GENERAL ASSEMBLY OF NORTH CAROLINA

1985 SESSION

 

 

CHAPTER 185

SENATE BILL 189

 

AN ACT TO AMEND CHAPTER 926, 1947 SESSION LAWS AS AMENDED, RELATING TO THE CHARLOTTE FIREMEN'S RETIREMENT SYSTEM.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Section 2 of Chapter 926, 1947 Session Laws as amended by Section 1 of Chapter 387, 1951 Session Laws, is further amended by rewriting the first sentence to read:

"All uniformed members of the Charlotte Fire Department shall become members of the Retirement System upon its adoption, and in addition, all uniformed members coming into the department thereafter shall become members."

Sec. 2.  Section 4 of Chapter 926, 1947 Session Laws as amended by Section 1 of Chapter 381, 1979 Session Laws, is further amended in the first sentence by inserting after the phrase "City Manager or some other city department head or employee, as designated by the City Manager," the phrase:

"(b)      City Finance Director and a Deputy Finance Officer as designated by the City Finance Director, or two Deputy Finance Officers as designated by the City Finance Director,"; and is further amended in the first sentence by redesignating the list accordingly.

Sec. 3.  Section 6(a)(3) of Chapter 926, 1947 Session Laws as amended by Section 4 of Chapter 860, 1971 Session Laws, is further amended by rewriting the first sentence to read:

"(3)      Normal service retirement. Normal service retirement means the earlier of the completion of thirty (30) years of service or the attainment of age 65."

Sec. 4.  Section 6(a)(3)(a) of Chapter 926, 1947 Session Laws as amended by Section 4 of Chapter 860, 1971 Session Laws, is further amended by deleting the first sentence in Section 6(a)(3)(a) and substituting the following:

"Normal service retirement income. A member retired under the normal service retirement provisions shall receive a monthly income equal to two percent (2%) of his Final Average Salary multiplied by the number of years of service up to a maximum to twenty-five years."

Sec. 5.  Section 6 of Chapter 926, 1947 Session Laws as amended by Section 4 of Chapter 860, 1971 Session Laws, is further amended by adding a new subsection (e) to read:

"(e)      Purchase of credit for military service. Members who have completed ten or more years of service may purchase credit for active military service in the Armed Forces of the United States prior to entering employment with the Charlotte Fire Department. The amount necessary to purchase this credit shall be computed by a qualified actuary and shall be based upon the compensation the member earned when he first entered membership of the System and both the member and City contribution rates at that time accumulated with interest compounded at five percent (5%) per annum until the date the credit is purchased."

Sec. 6.  All laws and clauses of laws in conflict with this act are repealed.

Sec. 7.  This act shall apply to the City of Charlotte only.

Sec. 8.  None of the provisions of this act create a liability for the Charlotte Firemen's Retirement System unless sufficient current assets are available in the fund to pay fully for the liability.

Sec. 9.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 16th day of May, 1985.