(a) The council may provide for enrolling city employees in theLocal Governmental Employees' Retirement System, the Law‑EnforcementOfficers' Benefit and Relief Fund, the Firemen's Pension Fund, or a retirementplan certified to be actuarially sound by a qualified actuary as defined insubsection (d) of this section, and may make payments into any such retirementsystem or plan on behalf of its employees. The city may also supplement fromlocal funds benefits provided by the Local Governmental Employees' RetirementSystem, the Law‑Enforcement Officers' Benefit and Relief Fund, or theFiremen's Pension Fund.
(b) The council may create and administer a special fund for therelief of members of the police and fire departments who have been retired forage, or for disability or injury incurred in the line of duty, but any suchfunds established on or after January 1, 1972, shall be subject to theprovisions of subsection (c) of this section. The council may receive donationsand bequests in aid of any such fund, shall provide for its permanence andincrease, and shall prescribe and regulate the conditions under which benefitsmay be paid.
(c) No city shall make payments into any retirement system orplan established or authorized by local act of the General Assembly unless theplan is certified to be actuarially sound by a qualified actuary as defined insubsection (d) of this section.
(d) A qualified actuary means an individual certified asqualified by the Commissioner of Insurance, or any member of the AmericanAcademy of Actuaries.
(e) A city which is providing health insurance under G.S. 160A‑162(b)may provide health insurance for all or any class of former employees of thecity who are receiving benefits under subsection (a) of this section or who are65 years of age or older. Such health insurance may be paid entirely by thecity, partly by the city and former employee, or entirely by the formeremployee, at the option of the city.
(f) The council may provide a deferred compensation plan. Where the council provides a deferred compensation plan, the investment offunds for the plan shall be exempt from the provisions of G.S 159‑30 andG.S. 159‑31. Cities may invest deferred compensation plan funds in lifeinsurance, fixed or variable annuities and retirement income contracts,regulated investment trusts, or other forms of investments approved by theBoard of Trustees of the North Carolina Public Employee Deferred CompensationPlan.
(g) Should the council provide for a retirement plan, a planwhich supplements a State‑administered plan, or a special fund, anybenefits payable from such plan or fund on account of the disability of cityemployees may be restricted with regard to the amount which may be earned bythe disabled former employee in any other employment, but only to the extentthat the earnings of disability beneficiaries in the Local GovernmentalEmployees' Retirement System are restricted in accordance with G.S. 128‑27(e)(1).(1917, c. 136, subch. 5,s. 1; 1919, cc. 136, 237; C.S., s. 2787; 1965, c. 931; 1971, c. 698, s. 1;1981, c. 347, s. 2; 1991, c. 277, s. 2; 1995, c. 259, s. 3.)
(a) The council may provide for enrolling city employees in theLocal Governmental Employees' Retirement System, the Law‑EnforcementOfficers' Benefit and Relief Fund, the Firemen's Pension Fund, or a retirementplan certified to be actuarially sound by a qualified actuary as defined insubsection (d) of this section, and may make payments into any such retirementsystem or plan on behalf of its employees. The city may also supplement fromlocal funds benefits provided by the Local Governmental Employees' RetirementSystem, the Law‑Enforcement Officers' Benefit and Relief Fund, or theFiremen's Pension Fund.
(b) The council may create and administer a special fund for therelief of members of the police and fire departments who have been retired forage, or for disability or injury incurred in the line of duty, but any suchfunds established on or after January 1, 1972, shall be subject to theprovisions of subsection (c) of this section. The council may receive donationsand bequests in aid of any such fund, shall provide for its permanence andincrease, and shall prescribe and regulate the conditions under which benefitsmay be paid.
(c) No city shall make payments into any retirement system orplan established or authorized by local act of the General Assembly unless theplan is certified to be actuarially sound by a qualified actuary as defined insubsection (d) of this section.
(d) A qualified actuary means an individual certified asqualified by the Commissioner of Insurance, or any member of the AmericanAcademy of Actuaries.
(e) A city which is providing health insurance under G.S. 160A‑162(b)may provide health insurance for all or any class of former employees of thecity who are receiving benefits under subsection (a) of this section or who are65 years of age or older. Such health insurance may be paid entirely by thecity, partly by the city and former employee, or entirely by the formeremployee, at the option of the city.
(f) The council may provide a deferred compensation plan. Where the council provides a deferred compensation plan, the investment offunds for the plan shall be exempt from the provisions of G.S 159‑30 andG.S. 159‑31. Cities may invest deferred compensation plan funds in lifeinsurance, fixed or variable annuities and retirement income contracts,regulated investment trusts, or other forms of investments approved by theBoard of Trustees of the North Carolina Public Employee Deferred CompensationPlan.
(g) Should the council provide for a retirement plan, a planwhich supplements a State‑administered plan, or a special fund, anybenefits payable from such plan or fund on account of the disability of cityemployees may be restricted with regard to the amount which may be earned bythe disabled former employee in any other employment, but only to the extentthat the earnings of disability beneficiaries in the Local GovernmentalEmployees' Retirement System are restricted in accordance with G.S. 128‑27(e)(1).(1917, c. 136, subch. 5,s. 1; 1919, cc. 136, 237; C.S., s. 2787; 1965, c. 931; 1971, c. 698, s. 1;1981, c. 347, s. 2; 1991, c. 277, s. 2; 1995, c. 259, s. 3.)
(a) The council may provide for enrolling city employees in theLocal Governmental Employees' Retirement System, the Law‑EnforcementOfficers' Benefit and Relief Fund, the Firemen's Pension Fund, or a retirementplan certified to be actuarially sound by a qualified actuary as defined insubsection (d) of this section, and may make payments into any such retirementsystem or plan on behalf of its employees. The city may also supplement fromlocal funds benefits provided by the Local Governmental Employees' RetirementSystem, the Law‑Enforcement Officers' Benefit and Relief Fund, or theFiremen's Pension Fund.
(b) The council may create and administer a special fund for therelief of members of the police and fire departments who have been retired forage, or for disability or injury incurred in the line of duty, but any suchfunds established on or after January 1, 1972, shall be subject to theprovisions of subsection (c) of this section. The council may receive donationsand bequests in aid of any such fund, shall provide for its permanence andincrease, and shall prescribe and regulate the conditions under which benefitsmay be paid.
(c) No city shall make payments into any retirement system orplan established or authorized by local act of the General Assembly unless theplan is certified to be actuarially sound by a qualified actuary as defined insubsection (d) of this section.
(d) A qualified actuary means an individual certified asqualified by the Commissioner of Insurance, or any member of the AmericanAcademy of Actuaries.
(e) A city which is providing health insurance under G.S. 160A‑162(b)may provide health insurance for all or any class of former employees of thecity who are receiving benefits under subsection (a) of this section or who are65 years of age or older. Such health insurance may be paid entirely by thecity, partly by the city and former employee, or entirely by the formeremployee, at the option of the city.
(f) The council may provide a deferred compensation plan. Where the council provides a deferred compensation plan, the investment offunds for the plan shall be exempt from the provisions of G.S 159‑30 andG.S. 159‑31. Cities may invest deferred compensation plan funds in lifeinsurance, fixed or variable annuities and retirement income contracts,regulated investment trusts, or other forms of investments approved by theBoard of Trustees of the North Carolina Public Employee Deferred CompensationPlan.
(g) Should the council provide for a retirement plan, a planwhich supplements a State‑administered plan, or a special fund, anybenefits payable from such plan or fund on account of the disability of cityemployees may be restricted with regard to the amount which may be earned bythe disabled former employee in any other employment, but only to the extentthat the earnings of disability beneficiaries in the Local GovernmentalEmployees' Retirement System are restricted in accordance with G.S. 128‑27(e)(1).(1917, c. 136, subch. 5,s. 1; 1919, cc. 136, 237; C.S., s. 2787; 1965, c. 931; 1971, c. 698, s. 1;1981, c. 347, s. 2; 1991, c. 277, s. 2; 1995, c. 259, s. 3.)
