North Carolina General Statutes 135-66. Administration; management of funds; method of financing
Terms Used In North Carolina General Statutes 135-66
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of Trustees: shall mean the Board provided for in N. See North Carolina General Statutes 135-1
- Board of Trustees: shall mean the Board of Trustees established by N. See North Carolina General Statutes 135-53
- Employer: shall mean the State of North Carolina, the county board of education, the city board of education, the State Board of Education, the board of trustees of the University of North Carolina, the board of trustees of other institutions and agencies supported and under the control of the State, or any other agency of and within the State by which a teacher or other employee is paid. See North Carolina General Statutes 135-1
- Retirement System: shall mean the Teachers' and State Employees' Retirement System of North Carolina as defined in N. See North Carolina General Statutes 135-1
- Retirement System: shall mean the "Consolidated Judicial Retirement System" of North Carolina, as established in this Article. See North Carolina General Statutes 135-53
- 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 regulation of the Board of Trustees. See North Carolina General Statutes 135-53
(a) The State Treasurer shall be the custodian of the assets of this Retirement System and shall invest them in accordance with the provisions of N.C. Gen. Stat. § 147-69.2 and N.C. Gen. Stat. § 147-69.3
(b) The assets of this Retirement System shall include employers’ contributions held with the Pension Accumulation Fund established under N.C. Gen. Stat. § 135-8 and employees’ contributions held in the Annuity Savings Fund similarly established under N.C. Gen. Stat. § 135-8
(c) The Board of Trustees shall have performed an annual actuarial valuation of the System and shall have the financial responsibility for maintaining the System on a generally accepted actuarial basis.
(d) An actuarially determined employer contribution shall be calculated annually by the actuary using assumptions and a cost method approved by the Actuarial Standards Board of the American Academy of Actuaries and selected by the Board of Trustees.
(e) Notwithstanding Chapter 150B of the N.C. Gen. Stat., the Board of Trustees may adopt a contribution policy that would recommend a contribution not less than the actuarially determined employer contribution.
(f) The recommended employer contribution rate by the Board of Trustees each year shall not be less than the actuarially determined employer contribution. (1973, c. 640, s. 1; 1979, c. 467, s. 18; 2020-48, s. 1.6.)