NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 1307

HOUSE BILL 1715

 

 

AN ACT PLACING RETIREMENT BENEFITS UNDER THE NEW HANOVER COUNTY SCHOOL EMPLOYEES' RETIREMENT PLAN ON A PAR WITH THOSE RECEIVED UNDER THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT FUND INSOFAR AS STATE INCOME TAXABILITY THEREOF IS CONCERNED.

 

The General Assembly of North Carolina enacts:

 

Section 1. G.S. 105-141(b)(13) is amended by changing the period at the end thereof to a semicolon and by adding the following:

"provided, however, that the amounts received in lump sum or monthly payments of benefits under and pursuant to the provisions of the New Hanover County School Employees' Retirement Plan shall be exempt from income tax to the extent that they would have been exempt under the provisions of G.S. 128-31 if New Hanover County had elected to provide such retirement benefits under the provisions of the North Carolina Local Governmental Employees' Retirement System."

Sec. 2. It is the intent of this act to place the retirement benefits received under the New Hanover County School Employees' Retirement Plan on the same basis for State income tax purposes as benefits received under the North Carolina Local Governmental Employees' Retirement Fund.

Sec. 3. This act shall become effective January 1, 1981, and shall apply under the New Hanover County School Employees' Retirement Fund after January 1, 1981.

In the General Assembly read three times and ratified, this the 25th day of June, 1980.