GENERAL ASSEMBLY OF NORTH CAROLINA

1987 SESSION

 

 

CHAPTER 614

SENATE BILL 525

 

AN ACT TO PROVIDE A SUPPLEMENTAL RETIREMENT FUND FOR FIREMEN IN THE TOWN OF SELMA AND TO MODIFY THE APPLICATION OF G.S. 118-5, G.S. 118-6, AND G.S. 118-7 TO THE TOWN OF SELMA.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Supplemental Retirement Fund Created.  The Board of Trustees of the Local Firemen's Relief Fund of the Town of Selma, as established in accordance with G.S. 118-6, hereinafter called the Board of Trustees, shall create and maintain a separate fund to be called the Selma Firemen's Supplemental Retirement Fund, hereinafter called the Supplemental Retirement Fund, and shall maintain books of account for such Fund separate from the books of account of the Firemen's Local relief Fund of the Town of Selma, hereinafter called the Local Relief Fund.  The Board of Trustees shall pay into the Supplemental Retirement Fund the funds prescribed by this act.

Sec. 2.  Transfers of Funds and Disbursements.  Notwithstanding the provisions of G.S. 118-7, the Board of Trustees of the Local Firemen's Relief Fund of the Town of Selma shall:

(a)       prior to January 31, 1988, and in each January thereafter, transfer to the Supplemental Retirement Fund all earnings on investments of the Local Relief Fund.

(b)       as soon as practicable after January 1 of each year, but in no event later than July 1, divide funds belonging to the Supplemental Retirement Fund into equal shares and disburse the same as supplemental retirement benefits in accordance with Section 3 of this act.

Sec. 3.  Supplemental Retirement Benefits.  (a) Each retired fireman of the Town of Selma who has previously retired with 20 years service or more as a Town of Selma fireman, and who retired subsequent to attaining the age of 55 years, shall be entitled to and shall receive an annual supplemental retirement benefit equal to one share for each full year of service as a fireman of the Town of Selma provided, in no event shall any retired fireman be entitled to or receive in any year an annual benefit in excess of six hundred dollars ($600.00).

(b)       Any former firemen of the Town of Selma who are not otherwise entitled to supplemental retirement benefits under subsection (a) of this section, shall nevertheless be entitled to such benefits in any calendar year in which the Board of Trustees makes the following written findings of fact:

(1)       That he initially retired from his position as fireman because of his inability, by reason of sickness or injury, to perform the normal duties of an active fireman; and

(2)       That, within 30 days prior to or following his initial retirement as a fireman, at least two physicians licensed to practice medicine in North Carolina certified that he was at such time unable, by reason of sickness or injury, to perform the normal duties of an active fireman; and

(3)       That, since the preceding January 1, a physician licensed to practice medicine in North Carolina has certified that he remains unable, by reason of sickness or injury, to perform the normal duties of an active fireman; provided, that the Board of Trustees, after initially making the findings of fact specified in (1) and (2) of this subsection, need not specify such findings in subsequent calendar years.

Sec. 4.  Intention.  It is the intention of Sections 1, 2, and 3 of this act to authorize the disbursement as supplemental retirement benefits only of the funds belonging to the Supplemental Retirement Fund.

Sec. 5.  Investment of funds.  The Board of Trustees is hereby authorized and directed to invest all of the funds of the Local Firemen's Relief Fund in one or more of the investments named in or authorized by G.S 159-28.1.

Sec. 6.  Bond of Treasurer.  The Board of Trustees shall bond the Treasurer of the Local Firemen's Relief Fund with a good and sufficient bond, in an amount at least equal to the amount of funds in his control, payable to the Board of Trustees, and conditioned upon the faithful performance of his duties; such bond shall be in lieu of the bond required by G.S. 118-6.  The Board of Trustees shall pay from the Local Firemen's Relief Fund the premiums on the bond of the Treasurer.

Sec. 7.  City Authorized to Make Payment.  The City Council of the Town of Selma is hereby authorized and may at its discretion make appropriations and disburse fund to the Supplemental Retirement Fund.

Sec. 8.  Nothing in this act creates a liability on the Fund unless there are sufficient current assets in the Fund to pay fully for the liabilty.

Sec. 9.  If any provision of this act shall be declared invalid by a court of competent jurisdiction, such invalidity shall not affect other provisions hereof which can be given effect without the invalid provision, and to this end the provisions of this act are declared to be severable.

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

Sec. 11.  This act is effective upon ratification.

In the General Assembly read three times and ratified this the 14th day of July, 1987.