GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 193
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Short Title: Update Register of Deeds' Supp. Pension Fund. |
(Public) |
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Sponsors: |
Senators Hanig and Ford (Primary Sponsors). |
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Referred to: |
Rules and Operations of the Senate |
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February 27, 2025
A BILL TO BE ENTITLED
AN ACT to update the supplemental pension provided to registers of deeds by providing a flat rate monthly supplemental pension amount to all eligible retired registers of deeds and to make technical and CONFORMING changes to the related statutes.
The General Assembly of North Carolina enacts:
SECTION 1. Article 3 of Chapter 161 of the General Statutes reads as rewritten:
"Article 3.
"Register of Deeds' Supplemental Pension Fund Act of 1987.
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(a) Immediately following July 1, 1988, the
Department of State Treasurer shall divide an amount equal to forty‑five
percent (45%) of the assets of the Fund at the end of the preceding fiscal year
into equal shares and disburse the same as monthly pension payments to all
eligible retired registers of deeds as of July 1, 1988, payable in accordance
with the method described in G.S. 161‑50.5, except that such pension
benefit shall be computed for a six‑months basis beginning with the month
of July, 1988.
(b) Immediately following January 1, 1996, and the first of January of each succeeding calendar year thereafter, the Department of State Treasurer shall divide an amount equal to ninety‑three percent (93%) of the assets of the Fund at the end of the preceding calendar year into equal shares and disburse the same as monthly payments in accordance with the provisions of this Article.
(c) The remaining seven percent (7%) of the Fund's assets as of December 31, 1995, and at the end of each calendar year thereafter, may be used by the Department of State Treasurer in administering the provisions of this Article.
(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 paid 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. If a pro rata payment is required under this
subsection, then the payment made to each individual register of deeds eligible
under G.S. 161‑50.4 shall be calculated by first dividing the total
number of years of eligible service as a register of deeds for all registers of
deeds eligible under G.S. 161‑50.4 on December 31 of the previous
calendar year into the total amount available to the Pension Fund to cover the
monthly pension payments under this Article and then second, by multiplying
that amount by the total number of years of eligible service for each
individual register of deeds eligible under G.S. 161‑50.4. This
second total shall be the amount the applicable eligible register of deeds is
entitled to until either (i) the Pension Fund is sufficient to cover the full
amount of the monthly pension payments or (ii) the next calendar year if the
Pension Fund remains insufficient, at which time the monthly pro rata payment
made to each eligible register of deeds shall be recalculated.
"§ 161‑50.4. Eligibility.
(a) Each county register of deeds who has retired with at least 12 years eligible service as register of deeds from the Local Governmental Employees' Retirement System or an equivalent locally sponsored plan before June 30, 1988, and those who retire on or after June 30, 1988, but before July 1, 1991, and who have completed at least 12 years of eligible service as register of deeds is entitled to receive a monthly pension under this Article, beginning July 1, 1988. Effective July 1, 1991, each county register of deeds who retires with at least 10 years of eligible service as register of deeds is entitled to receive a monthly pension under this Article.
(a1) Notwithstanding the provisions of subsection (a) of this section, effective January 1, 1996, any county register of deeds who separates from service as register of deeds after completing at least 10 years of eligible service as register of deeds, but who does not commence retirement with the Local Governmental Employees' Retirement System, shall have the right to receive a monthly pension under this Article payable upon retirement with the Local Governmental Employees' Retirement System.
(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 Eligibility
to receive a monthly pension under this Article beginning begins with
the month of retirement.
(c) A county register of deeds who is otherwise eligible to receive a monthly pension under this Article shall cease to be eligible upon forfeiture of any retirement benefits under G.S. 128‑38.4 or G.S. 128‑38.4A.
"§ 161‑50.5. Benefits.
(a) An eligible Prior
to October 1, 2025, a retired register of deeds eligible under G.S. 161‑50.4(a)
or G.S. 161‑50.4(a1) 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. service of the retired register
of deeds. 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 an
amount which, when added to a retirement allowance under the maximum allowance
at retirement from the Local Governmental Employees' Retirement System or an
equivalent locally sponsored plan, is greater than seventy‑five percent
(75%) of a register of deed's deeds' 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).
(a1) A register of deeds eligible under G.S. 161‑50.4(a2)
shall be entitled to receive an annual pension benefit, payable in equal
monthly installments as determined under the provisions of subsection (a) of
this section, but reduced by an amount equal to the benefit that would be
payable from the Local Governmental Employees' Retirement System if the
register of deeds had been a member of the Local Governmental Employees'
Retirement System and all of the years of local service were creditable to that
System.
(a2) On and after October 1, 2025, a register of deeds eligible under G.S. 161‑50.4 shall be entitled to receive an annual pension benefit, payable in equal monthly installments of one thousand five hundred dollars ($1,500).
(b) All monthly pensions payable under this Article shall be paid on the same business day of each month that benefits are paid from the Local Governmental Employees' Retirement System.
(c) Monthly pensions payable under this Article
shall cease at the death of the pensioner and no payment will be made to any
beneficiaries or to the decedent's estate.
(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.
(d1) Monthly pensions payable under this Article will
cease upon the ineligibility of a pensioner under G.S. 161‑50.4(c)
due to the forfeiture of any retirement benefits under G.S. 128‑38.4
or G.S. 128‑38.4A.
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(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.
"§ 161‑50.10. Cessation of benefits under this Article.
(a) Monthly pensions payable under this Article cease at the death of the individual eligible for or in receipt of benefits under this Article and no payment will be made to any beneficiaries or to the decedent's estate.
(b) Monthly pensions payable under this Article cease upon an individual receiving benefits under this Article entering into full‑time employment with an employer participating in the Local Governmental Employees' Retirement System for as long as that full‑time employment continues.
(c) Monthly pensions payable under this Article cease upon the forfeiture of any retirement benefits under G.S. 128‑38.4 or G.S. 128‑38.4A.
"§ 161‑50.15. Affect of Article on other benefits.
No provision of this Article shall preclude or in any way affect the benefits that an individual receiving benefits under this Article may be entitled to from any state, federal or private pension, retirement plan, or other deferred compensation plan."
SECTION 2.(a) This act applies to monthly supplemental pension benefits under Article 3 of Chapter 161 of the General Statutes payable to eligible retired registers of deeds on or after October 1, 2025. If any pension benefit under Article 3 of Chapter 161 of the General Statutes is payable for any month prior to October 1, 2025, but is paid on or after that date, then the amount paid shall be the amount that was in effect for the applicable month.
SECTION 2.(b) This act is effective October 1, 2025.