North Carolina General Statutes 143-166.70. Transfers of assets of Law-Enforcement Officers’ Retirement System to other retirement systems
As of January 1, 1986, assets of the Law-Enforcement Officers’ Retirement System, provided for under Article 12 of Chapter 143 of the N.C. Gen. Stat., as it existed prior to January 1, 1986, shall be transferred to the Local Governmental Employees’ Retirement System provided for under Article 3 of Chapter 128 of the N.C. Gen. Stat., and the Supplemental Retirement Income Plan of North Carolina, provided for under Article 5 of Chapter 135 of the N.C. Gen. Stat., in the amounts calculated and in the order of precedence enumerated as follows:
(1) The regular accumulated contributions of members of the Law-Enforcement Officers’ Retirement System shall be transferred from the annuity savings fund of the Law-Enforcement Officers’ Retirement System to the annuity savings fund of the Local Governmental Employees’ Retirement System to the credit of each individual member.
Terms Used In North Carolina General Statutes 143-166.70
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) An amount equal to the present value of the liabilities on account of the retirement allowances payable to beneficiaries of the Law-Enforcement Officers’ Retirement System, as calculated by the Retirement System’s consulting actuary, shall be transferred from the pension accumulation fund of the Law-Enforcement Officers’ Retirement System to the pension accumulation fund of the Local Governmental Employees’ Retirement System.
(3) After the transfer provided for above, the remaining assets in the pension accumulation fund of the Law-Enforcement Officers’ Retirement System shall be transferred to the pension accumulation fund of the Local Governmental Employees’ Retirement System with the amount of such assets to be taken into account by the Retirement System’s consulting actuary in determining the employers’ rates of contribution under N.C. Gen. Stat. § 128-30(d)(9).
(4) The special annuity account accumulated contributions shall be transferred from the special annuity savings fund of the Law-Enforcement Officers’ Retirement System to the Supplemental Retirement Income Plan of North Carolina, or some other employer-sponsored trust qualified under Sections 401(a) and 401(k) of the Internal Revenue Code of 1954 as amended.
(5) The separate trust fund reserves held under the death benefit plan provided for in N.C. Gen. Stat. § 143-166.02, as it existed prior to January 1, 1986, shall be transferred to the separate trust fund for the death benefit plan provided for in N.C. Gen. Stat. § 128-27(1) [128-27(l)]. (1985, c. 479, s. 196(u).)