NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 486

SENATE BILL 799

 

 

AN ACT EXTENDING BENEFITS OF THE NORTH CAROLINA LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 128-27(g), as the same appears in the 1974 Supplement to the General Statutes, is hereby amended by the addition of a new option to follow immediately after Option 5 and reading as follows:

"Option 6. A member may elect either Option 2 or Option 3 with the added provision that in the event the designated beneficiary predeceases the member, the retirement allowance payable to the member after the designated beneficiary's death shall be equal to the retirement allowance which would have been payable had the member not elected the option."

Sec. 2.  G.S. 128-27, as the same appears in the 1974 Supplement to the General Statutes, is hereby further amended by the addition of a new subsection (r) reading as follows:

"(r)       Notwithstanding any of the foregoing provisions, the increase in allowance to each beneficiary on the retirement rolls as of July 1, 1974, which shall become payable on July 1, 1975, and to each beneficiary on the retirement rolls as of July 1, 1975, which shall become payable on July 1, 1976, as otherwise provided in G.S. 128-27(k), shall be the current maximum four percent (4%) plus an additional four percent (4%) to a total of eight percent (8%) for the years 1975 and 1976 only, provided that the increases do not exceed the actual percentage increase in the Consumer Price Index as determined in G.S. 128-27(k). The provisions of this subsection shall apply also to the allowance of a surviving annuitant of a beneficiary."

Sec. 3.  This act shall become effective July 1, 1975.

In the General Assembly read three times and ratified, this the 5th day of June, 1975.