§ 120-4.25. Return of accumulated contributions. - North Carolina Statutes

§ 120‑4.25.  Return ofaccumulated contributions.

If a member ceases to be amember of the General Assembly except by death or retirement, he shall, uponsubmission of an application, be paid not earlier than 60 days following thedate of termination of service, the sum of his contributions if he has lessthan five years of creditable service, or the sum of his accumulatedcontributions if he has five or more years of creditable service, provided hehas not in the meantime returned to service. Upon payment of this sum hismembership in the System ceases. If he becomes a member afterwards, no creditshall be allowed for any service previously rendered except as provided in G.S.120‑4.14 and the payment shall be in full and complete discharge of anyrights in or to any benefits otherwise payable under this Article. Upon receiptof proof satisfactory to the Board of Trustees of the death, prior toretirement, of a member or former member, there shall be paid to the person orpersons he nominated by electronic submission prior to completing 10 years ofservice in a form approved by the Board of Trustees or by written designationduly acknowledged and filed with the Board of Trustees, if the person orpersons are living at the time of the member's death, otherwise to the member'slegal representatives, the amount of his accumulated contributions at the timeof his death, unless the beneficiary elects to receive the alternate benefitunder the provisions of G.S. 120‑4.28.  (1983, c. 761, s. 238; 1983 (Reg. Sess., 1984), c.1034, s. 197; 1987, c. 738, s. 31(e); 1993, c. 531, s. 1; 2009‑66, s.11(k).)