State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_135 > GS_135-18_1

§135‑18.1.  Transfer of credits from the North Carolina Local GovernmentalEmployees' Retirement System.

(a)        Any person who is amember of the Teachers' and State Employees' Retirement System of NorthCarolina on July 1, 1951, and who was previously a member of the North CarolinaGovernmental Employees' Retirement System, hereafter in this section referredto as the local system, shall be entitled to transfer to this Retirement Systemhis credits for membership and prior service in the local system as of the dateof termination of membership in the local system, notwithstanding that hismembership in the local system may have been terminated prior to July 1, 1951:Provided, such member shall deposit in this Retirement System prior to January1, 1952, the full amount of any accumulated contributions standing to hiscredit in, or previously withdrawn from, the local system and shall apply tothe Board of Trustees of this Retirement System for a transfer of credit fromthe local system. Any person who becomes a member of this Retirement System onor after July 1, 1951, shall be entitled prior to his retirement to transfer tothis Retirement System his credits for membership and prior service in thelocal system: Provided, the actual transfer of employment is made while hisaccount in the local system is active and such person shall request the localsystem to transfer his accumulated contributions, interest, and service creditsto this Retirement System; provided further, with respect to any person whobecomes a member of this Retirement System after July 1, 1969, the local systemagrees to transfer to this Retirement System the amount of reserve held in thelocal system as a result of previous contributions of the employer on behalf ofthe transferring employee.

(b)        The accumulatedcontributions withdrawn from the local system and deposited in this RetirementSystem shall be credited to such member's account in the annuity savings fundof this Retirement System and shall be deemed, for the purpose of computing anybenefits subsequently payable from the annuity savings fund, to be regularcontributions made on the date of such deposit.

(c)        Upon the deposit inthis Retirement System of the accumulated contributions previously withdrawnfrom the local system the Board of  Trustees of this Retirement System shallrequest the Board of Trustees of the local system to certify to the period ofmembership service credit and the regular accumulated contributionsattributable thereto and to the period of prior service credit, if any, and thecontributions with interest allowable as a basis for prior service benefits inthe local system, as of the date of termination of membership in the localsystem. Credit shall be allowed in this System for the service so certified indetermining the member's credited service and, upon his retirement he shall beentitled, in addition to the regular benefits allowable on account of hisparticipation in this Retirement System, to the pension which shall be theactuarial equivalent at age 65 or at retirement, if prior thereto, of theamount of the credit with interest thereon representing contributionsattributable to his service credits in the local system.

(d)        The Board ofTrustees of the Retirement System shall effect such rules as it may deem necessaryto prevent any duplication of service, interest or other credits which mightotherwise occur. (1951, c. 797; 1961, c. 516, s. 7; 1965, c. 780, s. 1;1969, c. 1223, s. 15; 1971, c. 117, ss. 16, 17; 1973, c. 241, s. 11.)