GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2007
SESSION LAW 2007-245
HOUSE BILL 676
AN ACT to increase the maximum annual pension benefit payable through the register of deeds' supplemental pension fund and to make other adjustments to the fund.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 161-50.2 reads as rewritten:
"§ 161-50.2. Assets.
(a) On and after October
1, 1987, each County Commission shall remit monthly to the Department of State
Treasurer an amount equal to four and one-half percent (4.5%) one and
one-half percent (1.5%) of the monthly receipts collected pursuant to
Article 1 of Chapter 161 of the General Statutes, to be deposited to the credit
of the Registers of Deeds' Supplemental Pension Fund, hereinafter referred to
as the Fund, to be used in making monthly pension payments to eligible retired
registers of deeds under the provisions of this Article and to pay the cost of
administering the provisions of this Article.
(b) The State Treasurer shall be the custodian of the Registers of Deeds' Supplemental Pension Fund and shall invest its assets in accordance with the provisions of G.S. 147-69.2 and G.S. 147-69.3."
SECTION 2. G.S. 161-50.4(b) reads as rewritten:
"(b) Each eligible retired
register of deeds as defined in subsection (a), (a1), or (a2) of this section
relating to service and retirement status on January 1 of each calendar year
shall be entitled to receive a monthly pension under this Article beginning
with the month of January of the same calendar year. retirement."
SECTION 3. 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 seventy-five
percent (75%) of a register of deed's equivalent annual salary immediately
preceding retirement computed on the latest monthly base rate, including
any and all supplements, to a maximum amount of one thousand two hundred
dollars ($1,200). one thousand five hundred dollars ($1,500)."
SECTION 4. This act becomes effective July 1, 2007.
In the General Assembly read three times and ratified this the 11th day of July, 2007.
s/ Beverly E. Perdue
President of the Senate
s/ Joe Hackney
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 3:15 a.m. this 20th day of July, 2007