State Codes and Statutes

Statutes > North-carolina > Chapter_161 > GS_161-50_5

§ 161‑50.5.  Benefits.

(a)        An eligible retiredregister of deeds shall be entitled to receive an annual pension benefit,payable in equal monthly installments, equal to one share for each full year ofeligible service as register of deeds multiplied by his total number of yearsof eligible service. The amount of each share shall be determined by dividingthe total number of years of eligible service for all eligible retiredregisters of deeds on December 31 of each calendar year into the amount to bedisbursed as monthly pension payments in accordance with the provisions of G.S.161‑50.3. In no event, however, shall a monthly pension under thisArticle exceed an amount which, when added to a retirement allowance under themaximum allowance at retirement from the Local Governmental Employees'Retirement System or an equivalent locally sponsored plan, is greater thanseventy‑five percent (75%) of a register of deed's equivalent annualsalary immediately preceding retirement computed on the latest monthly rate, includingany and all supplements, to a maximum amount of one thousand five hundreddollars ($1,500).

(a1)      A register of deedseligible under G.S. 161‑50.4(a2) shall be entitled to receive an annualpension benefit, payable in equal monthly installments as determined under theprovisions of subsection (a) of this section, but reduced by an amount equal tothe benefit that would be payable from the Local Governmental Employees'Retirement System if the register of deeds had been a member of the Local GovernmentalEmployees' Retirement System and all of the years of local service werecreditable to that System.

(b)        All monthlypensions payable under this Article shall be paid on the same business day ofeach month that benefits are paid from the Local Governmental Employees'Retirement System.

(c)        Monthly pensionspayable under this Article shall cease at the death of the pensioner and nopayment will be made to any beneficiaries or to the decedent's estate.

(d)        Monthly pensionspayable under this Article will cease upon the full‑time reemployment ofa pensioner with an employer participating in the Local Governmental Employees'Retirement System for as long as the pensioner is so reemployed.

(e)        Repealed by SessionLaws 1989, c. 792, s. 2.11, effective for taxable years beginning on or afterJanuary 1, 1989.

(f)         Nothing containedin this Article shall preclude or in any way affect the benefits that apensioner may be entitled to from any state, federal or private pension,retirement or other deferred compensation plan.  (1987, c. 792, s. 1; 1989,c. 792, s. 2.11; 1991, c. 50, s. 1; c. 443, s. 2; 1998‑147, s. 2; 2007‑245,s. 3; 2009‑576, s. 1.)

State Codes and Statutes

Statutes > North-carolina > Chapter_161 > GS_161-50_5

§ 161‑50.5.  Benefits.

(a)        An eligible retiredregister of deeds shall be entitled to receive an annual pension benefit,payable in equal monthly installments, equal to one share for each full year ofeligible service as register of deeds multiplied by his total number of yearsof eligible service. The amount of each share shall be determined by dividingthe total number of years of eligible service for all eligible retiredregisters of deeds on December 31 of each calendar year into the amount to bedisbursed as monthly pension payments in accordance with the provisions of G.S.161‑50.3. In no event, however, shall a monthly pension under thisArticle exceed an amount which, when added to a retirement allowance under themaximum allowance at retirement from the Local Governmental Employees'Retirement System or an equivalent locally sponsored plan, is greater thanseventy‑five percent (75%) of a register of deed's equivalent annualsalary immediately preceding retirement computed on the latest monthly rate, includingany and all supplements, to a maximum amount of one thousand five hundreddollars ($1,500).

(a1)      A register of deedseligible under G.S. 161‑50.4(a2) shall be entitled to receive an annualpension benefit, payable in equal monthly installments as determined under theprovisions of subsection (a) of this section, but reduced by an amount equal tothe benefit that would be payable from the Local Governmental Employees'Retirement System if the register of deeds had been a member of the Local GovernmentalEmployees' Retirement System and all of the years of local service werecreditable to that System.

(b)        All monthlypensions payable under this Article shall be paid on the same business day ofeach month that benefits are paid from the Local Governmental Employees'Retirement System.

(c)        Monthly pensionspayable under this Article shall cease at the death of the pensioner and nopayment will be made to any beneficiaries or to the decedent's estate.

(d)        Monthly pensionspayable under this Article will cease upon the full‑time reemployment ofa pensioner with an employer participating in the Local Governmental Employees'Retirement System for as long as the pensioner is so reemployed.

(e)        Repealed by SessionLaws 1989, c. 792, s. 2.11, effective for taxable years beginning on or afterJanuary 1, 1989.

(f)         Nothing containedin this Article shall preclude or in any way affect the benefits that apensioner may be entitled to from any state, federal or private pension,retirement or other deferred compensation plan.  (1987, c. 792, s. 1; 1989,c. 792, s. 2.11; 1991, c. 50, s. 1; c. 443, s. 2; 1998‑147, s. 2; 2007‑245,s. 3; 2009‑576, s. 1.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_161 > GS_161-50_5

§ 161‑50.5.  Benefits.

(a)        An eligible retiredregister of deeds shall be entitled to receive an annual pension benefit,payable in equal monthly installments, equal to one share for each full year ofeligible service as register of deeds multiplied by his total number of yearsof eligible service. The amount of each share shall be determined by dividingthe total number of years of eligible service for all eligible retiredregisters of deeds on December 31 of each calendar year into the amount to bedisbursed as monthly pension payments in accordance with the provisions of G.S.161‑50.3. In no event, however, shall a monthly pension under thisArticle exceed an amount which, when added to a retirement allowance under themaximum allowance at retirement from the Local Governmental Employees'Retirement System or an equivalent locally sponsored plan, is greater thanseventy‑five percent (75%) of a register of deed's equivalent annualsalary immediately preceding retirement computed on the latest monthly rate, includingany and all supplements, to a maximum amount of one thousand five hundreddollars ($1,500).

(a1)      A register of deedseligible under G.S. 161‑50.4(a2) shall be entitled to receive an annualpension benefit, payable in equal monthly installments as determined under theprovisions of subsection (a) of this section, but reduced by an amount equal tothe benefit that would be payable from the Local Governmental Employees'Retirement System if the register of deeds had been a member of the Local GovernmentalEmployees' Retirement System and all of the years of local service werecreditable to that System.

(b)        All monthlypensions payable under this Article shall be paid on the same business day ofeach month that benefits are paid from the Local Governmental Employees'Retirement System.

(c)        Monthly pensionspayable under this Article shall cease at the death of the pensioner and nopayment will be made to any beneficiaries or to the decedent's estate.

(d)        Monthly pensionspayable under this Article will cease upon the full‑time reemployment ofa pensioner with an employer participating in the Local Governmental Employees'Retirement System for as long as the pensioner is so reemployed.

(e)        Repealed by SessionLaws 1989, c. 792, s. 2.11, effective for taxable years beginning on or afterJanuary 1, 1989.

(f)         Nothing containedin this Article shall preclude or in any way affect the benefits that apensioner may be entitled to from any state, federal or private pension,retirement or other deferred compensation plan.  (1987, c. 792, s. 1; 1989,c. 792, s. 2.11; 1991, c. 50, s. 1; c. 443, s. 2; 1998‑147, s. 2; 2007‑245,s. 3; 2009‑576, s. 1.)