NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 982

HOUSE BILL 1096

 

 

AN ACT TO REPEAL CHAPTER 1097 SESSION LAWS OF 1953 AND TO PROVIDE FOR THE LIQUIDATION OF THE EMERGENCY RESERVE FUND FOR PERSONS ENGAGED IN ENFORCEMENT OF CRIMINAL LAWS IN CABARRUS COUNTY.

 

The General Assembly of North Carolina do enact:

 

Section 1. Chapter 1097 Session Laws of 1953 "An Act to Create An Emergency Fund For Persons Engaged in the Enforcement of the Criminal Laws in Cabarrus County" is hereby repealed.

Sec. 2. The board created by Section 3 Chapter 1097 of the Session Laws of 1953 are hereby authorized to do any and all things necessary for the liquidation of the above referred to fund. The board is further authorized to divide the total assets of the fund as of June 30, 1965 on a pro rata basis and set up the amount to the credit of an account for each member, including those on retirement and widows and children who are drawing benefits. The pro rata part for each member is to be determined by taking the total number of years of service of all members and retired members as well as deceased members whose widows are drawing benefits, and dividing this number into the total amount of assets, thereby getting the hypothetical dollar value of each year's service. This hypothetical dollar value is then to be multiplied by the number of years service of each member as herein designated. The board will then set up this amount to the credit of each member in a special account.

Sec. 3. The board is hereby authorized to distribute the total assets on a pro rata basis as determined above as follows:

(a)       The pro rata part of those members who hold membership in the Law Enforcement Officers' Benefit and Retirement Fund shall be paid to the said Law Enforcement Officers' Benefit and Retirement Fund and shall be set up as special matching contribution. Any refund thereof under the rules and regulations of the Law Enforcement Officers' Benefit and Retirement Fund shall be made to the individual member.

(b)       The pro rata part of those members who hold membership in the Local Government Employees Retirement System shall be paid to the Local Government Employees Retirement System to be applied under the provision of additional contribution for purpose of purchasing additional annuity.

(c)       The pro rata part of those members who are now drawing retirement benefits shall be paid as a lump sum to such retired member.

(d)       The pro rata part for the widow and/or children of a deceased member now receiving benefits shall be paid in a lump sum to such widow and/or children.

Sec. 4. On payment of the amounts indicated in Section 3 above by the board, the board is hereby released from any further responsibility or liability for any claims from any officer participating in the fund.

Sec. 5. All laws or clauses of laws in conflict herewith are hereby repealed.

Sec. 6. This Act shall become effective July 1, 1965.

In the General Assembly read three times and ratified, this the 11th day of June, 1965.