NORTH CAROLINA GENERAL ASSEMBLY
1963 SESSION

CHAPTER 589
SENATE BILL 432

AN ACT TO AMEND CHAPTER 102 OF THE SESSION LAWS OF 1957 ESTABLISHING A SUPPLEMENTARY PENSION FUND FOR FIREMEN IN THE CITY OF ALBEMARLE, NORTH CAROLINA.

The General Assembly of North Carolina do enact:

Section 1. Chapter 102 of the Session Laws of 1957 is hereby amended as follows:
(a)	By striking out of Section 1 of said Chapter the words "the third member of said board" and inserting in lieu thereof the following: "three (3) members".
(b)	By inserting in the first sentence of Section 3 of said Chapter the words "or volunteer member" after the words "full‑time paid member" in each instance where the words "full‑time paid member" appear in said sentence, and by striking the twelfth sentence of said Section 3 and inserting in lieu thereof the following:
"Should it be determined he is physically able to return to full‑time employment in the Albemarle Fire Department or to other full‑time employment, and he is offered full‑time employment in the Albemarle Fire Department or by another employer before he has attained sixty (60) years of age and he refuses such employment, he forfeits all rights to retirement pension."
(c)	By striking out Section 4 of said Chapter and inserting in lieu thereof the following:
"Sec. 4. Any full‑time paid member or volunteer member of said fire department who retires or is retired under the provisions of Section 3 of this Act shall receive monthly for the remainder of his life from the Supplementary Pension Fund an amount equal to seventy‑five cents (75¢) per month for each year's service up to twenty‑six (26) years and eight (8) months of service; provided, however, that the maximum amount payable to any member shall not exceed the sum of twenty dollars ($20.00) per month; provided further, however, that in no event shall the aggregate total of benefits payable to the retired members hereunder in any one (1) year exceed the annual income of said fund for the preceding year, and in the event the aggregate total of the benefits payable hereunder shall exceed the income of the fund for the preceding year, the benefit payments shall be prorated among the recipients so as to give each retired member a pro‑rata share of the annual income received by the fund for the preceding year. Annual income shall mean the amount payable to the fund each year under the provisions of this Act and the Fireman's Relief Fund under General Statute 118‑55, plus the annual interest paid upon investments of the fund less expenses incurred in the administration of the fund."
(d)	By adding a new Section designated Section 6½:
"Sec. 6½. The Supplementary Pension Fund shall be audited annually by the City Auditor of the City of Albemarle and reported to the Albemarle Fire Department at its regular meeting next following the completion of the annual audit. The board of trustees shall have the authority in its discretion to employ and pay from the fund for the services of an accountant, an actuary and an attorney to assist and advise them in administering the Supplementary Pension Fund."
Sec. 2. All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 3. This Act shall become effective upon its ratification.
In the General Assembly read three times and ratified, this the 28th day of May, 1963.