A BILL TO BE ENTITLED
AN ACT to amend the greensboro firefighters' supplemental retirement system.
The General Assembly of North Carolina enacts:
SECTION 1.  Chapter 899 of the 1953 Session Laws, as amended by Chapter 289 of the 1979 Session Laws, Chapter 466 of the 1983 Session Laws, Chapter 178 of the 1987 Session Laws, and Chapter 431 of the 1993 Session Laws, reads as rewritten:
"Section 1. There is hereby created and established a supplemental retirement system for the members of the Fire Department of the City of Greensboro to be known as the 'Greensboro Firefighters' Supplemental Retirement System', hereinafter referred to in this Act as 'supplemental retirement system.' The purpose of the creation and establishment of the supplemental retirement system, as provided for in this Act, shall be to increase, augment and add to the benefits received by the firemen of the City of Greensboro who have already retired and who may hereafter retire and become eligible for benefits under the provisions of the North Carolina Local Governmental Employees' Retirement System in the sums and amounts hereinafter provided under this Act. Notwithstanding the provisions of G.S. 58‑84‑35, the board of trustees of the Firefighters' Relief Fund of the City of Greensboro, duly appointed under G.S. 58‑84‑30, shall pay into the Supplemental Retirement System on July 1 of each year all sums entrusted to the Relief Fund's board of trustees in excess of the sum of ten thousand dollars ($10,000).
"Sec. 2. The general administration and responsibility for the proper operation of the supplemental retirement system herein created and established and for the carrying out and making effective the provisions of this Act are hereby vested in the Board of Trustees of the Firefighters' Relief Fund of the City of Greensboro, duly appointed under G.S. 58‑84‑30.	
The members of the Board of Trustees of the Greensboro Firemen's Supplemental Retirement System serving upon the abolition of that Board shall serve as ex officio members of the Board of Trustees of the Firefighters' Relief Fund of the City of Greensboro without privilege of voting on matters before that Board.				The Board of Trustees may invest and deposit funds received under this act to any of those classes of securities, including certificates of deposits, as authorized for local government pursuant to G.S. 159‑30.
													"Sec. 3. There is hereby created and established in the Greensboro Firefighters' Supplemental Retirement System a fund to be known as the 'supplemental retirement fund' and hereinafter referred to as the 'fund'. The fund shall consist of all moneys and funds paid into the system from the Firefighters' Relief Fund of the City of Greensboro from time to time and as provided by law; all gifts of money, property of all kinds and description, proceeds from property of all kinds and description, all moneys, funds or property transferred to the fund by will, devise, bequest or by other means provided by law for the transfer or devolution of property, donations and gifts made by the firemen of the City of Greensboro, investments, earnings on investments, interest, dividends and any other funds or property that may accrue to the fund, and the board of trustees is authorized to accept gifts, devises and bequests, and any property or funds that may in anywise be transferred in operation of law. The moneys and property of the fund may be invested by the board of trustees as heretofore provided in this Act. Refunds may be made from the fund to anyone entitled thereby by reason of clerical mistake or any clerical error or inadvertence. The fund shall be liable for the payment of the supplemental benefits hereinafter referred to and defined. Any donations made to the Greensboro City Fire Department in excess of the amount of one hundred dollars ($100.00) may be given and transferred to the fund by a majority vote of the members of the Greensboro City Fire Department. The fund shall be liable for all reasonable and necessary expenses of administration as shall be determined by the board of trustees.
"Sec. 4. Eligibility for supplemental benefits. For the purpose of this Section 'supplemental benefit' as used in this Section shall be defined to mean any sum of money payable by the fund to a fireman of the Greensboro City Fire Department who retires from the Local Governmental Employees' Retirement System, as established by Article 3 of Chapter 128 of the General Statutes of North Carolina, including disability retirement, as provided in said system. On and after July 1, 1983, all firemen of the Greensboro City Fire Department who have attained 30 years of creditable service or who have attained the age of 55 years and who retire from the Local Governmental Employees' Retirement System, including disability retirement, as provided in the system, shall receive a minimum supplemental benefit of twenty‑five dollars ($25.00) per month, except that the total amount paid all retired members of the Greensboro City Fire Department shall not exceed eighty percent (80%) of the income received by the fund during the preceding fiscal year from interest on investment of capital funds, plus the amount derived from other sources; provided, that firemen who have retired prior to July 1, 1983, and who have not attained 30 years of creditable service or who have not attained the age of 55 years shall receive benefits equal to benefits paid other retired firemen under this retirement system. In the event that eighty percent (80%) of the income above mentioned is insufficient to pay such minimum of twenty‑five dollars ($25.00) per month to each person receiving supplemental benefit, the amount shall be equally prorated among the retired members of the Greensboro City Fire Department. Each retired fireman receiving supplemental benefit in accordance with this act shall receive the same amount of supplemental benefit per month; provided, that the maximum payment to any retired member of the Greensboro City Fire Department from said fund shall be one hundred thirty dollars ($130.00) per month. All amounts received for the fund, except eighty percent (80%) of the interest and funds received from other sources, which is to be used for the payment of supplemental benefits to retired members of the Greensboro City Fire Department, as herein provided, together with any part of said eighty percent (80%) which is not paid out during the next fiscal year, shall become a part of said fund and may be invested as provided in this Act. Should any fireman die, subsequent to the payment of a supplemental benefit for any preceding month and prior to the payment of any supplemental benefit in the month in which such fireman dies, then such supplemental benefit for that month shall be paid to the deceased fireman's personal representative. The board of trustees shall have the authority and power to promulgate rules and regulations to the end that the supplemental benefits herein provided may be properly administered and carried out and for the purpose of achieving the objectives herein sought.
"Sec. 5. The provisions of Section 4 of this Act shall not become effective as to the payment of any supplemental benefits thereunder until on and after July 1, 1953.
"Sec. 6. All laws and clauses of laws in conflict with this Act are hereby repealed.
"Sec. 7. None of the provisions of this act shall create a liability for the Greensboro Firefighters' Supplemental Retirement System or for the State of North Carolina unless sufficient current assets are available in the fund to pay fully for this liability."
SECTION 2.  This act is effective when it becomes law.