GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2003
SESSION LAW 2003-356
HOUSE BILL 1000
AN ACT to modify the university of north carolina's optional retirement plan.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 135-5.1(a) reads as rewritten:
"(a) An Optional Retirement Program provided for in this section is authorized and established and shall be implemented by the Board of Governors of The University of North Carolina. The Optional Retirement Program shall be underwritten by the purchase of annuity contracts, which may be both fixed and variable contracts or a combination thereof, or financed through the establishment of a trust, for the benefit of participants in the Program. Participation in the Optional Retirement Program shall be limited to university personnel who are eligible for membership in the Teachers' and State Employees' Retirement Program and who are:
(1) administrators
Administrators and faculty of theThe University of
North Carolina with the rank of instructor or above, and for the benefit of:
above;
(1)(2) The President and Employees
employees of theThe University of North Carolina who
are appointed by the Board of Governors on recommendation of the President
pursuant to G.S. 116-11(4), 116-11(5), and 116-14 or who are appointed
by the Board of Trustees of a constituent institution of The University of
North Carolina upon the recommendation of the Chancellor pursuant to G.S. 116-40.22(b);
and
(3) Nonfaculty instructional and research staff who are exempt from the State Personnel Act, as defined by the provisions of G.S. 126-5(c1)(8); and
(2)(4) Field faculty of the Cooperative
Agriculture Extension Service, and tenure track faculty in North Carolina State
University agriculture research programs who are exempt from the State
Personnel Act and who are eligible for membership in the Teachers' and State
Employees' Retirement System pursuant to GS 135-3(1), G.S. 135-3(1),
who in any of the cases described in this subsection (i) had been members of
the Optional Retirement Program under the provisions of Chapter 338, Session
Laws of 1971, immediately prior to July 1, 1985, or (ii) have sought membership
as required in subsection (b), below. Under the Optional Retirement Program,
the State and the participant shall contribute, to the extent authorized or
required, toward the purchase of such contracts or deposited in such trust on
the participant's behalf."
SECTION 2. This act is effective when it becomes law. G.S. 135-5.1(a)(3) applies to eligible employees who commence employment on or after August 1, 2003.
In the General Assembly read three times and ratified this the 17th day of July, 2003.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 10:08 a.m. this 1st day of August, 2003