Notwithstanding the provisionsof G.S. 143B‑426.40A and notwithstanding any provision of law relating tosalaries or salary schedules of teachers or State employees, the chiefexecutive officer of an employer, on behalf of the employer, may from time totime enter into a contract with a teacher or employee under which the teacheror employee irrevocably elects to defer receipt of a portion of his scheduledsalary in the future, but only if, as a result of such contract, the income sodeferred is deferred pursuant to the Plan provided for in G.S. 143B‑426.24or pursuant to some other plan established before January 1, 1983, and is notconstructively received by the teacher or employee in the year in which it wasearned, for State and federal income tax purposes. In addition, the income sodeferred shall be invested in the manner provided in the applicable Plan;however, the teacher or employee may revoke his election to participate and mayamend the amount of compensation to be deferred by signing and filing with theBoard a written revocation or amendment on a form and in the manner approved bythe Board. Any such revocation or amendment shall be effective prospectivelyonly and shall cause no change in the allocation of amounts invested prior tothe filing date of such revocation or amendment.
A teacher or employee who hasagreed to the deferral of income pursuant to the Plan shall have the right toreceive the income so deferred only in accordance with the provisions of thePlan. Funds so deferred shall not be in lieu of any amount earned by theteacher or employee before his election to defer compensation became effective.The agreement to defer income referred to herein shall be effective under suchnecessary regulations and procedures as are adopted by the Board, and on formsprepared or approved by it. A teacher or employee who agrees to defer income asprovided in this section may authorize payroll deductions for deferral of theincome. An employer shall make payroll deduction available for a teacher oremployee who authorizes payroll deduction. Notwithstanding any other provisionsof law, the amount by which the salary of a teacher or employee is deferredpursuant to the Plan shall not be excluded, but shall be included, in computingand making payroll deductions for social security and retirement systempurposes, if any, and in computing and providing matching funds for retirementsystem purposes, if any.
Except for the applications ofthe provisions of G.S. 110‑136, and in connection with a court‑orderedequitable distribution under G.S. 50‑20, the right of a teacher oremployee, who elects to defer income pursuant to the North Carolina PublicEmployee Deferred Compensation Plan under G.S. 143B‑426.24, to benefitsthat have vested under the Plan, is nonforfeitable. These benefits are exemptfrom levy, sale, and garnishment, except as provided by this section. (1971, c. 433, s. 3; 1983, c.559, s. 3; 1985, c. 660, s. 4; 1989, c. 792, s. 2.10; 1991, c. 389, s. 1; 2006‑66,s. 6.19(a); 2006‑203, s. 113; 2006‑221, s. 3A; 2006‑259, s.40(a).)
Notwithstanding the provisionsof G.S. 143B‑426.40A and notwithstanding any provision of law relating tosalaries or salary schedules of teachers or State employees, the chiefexecutive officer of an employer, on behalf of the employer, may from time totime enter into a contract with a teacher or employee under which the teacheror employee irrevocably elects to defer receipt of a portion of his scheduledsalary in the future, but only if, as a result of such contract, the income sodeferred is deferred pursuant to the Plan provided for in G.S. 143B‑426.24or pursuant to some other plan established before January 1, 1983, and is notconstructively received by the teacher or employee in the year in which it wasearned, for State and federal income tax purposes. In addition, the income sodeferred shall be invested in the manner provided in the applicable Plan;however, the teacher or employee may revoke his election to participate and mayamend the amount of compensation to be deferred by signing and filing with theBoard a written revocation or amendment on a form and in the manner approved bythe Board. Any such revocation or amendment shall be effective prospectivelyonly and shall cause no change in the allocation of amounts invested prior tothe filing date of such revocation or amendment.
A teacher or employee who hasagreed to the deferral of income pursuant to the Plan shall have the right toreceive the income so deferred only in accordance with the provisions of thePlan. Funds so deferred shall not be in lieu of any amount earned by theteacher or employee before his election to defer compensation became effective.The agreement to defer income referred to herein shall be effective under suchnecessary regulations and procedures as are adopted by the Board, and on formsprepared or approved by it. A teacher or employee who agrees to defer income asprovided in this section may authorize payroll deductions for deferral of theincome. An employer shall make payroll deduction available for a teacher oremployee who authorizes payroll deduction. Notwithstanding any other provisionsof law, the amount by which the salary of a teacher or employee is deferredpursuant to the Plan shall not be excluded, but shall be included, in computingand making payroll deductions for social security and retirement systempurposes, if any, and in computing and providing matching funds for retirementsystem purposes, if any.
Except for the applications ofthe provisions of G.S. 110‑136, and in connection with a court‑orderedequitable distribution under G.S. 50‑20, the right of a teacher oremployee, who elects to defer income pursuant to the North Carolina PublicEmployee Deferred Compensation Plan under G.S. 143B‑426.24, to benefitsthat have vested under the Plan, is nonforfeitable. These benefits are exemptfrom levy, sale, and garnishment, except as provided by this section. (1971, c. 433, s. 3; 1983, c.559, s. 3; 1985, c. 660, s. 4; 1989, c. 792, s. 2.10; 1991, c. 389, s. 1; 2006‑66,s. 6.19(a); 2006‑203, s. 113; 2006‑221, s. 3A; 2006‑259, s.40(a).)
Notwithstanding the provisionsof G.S. 143B‑426.40A and notwithstanding any provision of law relating tosalaries or salary schedules of teachers or State employees, the chiefexecutive officer of an employer, on behalf of the employer, may from time totime enter into a contract with a teacher or employee under which the teacheror employee irrevocably elects to defer receipt of a portion of his scheduledsalary in the future, but only if, as a result of such contract, the income sodeferred is deferred pursuant to the Plan provided for in G.S. 143B‑426.24or pursuant to some other plan established before January 1, 1983, and is notconstructively received by the teacher or employee in the year in which it wasearned, for State and federal income tax purposes. In addition, the income sodeferred shall be invested in the manner provided in the applicable Plan;however, the teacher or employee may revoke his election to participate and mayamend the amount of compensation to be deferred by signing and filing with theBoard a written revocation or amendment on a form and in the manner approved bythe Board. Any such revocation or amendment shall be effective prospectivelyonly and shall cause no change in the allocation of amounts invested prior tothe filing date of such revocation or amendment.
A teacher or employee who hasagreed to the deferral of income pursuant to the Plan shall have the right toreceive the income so deferred only in accordance with the provisions of thePlan. Funds so deferred shall not be in lieu of any amount earned by theteacher or employee before his election to defer compensation became effective.The agreement to defer income referred to herein shall be effective under suchnecessary regulations and procedures as are adopted by the Board, and on formsprepared or approved by it. A teacher or employee who agrees to defer income asprovided in this section may authorize payroll deductions for deferral of theincome. An employer shall make payroll deduction available for a teacher oremployee who authorizes payroll deduction. Notwithstanding any other provisionsof law, the amount by which the salary of a teacher or employee is deferredpursuant to the Plan shall not be excluded, but shall be included, in computingand making payroll deductions for social security and retirement systempurposes, if any, and in computing and providing matching funds for retirementsystem purposes, if any.
Except for the applications ofthe provisions of G.S. 110‑136, and in connection with a court‑orderedequitable distribution under G.S. 50‑20, the right of a teacher oremployee, who elects to defer income pursuant to the North Carolina PublicEmployee Deferred Compensation Plan under G.S. 143B‑426.24, to benefitsthat have vested under the Plan, is nonforfeitable. These benefits are exemptfrom levy, sale, and garnishment, except as provided by this section. (1971, c. 433, s. 3; 1983, c.559, s. 3; 1985, c. 660, s. 4; 1989, c. 792, s. 2.10; 1991, c. 389, s. 1; 2006‑66,s. 6.19(a); 2006‑203, s. 113; 2006‑221, s. 3A; 2006‑259, s.40(a).)
