A BILL TO BE ENTITLED
AN ACT to increase the maximum annual pension benefit payable through the register of deeds' supplemental pension fund and to make other adjustments to the fund.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 161‑50.2 reads as rewritten:
"§ 161‑50.2.  Assets.
(a)	On and after October 1, 1987, each County Commission shall remit monthly to the Department of State Treasurer an amount equal to  one and one‑half percent (1.5%) of the monthly receipts collected pursuant to Article 1 of Chapter 161 of the General Statutes, to be deposited to the credit of the Registers of Deeds' Supplemental Pension Fund, hereinafter referred to as the Fund, to be used in making monthly pension payments to eligible retired registers of deeds under the provisions of this Article and to pay the cost of administering the provisions of this Article.
(b)	The State Treasurer shall be the custodian of the Registers of Deeds' Supplemental Pension Fund and shall invest its assets in accordance with the provisions of G.S. 147‑69.2 and G.S. 147‑69.3."
SECTION 2.  G.S. 161‑50.4(b) reads as rewritten:
"(b)	Each eligible retired register of deeds as defined in subsection (a), (a1), or (a2) of this section relating to service and retirement status  shall be entitled to receive a monthly pension under this Article beginning with the month of retirement."
SECTION 3.  G.S. 161‑50.5(a) reads as rewritten:
"(a)	An eligible retired register of deeds shall be entitled to receive an annual pension benefit, payable in equal monthly installments, equal to one share for each full year of eligible service as register of deeds multiplied by his total number of years of eligible service. The amount of each share shall be determined by dividing the total number of years of eligible service for all eligible retired registers of deeds on December 31 of each calendar year into the amount to be disbursed as monthly pension payments in accordance with the provisions of G.S. 161‑50.3. In no event, however, shall a monthly pension under this Article exceed  seventy‑five percent (75%) of a register of deed's equivalent annual salary immediately preceding retirement computed on the latest monthly  rate, including any and all supplements, to a maximum amount of  one thousand five hundred dollars ($1,500)."
SECTION 4.  This act becomes effective July 1, 2007.