§ 120-4.17. Assets of retirement system. - North Carolina Statutes

§120‑4.17.  Assets of retirement system.

(a)        All of the assetsof the Retirement System shall be credited according to the purpose for whichthey are held to one of two funds, either the Annuity Savings Fund or thePension Accumulation Fund.

(b)        The Annuity SavingsFund is the fund to which all members' contributions, and regular interestallowances provided for as in G.S. 135‑7(b), shall be credited. From thisfund shall be paid the accumulated contributions of a member.

(c)        Upon the retirementof a member, his accumulated contributions  shall be transferred from theAnnuity Savings Fund to the Pension Accumulation Fund. In the event that aretired former member should subsequently again become a member of theRetirement System as provided for in G.S. 120‑4.11, any excess of hisaccumulated contributions at his date of retirement over the sum of theretirement allowance payments received by him since his date of retirementshall be transferred from the Pension Accumulation Fund to the Annuity SavingsFund and shall be credited to his individual account in the Annuity SavingsFund.

(d)        The PensionAccumulation Fund is the fund in which accumulated  contributions by the Stateand amounts transferred from the Annuity Savings Fund in accordance withsubsection (c) of this section and to which all income from the invested assetsof the Retirement System are credited. From this fund is paid retirementallowances and any other benefits provided for under this Article exceptpayments of accumulated contributions as provided in G.S. 120‑4.14.

(e)        The regularinterest allowance on the members' accumulated contributions provided for as inG.S. 135‑7(b) shall be transferred each year from the PensionAccumulation Fund to the Annuity Savings Fund. (1983, c. 761, s. 238.)