§ 120-4.13. Transfer of membership and benefits. - North Carolina Statutes

§ 120‑4.13.  Transfer ofmembership and benefits.

(a)        The Board ofTrustees shall set up procedures to transfer membership from the LegislativeRetirement Fund to the Retirement System and to recompute benefits paid toretirees of the Legislative Retirement Fund who elect to transfer to theRetirement System.

(b)        The accumulatedcontributions and creditable service of any member whose service as a member ofthe General Assembly has been or is terminated other than by retirement ordeath and who, while still a member of this Retirement System, became orbecomes a member, as defined in G.S. 135‑1(13), of the Teachers' andState Employees' Retirement System for a period of five or more years may, uponapplication of the member, be transferred from this Retirement System to theTeachers' and State Employees' Retirement System. In order to effect thetransfer of a member's creditable service from the Legislative RetirementSystem to the Teachers' and State Employees' Retirement System, there shall betransferred from the Legislative Retirement System to the Teachers' and StateEmployees' Retirement System the sum of (i) the accumulated contributions ofthe member credited in the annuity savings fund and (ii) the amount of reserveheld in the Legislative Retirement System as a result of previous contributionsby the employer on behalf of the transferring member.

(c)        The accumulatedcontributions and creditable service of any member whose service as a member ofthe General Assembly has been or is terminated other than by retirement ordeath and who, while still a member of this Retirement System, became orbecomes a member, as defined in G.S. 135‑53(11), of the ConsolidatedJudicial Retirement System for a period of five or more years may, uponapplication of the member, be transferred from this Retirement System to theConsolidated Judicial Retirement System. In order to effect the transfer of amember's creditable service from the Legislative Retirement System to theConsolidated Judicial Retirement System, there shall be transferred from theLegislative Retirement System to the Consolidated Judicial Retirement Systemthe sum of (i) the accumulated contributions of the member credited in theannuity savings fund and (ii) the amount of reserve held in the Legislative RetirementSystem as a result of previous contributions by the employer on behalf of thetransferring member. (1983, c. 761, s. 238; 2003‑284, s. 30.18(a).)