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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"§ 161‑50.3.  Disbursements.
	
(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 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)	Eligibility to receive a monthly pension under this Article 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)	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 total number of years of eligible 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 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).
	
(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.

	
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"§ 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.