State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_135 > GS_135-67

§135‑67.  Assets of Retirement System.

(a)        All of the assetsof the Retirement System shall be credited according to the purpose for whichthey are held to one of two funds, namely, the annuity savings fund and thepension accumulation fund.

(b)        The annuity savingsfund shall be the fund to which all members' contributions, and regularinterest allowances thereon as provided for in G.S. 135‑7(b), shall becredited. From this fund shall be paid the accumulated contributions of amember in accordance with G.S. 135‑62, or 135‑63.

(c)        Upon the retirementof a member, his accumulated contributions  shall be transferred from theannuity savings fund to the pension accumulation fund. In the event that aretired former member should subsequently again become a member of theRetirement System as provided for in G.S. 135‑60(c) or 135‑71, anyexcess of his accumulated contributions at his date of retirement over the sumof the retirement allowance payments received by him since his date ofretirement shall be transferred from the pension accumulation fund to  theannuity savings fund and shall be credited to his individual account in theannuity savings fund.

(d)        The pensionaccumulation fund shall be the fund in which shall  be accumulatedcontributions by the State and amounts transferred from the annuity savingsfund in accordance with subsection (c) above, and to which all income from theinvested assets of the Retirement System shall be credited. From this fundshall be paid retirement allowances and any other benefits provided for underthis Article except payments of accumulated contributions as provided insubsection (b) above.

(e)        The regularinterest allowance on the members' accumulated contributions provided for inG.S. 135‑7(b) shall be transferred each  year from the pensionaccumulation fund to the annuity savings fund. (1973, c. 640, s. 1.)