State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_135 > GS_135-110

§135‑110.  Funding and management of funds.

(a)        A trust fund ishereby created to which all receipts, transfers, appropriations, contributions,investment earnings and other income belonging to the Plan shall be deposited,and from which all benefits, expenses, and other charges against the Plan shallbe disbursed.  The Board of Trustees shall be the trustee of the funds createdby this Article.

(b)        The Board ofTrustees shall on the basis of such economic and demographic assumptions dulyadopted, determine and adopt a uniform percentage of compensation as is definedin Article 1 of this Chapter which would be sufficient to fund the benefitspayable under this Article on a term cost method basis as recommended by anactuary engaged by the Board of Trustees.  Such uniform percentage ofcompensation shall not be inconsistent with acts of the General Assembly as maybe thereafter adopted.

(c)        Each employer shallcontribute monthly to the Plan an amount determined by applying the uniformpercentage of compensation adopted by the Board of Trustees multiplied by thecompensation of teachers and employees reportable to the Retirement System orthe Optional Retirement Program.  Such monthly contribution shall be paid bythe employer from the same source of funds from which the compensation ofteachers and employees are paid.

(d)        The State Treasurershall be the custodian of the funds and shall invest the assets of the fund inaccordance with the provisions of G.S. 147‑69.2 and G.S. 147‑69.3. (1987,c. 738, s. 29(q).)