GENERAL ASSEMBLY OF NORTH CAROLINA
1991 SESSION
CHAPTER 443
The General Assembly of North Carolina enacts:
Section 1. G.S. 161-50.4(a) reads as rewritten:
"(a) Each county register
of deeds who has retired with at least 12 years eligible service as register of
deeds from the Local Governmental Employees' Retirement System or an equivalent
locally sponsored plan before June 30, 1988, and those who retire thereafter
on or after June 30, 1988, but before July 1, 1991, and who have
completed at least 12 years of eligible service as register of deeds is
entitled to receive a monthly pension under this Article, beginning July 1,
1988. Effective July 1, 1991, each county register of deeds who
retires with at least 10 years of eligible service as register of deeds is
entitled to receive a monthly pension under this Article."
Sec. 2. G.S. 161-50.5(a) reads as rewritten:
"(a) An eligible retired
register of deeds shall be entitled to receive an annual pension benefit,
payable in equal monthly installments, equal to one share for each full year of
eligible service as register of deeds multiplied by his total number of years
of eligible service. The amount of each share shall be determined by dividing
the total number of years of eligible service for all eligible retired
registers of deeds on December 31 of each calendar year into the amount to be
disbursed as monthly pension payments in accordance with the provisions of G.S.
161-50.3. In no event, however, shall a monthly pension under this Article
exceed an amount, which when added to a retirement allowance at retirement from
the Local Governmental Employees' Retirement System or an equivalent locally
sponsored plan, and a determined life annuity value of benefits payable at the
time of retirement from contributions other than his own and earnings thereon
from the Supplemental Retirement Income Plan pursuant to Chapter 135 of the
General Statutes as determined by the Department of State Treasurer and the
Plan's Board of Trustees, is greater than sixty-five percent (65%) seventy-five
percent (75%) of a register of deed's equivalent annual salary immediately
preceding retirement computed on the latest monthly base rate, to a maximum
amount of one thousand dollars ($1,000). two hundred dollars
($1,200)."
Sec. 3. This act becomes effective July 1, 1991.
In the General Assembly read three times and ratified this the 28th day of June, 1991.
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James C. Gardner
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives