NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 250

SENATE BILL 617

 

AN ACT TO AMEND CHAPTER 708 OF THE SESSION LAWS OF NORTH CAROLINA OF 1943, AS AMENDED, TO PROVIDE THAT THE RETIREMENT SYSTEM OF THE CITY OF WILMINGTON SHALL BE ADMINISTERED BY THE PENSION BOARD OF THE CITY OF WILMINGTON.

 

The General Assembly of North Carolina enacts:

 

Section 1. Chapter 708 of the Session Laws of 1943, as amended, is hereby amended as follows:

(a)       By rewriting Section 1 as follows:

"Section 1. The Retirement System of the City of Wilmington, as created by Chapter 708 of the Session Laws of 1943, shall be administered by the Pension Board of the City of Wilmington, which was established by ordinance pursuant to Chapter 995 of the Session Laws of 1963 and Section 3(e) thereof, as amended, to administer the Wilmington Employees' Retirement Fund. Said board shall have the same powers and responsibilities with regard to the administration of this fund as it has with regard to the administration of the Wilmington Employees' Retirement Fund.

The Director of Finance of the City of Wilmington shall be, and is hereby appointed as clerk and treasurer of the retirement system.

The object of this act is to provide a retirement fund for any permanently disabled or superannuated employee of said City as hereinafter provided, and to provide necessary funds to continue payments of compensation to those persons who may be placed on the retirement rolls of said City."

(b)       By striking out the words "board of trustees" and substituting therefor the words "pension board" wherever these words appear therein; by striking out the word "trustees" and substituting therefor the words "members of the pension board" wherever this word appears therein; and by striking out the words "Board of Trustees for the Retirement System of the City of Wilmington" and substituting therefor the words "Pension Board for the Retirement System of the City of Wilmington" wherever these words appear therein.

(c)       By striking out the words "three years" in line 4 of subsection (b) of Section 6 and substituting therefor the words "one year".

(d)       By adding a second paragraph to subsection 8-1/2(b), as amended by Chapter 938 of the Session Laws of 1973, to read as follows:

"That when any employee member of the retirement system, who has been employed by the City for at least 10 years, dies leaving a surviving spouse, in that event such surviving spouse shall receive from the retirement fund a monthly benefit until his or her remarriage or death, equal to fifty percent (50%) of the amount which would have been paid to the employee member had he or she been retired at the time of his or her death."

Sec. 2. This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 9th day of May, 1975.