State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_143B > GS_143B-426_24

Part 25. Board of Trustees of theNorth Carolina Public Employee Deferred Compensation Plan.

§ 143B‑426.24.  NorthCarolina Public Employee Deferred Compensation Plan.

(a)        The Governor may,by Executive Order, establish a Board of Trustees of the North Carolina PublicEmployee Deferred Compensation Plan, which when established shall beconstituted an agency of the State of North Carolina within the Department ofState Treasurer. The Board shall create, establish, implement, coordinate andadminister a Deferred Compensation Plan for employees of the State, any countyor municipality, the North Carolina Community College System, and any politicalsubdivision of the State. Until so established, the Board heretoforeestablished pursuant to Executive Order XII dated November 12, 1974, shallcontinue in effect. Likewise, the Plan heretofore established shall continueuntil a new plan is established. Effective July 1, 2008, the Plan shall beadministered by the Supplemental Retirement Board of Trustees established underG.S. 135‑96.

(b)‑(f) Repealed bySession Laws 2008‑132, s. 3, effective July 1, 2009.

(g)        It shall be theduty of the Supplemental Retirement Board to review all contracts, agreementsor arrangements then in force relating to G.S. 147‑9.2 and ExecutiveOrder XII to include, but not be limited to, such contracts, agreements orarrangements pertaining to the administrative services and the investment ofdeferred funds under the Plan for the purpose of recommending continuation ofor changes to such contracts, agreements or arrangements.

(h)        It shall be theduty of the Supplemental Retirement Board to devise a uniform DeferredCompensation Plan for teachers and employees, which shall include a reasonablenumber of options to the teacher or employee, for the investment of deferredfunds, among which may be life insurance, fixed or variable annuities andretirement income contracts, regulated investment trusts, pooled investmentfunds managed by the Board or its designee, or other forms of investment approvedby the Board, always in such form as will assure the desired tax treatment ofsuch funds. The Board may alter, revise and modify the Plan from time to timeto improve the Plan or to conform to and comply with requirements of State andfederal laws and regulations relating to the deferral of compensation ofteachers and public employees generally.

(h1)      Notwithstanding anyother law, an employee of any county or municipality, an employee of the NorthCarolina Community College System, or an employee of any political subdivisionof the State may participate in any 457 Plan adopted by the State, with theconsent of the Supplemental Retirement Board and with the consent of the propergoverning authority of such county, municipality, community college, or politicalsubdivision of the State where such employee is employed.

(i)         The SupplementalRetirement Board is authorized to delegate the performance of such of itsadministrative duties as it deems appropriate including coordination,administration, and marketing of the Plan to teachers and employees. Prior toentering into any contract with respect to such administrative duties, it shallseek bids, hold public hearings and in general take such steps as arecalculated by the Board to obtain competent, efficient and worthy services forthe performance of such administrative duties.

(j)         The SupplementalRetirement Board may acquire investment vehicles from any company dulyauthorized to conduct such business in this State or may establish, alter,amend and modify, to the extent it deems necessary or desirable, a trust forthe purpose of facilitating the administration, investment and maintenance ofassets acquired by the investment of deferred funds. All assets of the Plan,including all deferred amounts, property and rights purchased with deferredamounts, and all income attributed thereto shall be held in trust for theexclusive benefit of the Plan participants and their beneficiaries.

(k),(l)   Repealed by SessionLaws 2008‑132, s. 3, effective July 1 2009.

(m)       Investment ofdeferred funds shall not be unreasonably delayed, and in no case shall theinvestment of deferred funds be delayed more than 30 days. The SupplementalRetirement Board may accumulate such funds pending investment, and the interestearned on such funds pending investment shall be available to and may be spentin the discretion of the Board only for the reasonable and necessary expensesof the Board. The State Treasurer is authorized to prescribe guidelines for theexpenditure of such funds by the Board. From time to time as the Board maydirect, funds not required for such expenses may be used to defrayadministrative expenses and fees which would otherwise be required to be borneby teachers and employees who are then participating in the Plan.

(n)        Repealed by SessionLaws 2008‑132, s. 3, effective July 1 2009.

(o)        It is intended thatthe provisions of this Part shall be liberally construed to accomplish thepurposes provided for herein. (1983, c. 559, s. 1; 1991, c. 389, s. 2; 1995, c.490, s. 40; 1999‑456, s. 42; 2004‑137, s. 1; 2006‑66, s.20.1; 2008‑132, s. 3.)