GENERAL ASSEMBLY OF NORTH CAROLINA
1989 SESSION

CHAPTER 924
HOUSE BILL 2041

AN ACT TO AMEND THE LAW REGARDING THE CARY LOCAL SUPPLEMENTAL RETIREMENT BENEFIT FUND.

The General Assembly of North Carolina enacts:

Section 1.  Section 2 of Chapter 159 of the 1985 Session Laws reads as rewritten:
"Sec. 2.  Disbursements.  Notwithstanding the provisions of G.S. 118-7, the Board of Trustees of the Local Firemen's Relief Fund of the Town of Cary shall as soon as practicable after July 1 of each year, but in no event later than October 1, transfer to the 'Local Supplemental Retirement Benefit Fund' all income resulting from investments of funds belonging to the Cary Local Firemen's Relief Fund, divide the income earned in the preceding calendar year upon investments of funds belonging to the Local Firemen's Relief Fund into equal shares, and disburse the same as a Local Supplemental Retirement Benefit in accordance with Section 3 of this act.  If income from investments is more than what is needed to pay the Local Supplemental Retirement Benefit, the excess funds shall be put back into the Local Firemen's Relief Fund."
Sec. 2.  Section 4(a) of Chapter 159 of the 1985 Session Laws reads as rewritten:
"(a)	Each retired volunteer fire fighter of the Town of Cary who has retired with 20 or more years of fire service as a fire fighter and has attained the age of 55 and each full-time paid fire fighter of the Town of Cary with 30 or more years of fire service as a fire fighter who has attained the age of 55 is entitled to and shall receive an annual supplemental retirement benefit equal to one share for each full year of service as a fire fighter; provided, in no event shall any fire fighter be entitled to or receive in any year an annual benefit in excess of one thousand eight hundred dollars ($1,800)."
Sec. 3.  Section 5 of Chapter 159 of the 1985 Session Laws reads as rewritten:
"Sec. 5.  If, for any reason, the Fund is insufficient to pay in full any pension benefits, or other charges, then all benefits shall be reduced and paid according to Section 3 of this act, for as long as the deficiency in amount exists.  No claim shall accrue with respect to any amount by which a benefit payment has been reduced."
Sec. 4.  None of the provisions of this act shall create a liability for the Cary Local Firemen's Supplemental Retirement Benefit Fund nor to the State of North Carolina unless sufficient current assets are available in the Fund to pay fully for the liability.
Sec. 5.  This act is effective upon ratification.
In the General Assembly read three times and ratified this the 16th day of July, 1990.