North Carolina General Statutes 135-70. Transfer of members to another system
Terms Used In North Carolina General Statutes 135-70
- Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a member and accredited to his individual account in the annuity savings fund, together with regular interest thereon as provided in N. See North Carolina General Statutes 135-1
- Creditable service: shall mean the total of "prior service" plus "membership service" plus service, both noncontributory and purchased, for which credit is allowable as provided in N. See North Carolina General Statutes 135-1
- Creditable service: shall mean for any member the total of his prior service plus his membership service. 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
- Member: shall mean any teacher or State employee included in the membership of the System as provided in N. See North Carolina General Statutes 135-1
- Member: shall mean any person included in the membership of the Retirement System as provided in this Article. See North Carolina General Statutes 135-53
- 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
- Service: shall mean service as a teacher or State employee as described in subdivision (10) or (25) of this section. See North Carolina General Statutes 135-1
- 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
(a) Any member whose membership service is terminated other than by retirement or death and, who, while still a member of this Retirement System becomes a member of either the Teachers’ and State Employees’ Retirement System or the North Carolina Local Governmental Employees’ Retirement System, may elect to retain his membership in this Retirement System by not withdrawing his accumulated contributions hereunder. Any such member shall retain all the rights, credits and benefits obtaining to him under this Retirement System at the time of such termination of service while he is a member of such other system and does not withdraw his contributions hereunder.
(a1) The accumulated contributions and creditable service of any member whose service as a member of this Retirement System has been or is terminated other than by retirement or death and who, while still a member of this Retirement System, became or becomes a member, as defined in N.C. Gen. Stat. § 135-1(13), of the Teachers’ and State Employees’ Retirement System for a period of five or more years may, upon application of the member, be transferred from this Retirement System to the Teachers’ and State Employees’ Retirement System. In order to effect the transfer of a member’s creditable service from this Retirement System to the Teachers’ and State Employees’ Retirement System, there shall be transferred from this Retirement System to the Teachers’ and State Employees’ Retirement System the sum of (i) the accumulated contributions of the member credited in the annuity savings fund and (ii) the amount of reserve held in this Retirement System as a result of previous contributions by the employer on behalf of the transferring member.
(b) Any member who becomes eligible for benefits under more than one system may file application therefor with each retirement system to the end that each retirement system shall pay appropriate benefits without transfer of funds between the systems.
(c) The Board of Trustees shall effect such rules as it may deem necessary to administer the provisions of the preceding subsections of this section and to prevent any duplication of service credits or benefits that might otherwise occur. (1973, c. 640, s. 1; 1983 (Reg. Sess., 1984), c. 1031, s. 21; 2003-284, s. 30.18(d).)