State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_135 > GS_135-93

§135‑93.  Contributions.

(a)        Each member mayelect to reduce his compensation by the amount of his contribution to theSupplemental Retirement Income Plan and that amount shall be held in themember's account. Members electing such a reduction in compensation mayauthorize payroll deductions for making contributions to the Plan.

(b)        The State and anyof its political subdivisions may make contributions to the SupplementalRetirement Income Plan on behalf of any of its members, provided thesecontributions are nondiscriminatory in accordance with the Internal RevenueCode of 1954 as amended, and are duly appropriated by their governing bodies,and the contributions are held in the member's account. Employer contributionsto the Plan are declared expenditures for a public purpose.

(c)        The Department ofState Treasurer and Board of Trustees shall establish maximum annual additionsthat may be made to a member's account and provide for multiple plan reductionsin accordance with the Internal Revenue Code of 1954 as amended. (1983(Reg. Sess., 1984), c. 975.)