GENERAL ASSEMBLY OF NORTH CAROLINA
1989 SESSION
CHAPTER 731
The General Assembly of North Carolina enacts:
Section 1. G.S. 135-5(f1) reads as rewritten:
"(f1) Upon submission of an
application, there shall be paid to any member at retirement or thereafter or
surviving beneficiary of a member a refund of contributions not withdrawn with
regular interest thereon, equal to (i) additional contributions made under the
provisions of Section 2 of Chapter 1053 of the 1953 Session Laws of North
Carolina with respect to membership service prior to 1953 and (ii) the
contributions made at the rate of two percent (2%) of compensation not subject
to coverage under the Social Security Act during the period January 1, 1955, to
June 30, 1963; the contributions made by Cooperative Agricultural
Extension Service Employees on compensation not subject to coverage under the
Social Security Act during the period January 1, 1955, to June 30, 1963; provided
that such return of contributions shall be payable only if such contributions
did not in any way benefit the member under the provisions of this Chapter Chapter;
provided further that this subsection shall apply as well to any former
Cooperative Agricultural Extension Service Employee who obtained a refund of
contributions for the period January 1, 1955, to June 30, 1963, and who
subsequently purchased the creditable service forfeited by paying the
contributions withdrawn and interest thereon."
Sec. 2. G.S. 128-27(f2) reads as rewritten:
"(f2) Upon the submission of an
application, there shall be paid to any member, member at retirement
or thereafter or surviving beneficiary of a member, who was covered
under this System and the Teachers' and State Employees' Retirement System for
the same period of service member a return refund of
contributions not withdrawn with regular interest thereon, equal to the contributions
made by Cooperative Agricultural Extension Service Employees on compensation
excluded from coverage under Title II of the Social Security Act representing
the difference in the rate applicable to Cooperative Agricultural Extension
Service Employees and the rate applicable to other employees of the
participating employer at the rate of two percent (2%) of compensation
not subject to coverage under the Social Security Act during the period
January 1, 1955, to June 30, 1965; provided that such return of contributions
shall be payable only if such contribution did not in any way benefit the
member under any provision of this Article. Provided further that this
subsection shall apply to any former Cooperative Agricultural Extension Service
employee who obtained a refund and subsequently purchased the creditable
service forfeited by paying the contributions withdrawn and interest thereon."
Sec. 3. Section 3 of Chapter 1061 of the 1987 Session Laws is rewritten to read:
"The Board of Trustees of the Teachers' and State Employees' Retirement System shall reserve the sum of one million five hundred thousand dollars ($1,500,000) and the Board of Trustees of the Local Governmental Employees' Retirement System shall reserve the sum of five hundred thousand dollars ($500,000) from unencumbered actuarial gains in the Retirement Systems for the year ending December 31, 1987, for the purpose of funding this act. Applications for refunds under this act shall be made on or before July 1, 1994."
Sec. 4. This act is effective July 1, 1989.
In the General Assembly read three times and ratified this the 7th day of August, 1989.