NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

CHAPTER 749

HOUSE BILL 1114

AN ACT TO AUTHORIZE THE TOWN OF FUQUAY-VARINA TO PROVIDE FOR A RETIREMENT SYSTEM OR DEATH BENEFITS FOR ITS OFFICERS AND EMPLOYEES.

The General Assembly of North Carolina do enact:

Section 1. The governing body of the Town of Fuquay-Varina may, in its discretion, in lieu of participating in the Local Governmental Employees' Retirement System, expend funds to provide a retirement system or some system for retirement or death benefits, or both, for the officers or employees, or both, of the town. Said governing body shall, in its discretion, cause the town to bear the total expense of such a program or it may, in its discretion, require employees and officers to bear such portion of the expense as it may determine. Said governing body shall have full authority to determine whether it shall cause an independent retirement system to be created or whether it shall pay premiums to purchase insurance or other retirement benefit contracts providing retirement or death benefits or both. Said governing body is authorized to prescribe rules and regulations governing participation in the program and eligibility for benefits, and to do all other things being wise and expedient to effectuate the purposes of this Act.

Sec. 2. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 9th day of June, 1967.