GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	2 

SENATE BILL 1114
Second Edition Engrossed 6/18/92

Short Title:  Sheriffs' Pension Fund Changes.	(Public)
─────────────────────────────────────── 
Sponsors: Senator Daniel.
─────────────────────────────────────── 
Referred to:  Pensions and Retirement.
─────────────────────────────────────── 

June 2, 1992

A BILL TO BE ENTITLED
AN ACT TO MAKE VARIOUS CHANGES IN THE SHERIFFS' SUPPLEMENTAL PENSION FUND.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 143-166.83 reads as rewritten:
"§ 143-166.83. Disbursements.
	(b)	Immediately following January 1, 1993, and the first of January of each succeeding calendar year thereafter, the Department of Justice shall divide an amount equal to ninety percent (90%) of the assets of the Fund at the end of the preceding calendar year and shall add to that amount any assets remaining pursuant to subsection (f) of this section and disburse the same as monthly payments in accordance with the provisions of this Article.
(c)	Ten percent (10%) of the Fund's assets as of January 1, 1993, and at the beginning of each calendar year thereafter, may be used by the Department of Justice in administering the provisions of this Article. This ten percent (10%) is to be derived from the Fund's assets prior to the addition of assets remaining pursuant to subsection (f) of this section.
(d)	All the Fund's disbursements shall be conducted in the same manner as disbursements are conducted for other special funds of the State.
(e)	If, for any reason, the Fund shall be insufficient to pay any pension benefits or other charges, then all benefits or payments shall be reduced pro rata for as long as the deficiency in amount exists. No claim shall accrue with respect to any amount by which a pension payment shall have been reduced.
(f)	Any assets remaining after reserving an amount equal to the disbursements required under subsections (b) and (c) of this section shall be accrued and included in disbursements for pensioners in succeeding years."
Sec. 2.  G.S. 143-166.84 reads as rewritten:
"§ 143-166.84.  Eligibility.
(a)	Each county sheriff who has retired from the Local Governmental Employees' Retirement System, and who has attained the age of 55 years or attained 30 years of creditable service regardless of age, and who has completed at least 10 years of eligible service as sheriff, is entitled to receive a monthly pension under this Article.
(a1)	Each county sheriff who withdrew any service standing to his credit in the Local Governmental Employees' Retirement System prior to July 1, 1986, and who has attained the age of 55 or attained 30 creditable years of service regardless of age, and who has completed at least 10 years of eligible service as sheriff, is entitled to receive a monthly pension under this Article provided the sheriff is not eligible to receive any retirement benefit from any State or locally sponsored plan.
(a2)	Each county sheriff who has been approved for disability benefits from the Local Governmental Employees' Retirement System is eligible to receive benefits from the Fund regardless of age provided the retiree has at least 10 years of eligible service as sheriff.
(b)	Each eligible retired sheriff as defined in subsections (a), (a1), and (a2) of this section relating to age and service shall be entitled to receive a monthly pension under this Article beginning with the month immediately following the effective date of retirement."
Sec. 3.  G.S. 143-166.85 reads as rewritten:
"§ 143-166.85.  Benefits.
	(a)	An eligible retired sheriff shall be entitled to and receive an annual pension benefit, payable in equal monthly installments, which when added to a retired allowance at retirement from the Local Governmental Employees' Retirement System or to the amount he would have been eligible to receive if service had not been forfeited by the withdrawal of accumulated contributions, is equal to seventy-five percent (75%) of a sheriff's equivalent annual salary immediately preceding retirement computed on the latest monthly base rate.
(b)	All monthly pensions payable under this Article shall be paid on the last business day of each month.
(c)	At the death of the pensioner, benefits for the current calendar year will continue and be paid in monthly installments to the decedent's spouse or estate, in accordance with the provisions of Chapter 28 of the General Statutes.  Benefits will cease upon the last payment being made in December of the current year.
(d)	Monthly pensions payable under this Article will cease upon the full-time reemployment of a pensioner with an employer participating in the Local Governmental Employees' Retirement System for as long as the pensioner is so reemployed.
(e)	Repealed by Session Laws 1989, c. 792, s. 2.9.
(f)	Nothing contained in this Article shall preclude or in any way affect the benefits that a pensioner may be entitled to from any state, federal or private pension, retirement or other deferred compensation plan."
Sec. 4.  This act becomes effective July 1, 1992.