North Carolina General Statutes 120-4.25. Return of accumulated contributions
Terms Used In North Carolina General Statutes 120-4.25
- 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
- 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
- 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
- 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
If a member ceases to be a member of the General Assembly except by death or retirement, the member shall, upon submission of an application, be paid not earlier than 60 days following the date of termination of service the sum of the member’s accumulated contributions provided the member has not in the meantime returned to service. Upon payment of this sum his or her membership in the System ceases. If the individual becomes a member afterwards, no credit shall be allowed for any service previously rendered except as provided in N.C. Gen. Stat. § 120-4.14 and the payment shall be in full and complete discharge of any rights in or to any benefits otherwise payable under this Article. Upon receipt of proof satisfactory to the Board of Trustees of the death, prior to retirement, of a member or former member, there shall be paid to the person or persons the member or former member nominated by electronic submission in a form approved by the Board of Trustees or by written designation duly acknowledged and filed with the Board of Trustees, if the person or persons are living at the time of the member’s death, otherwise to the member’s legal representatives, the amount of the member’s accumulated contributions at the time of the member’s death, unless the beneficiary elects to receive the alternate benefit under the provisions of N.C. Gen. Stat. § 120-4.28 (1983, c. 761, s. 238; 1983 (Reg. Sess., 1984), c. 1034, s. 197; 1987, c. 738, s. 31(e); 1993, c. 531, s. 1; 2009-66, s. 11(k); 2014-88, s. 2(c); 2017-129, s. 3(f).)