NORTH CAROLINA GENERAL ASSEMBLY

1963 SESSION

 

 

CHAPTER 464

SENATE BILL 401

 

 

AN ACT TO ESTABLISH A SUPPLEMENTAL PENSION FUND FOR FIREMEN IN THE CITY OF GOLDSBORO, WAYNE COUNTY, NORTH CAROLINA.

 

The General Assembly of North Carolina do enact:

 

Section 1. There is hereby established a supplementary pension fund for the Fire Department of the City of Goldsboro, said fund to be known as the Goldsboro Firemen's Supplementary Pension Fund, and to be administered by a board of trustees, known as the trustees of the Firemen's Supplementary Pension Fund. The board of trustees of the fund shall be composed of five members, two of whom shall be elected by the members of the fire department, two appointed by the mayor and board of aldermen, and the remaining member to be the Chief of the Fire Department of the City of Goldsboro.

The members of the fire department shall hold an election on the first Tuesday in each July to elect their representatives to the board of trustees. On the first Tuesday in July, 1963, members of the fire department shall elect one member to serve for a term of two (2) years and one member to serve for a term of one (1) year. On said date in each year thereafter the fire department shall elect one member to serve for a term of two (2) years.

On the first Tuesday in July, 1963, the mayor and board of aldermen shall appoint two persons as members of the board of trustees, one of whom shall serve for a term of two (2) years and one who shall serve for a term of one (1) year. On said date in each July thereafter, the mayor and board of aldermen shall appoint one member to the board of trustees, to serve for a term of two (2) years.

The Chief of the Goldsboro Fire Department shall serve as a member of the board of trustees and his term of office shall be continuous so long as he remains chief of the department.

Members of the board of trustees shall hold office for the term elected or appointed, and until their successors are elected or appointed, and shall serve without pay. Immediately after election and appointment, the board of trustees shall organize by electing, from its members, a chairman and a secretary and treasurer, which two last positions may be held by the same person. The treasurer of said board of trustees shall give a good and sufficient bond, in a sum equal to the amount of moneys in his hands, to be approved by the board of trustees, for the faithful and proper discharge of the duties of his office.

Sec. 2. The Board of Trustees of the Firemen's Relief Fund of the City of Goldsboro shall, as of July 1, 1963, transfer all funds in excess of five thousand dollars ($5,000.00)        to the Goldsboro Firemen's Supplementary Pension Fund, and any moneys coming into the Firemen's Relief Fund under the provisions of Chapter 118 of the General Statutes, that will increase said fund to an amount in excess of five thousand dollars ($5,000.00), shall be transferred immediately to the Supplementary Pension Fund so as to leave in the Firemen's Relief Fund an amount not to exceed five thousand dollars ($5,000.00) at any time. If at any time the amount of funds in the Firemen's Relief Fund be less than the sum of two thousand five hundred dollars ($2,500.00), then the Board of Trustees of the Goldsboro Firemen's Supplementary Pension Fund shall transfer, at any time, back to the Firemen's Relief Fund such sums as are necessary to- maintain within the Firemen's Relief Fund the sum of five thousand dollars ($5,000.00).

Sec. 3. Any person who is a full-time paid member of the Goldsboro Fire Department, as shown by the records of the City of Goldsboro at the time of the ratification of this Act, or any person who shall become such a full-time paid member, shall be eligible for benefits from the Goldsboro Firemen's Supplementary Pension Fund. Provided, that no such person shall be eligible for benefits from the Goldsboro Firemen's Supplementary Pension Fund unless or until such person has been retired as a member of the Goldsboro Fire Department under the provisions of the retirement system for counties, cities and towns, as set out in Article 3 of Chapter 128 of the General Statutes of North Carolina and as participated in by the City of Goldsboro. It is further provided that this Act does not modify or alter in any way the Workmen's Compensation laws of the State of North Carolina.

Sec. 4. Any full-time paid 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 Goldsboro Firemen's Supple­mentary Pension Fund an amount equal to two per cent (2%) for each five (5) years of service, not to exceed fourteen per cent (14% ) of his average monthly salary at the time of his retirement. In the event that any emer­gency, such as accident to severe sickness, should cause the rank and pay of any employee to be reduced by the City of Goldsboro before he reaches retirement age, his supplementary retirement percentage will be based upon the highest rank held and highest monthly salary received during service with the fire department. Provided, that in computing the monthly benefits under this Section, supplemental benefits as provided for in Section 8 hereof may be paid for any five (5) years of service exclusive of the first five (5) years, notwithstanding the fourteen per cent (14%) limitation herein provided.

Sec. 5. The Treasurer of the Goldsboro Firemen's Supplementary Pension Fund shall be custodian of the said fund and shall pay the beneficiaries thereof, on the first day of each and every month, any money in his possession that such beneficiaries may be entitled to under the provisions of this Act. Necessary expenses, such as office supplies and the premium on treasurer's bond, shall be paid out of the Supplementary Pension Fund.

Sec. 6. The Treasurer of the Goldsboro Firemen's Supplementary Pension Fund, subject to the approval of the board of trustees of said fund, is authorized and directed to invest all funds coming into his possession belonging to said fund, except so much as the board of trustees from time to time may determine is reasonably necessary for the prompt payment of claims and expenses, in such securities as the board of trustees shall select; provided, that such securities shall be limited to the same conditions as enumerated by the General Statutes of North Carolina, as amended, as to the investment of trust funds and the funds of guardians.

Sec. 7. The Board of Trustees of the Supplementary Pension Fund may, in its discretion, take and receive any gift, grant, bequest or devise of any real or personal property or other things of value for, and as, the property of the said Goldsboro Firemen's Supplementary Pension Fund and hold, disburse and invest the same for the use of said fund in accordance with the purpose of this Act and the conditions attached to any such gift, grant, bequest or devise not inconsistent with the purposes of this Act.

Sec. 8. The Board of Trustees of the Goldsboro Firemen's Supplementary Pension Fund shall revalue the said fund at the end of each five-year period, and, if in the opinion of the board of trustees and with the approval of a competent actuary, the fund has increased to such an extent that its solvency will not be impaired, the board of trustees may pay supplemental benefits to those firemen retired under this Act, and those who may retire in the future, the amount of supplemental benefits to be determined by the board of trustees.

Sec. 9. The provisions of Chapter 118 of the General Statutes of North Carolina creating a Firemen's Relief Fund are repealed as to the City of Goldsboro insofar and only so far as said provisions are inconsistent with and contradictory to the provisions of this Act.

Sec. 10. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 11. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 21st  day of May, 1963.