North Carolina General Statutes 120-4.17. Assets of retirement system
Terms Used In North Carolina General Statutes 120-4.17
- 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
- Annuity: means payment for life derived from the "Accumulated contribution" of a member. 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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
(a) All of the assets of the Retirement System shall be credited according to the purpose for which they are held to one of two funds, either the Annuity Savings Fund or the Pension Accumulation Fund.
(b) The Annuity Savings Fund is the fund to which all members’ contributions, and regular interest allowances provided for as in N.C. Gen. Stat. § 135-7(b), shall be credited. From this fund shall be paid the accumulated contributions of a member.
(c) Upon the retirement of a member, his accumulated contributions shall be transferred from the Annuity Savings Fund to the Pension Accumulation Fund. In the event that a retired former member should subsequently again become a member of the Retirement System as provided for in N.C. Gen. Stat. § 120-4.11, any excess of his accumulated contributions at his date of retirement over the sum of the retirement allowance payments received by him since his date of retirement shall be transferred from the Pension Accumulation Fund to the Annuity Savings Fund and shall be credited to his individual account in the Annuity Savings Fund.
(d) The Pension Accumulation Fund is the fund in which accumulated contributions by the State and amounts transferred from the Annuity Savings Fund in accordance with subsection (c) of this section and to which all income from the invested assets of the Retirement System are credited. From this fund is paid retirement allowances and any other benefits provided for under this Article except payments of accumulated contributions as provided in N.C. Gen. Stat. § 120-4.14
(e) The regular interest allowance on the members’ accumulated contributions provided for as in N.C. Gen. Stat. § 135-7(b) shall be transferred each year from the Pension Accumulation Fund to the Annuity Savings Fund. (1983, c. 761, s. 238.)