GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

S	1 

SENATE BILL 562

Short Title:  Reidsville Firemen's Retirement.	(Local)
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Sponsors: Senator Sands.
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Referred to:  Pensions and Retirement.
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March 21, 1989

A BILL TO BE ENTITLED
AN ACT TO ADJUST THE MAXIMUM ANNUAL RETIREMENT BENEFITS PAYABLE FROM THE REIDSVILLE FIREMEN'S SUPPLEMENTAL RETIREMENT FUND.
The General Assembly of North Carolina enacts:
Section 1.  Subsection 3(a) of Chapter 94 of the 1979 Session Laws, as amended by Section 1 of Chapter 1235 of the 1981 Session Laws, is rewritten to read:
"(a)	Each retired fireman of the City of Reidsville, whether volunteer or paid, who has previously retired with 20 years of service, or more, as a fireman of the City of Reidsville shall be entitled to and shall receive in each calendar year following the calendar year in which he retires the following supplemental retirement benefits: (1) retired full-time firemen, one share for each full year of service as a fireman of the City of Reidsville; and (2) retired volunteer fireman, one-half of one share for each full year of service as a volunteer fireman of the City of Reidsville."
Sec. 2.  Nothing in this act shall create a liability for the Reidsville Firemen's Supplemental Retirement Fund unless the Fund has sufficient assets to pay fully for the liability.
Sec. 3.  This act is effective upon ratification.