State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_135 > GS_135-94

§135‑94.  Benefits.

(a)        The Department ofState Treasurer and the Board of Trustees shall establish a schedule ofsupplemental retirement income benefits for all members of the SupplementalRetirement Income Plan, subject to the following limitations:

(1)        The balance in eachmember's account shall be fully vested at all times and shall not be subject toforfeiture for any reason.

(2)        All amountsmaintained in a member's account shall be invested according to the member'selection, as approved by the Department of State Treasurer and Board ofTrustees, including but not limited to, a time deposit account, a fixedinvestment account, or a variable investment account.  Transfers of accumulatedfunds shall be permitted among the various approved forms of investment.

(3)              The Departmentof State Treasurer and Board of Trustees shall provide members with alternativepayment options, including survivors' options, for the distribution of benefitsfrom the Plan upon retirement, disability, termination, hardship, and death.

(4)              With theconsent of the Department of State Treasurer and the Board of Trustees, amountsmay be transferred from other qualified plans to the Supplemental RetirementIncome Plan, provided that the trust from which such funds are transferred permitsthe transfer to be made and, the transfer will not jeopardize the tax status ofthe Supplemental Retirement Income Plan.

(5)              At thediscretion of the Department of State Treasurer and Board of Trustees, a loanprogram may be implemented for members which complies with applicable State andfederal laws and regulations.

(b)        All provisions ofthe Plan shall be interpreted and applied by the Department of State Treasurerand Board of Trustees in a uniform and nondiscriminatory manner.

(c)        All benefits underthe Plan shall become payable on and after January 1, 1985.

(d)        Contributions underthe Plan may be made on and after January 1, 1985. (1983 (Reg. Sess., 1984), c.975; 1993, c. 531, s. 9.)