsified any record or records of this Retirement System in any attempt to defraud such System as a result of such act shall be guilty of a Class 1 misdemeanor. Should any change or error in the records r…
Failure to respond. (a) If a member fails to respond within 120 days after preliminary option figures and the Form 6-E or Form 7-E are transmitted to the member, or if a member fails to respond within 120 days after the effective date of retirement, whichever is later, then the Form 6 or Form 7 shall be null and void.…
Application of other pension laws. Subject to the provisions of Article 2, Chapter 135 of the General Statutes, Volume 17, as amended, no other provisions of law in any other statute which provides wholly or partly at the expense of the State of North Carolina for pensions or retirement benefits for teachers or State e…
Obligation of maintaining reserves and paying benefits. The maintenance of annuity reserves and pension reserves as provided for and regular interest creditable to the various funds as provided in G.S. 135-8, and the payment of all pensions, annuities, retirement allowances, refunds and other benefits granted under the…
Blind or visually impaired vendors. Persons licensed by the State and operating vending facilities under contract with the Department of Health and Human Services, Division of Services for the Blind and its successors, who are licensed on and after October 1, 1983, shall not be members of the Retirement System. (1971,…
Facility of payment. In the event of the death of a member or beneficiary not survived by a person designated to receive any return of accumulated contributions or balance thereof, or in the event that the Board of Trustees shall find that a beneficiary is unable to care for his affairs because of illness or accident,…