Terms Used In North Carolina General Statutes > Chapter 135 > Article 7 - Qualified Excess Benefit Arrangement

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficiary: shall mean any person in receipt of a pension, an annuity, a retirement allowance or other benefit as provided by this Chapter. See North Carolina General Statutes 135-1
• 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}
• Board of Trustees: means the Board of Trustees established by N. See North Carolina General Statutes 135-150
• 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
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Internal Revenue Code: means the Internal Revenue Code of 1986, as amended from time to time. See North Carolina General Statutes 135-150
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
• Payee: means a retired member, or the survivor beneficiary of a member or retired member. See North Carolina General Statutes 135-150
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Qualified Excess Benefit Arrangement: means the qualified excess benefit arrangement under section 415(m) of the Internal Revenue Code established under this Article. See North Carolina General Statutes 135-150
• Retirement allowance: shall mean the sum of the "annuity and the pensions" or any optional benefit payable in lieu thereof. See North Carolina General Statutes 135-1
• Retirement System: means the Teachers' and State Employees' Retirement System. See North Carolina General Statutes 135-150
• 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