§ 120-4.8. Definitions. - North Carolina Statutes

Article 1A.

Legislative RetirementSystem.

§ 120‑4.8.  Definitions.

The following words andphrases as used in this Article, unless the context clearly requires otherwise,have the following meanings:

(1)        "Accumulatedcontributions" means the sum of all the amounts deducted from thecompensation of a member and credited to his individual account in the annuitysavings fund, together with regular interest as provided in G.S. 135‑7(b).

(2)        "Actuarialequivalent" means a benefit of equal value when computed upon the basis ofthe mortality tables as adopted by the Board of Trustees, and regular interest.

(3)        "Annuity"means payment for life derived from the "Accumulated contribution" ofa member. All "annuities" are payable in equal monthly installments.

(4)        "Annuityreserve" means the present value of all payments to be made on account ofany annuity or benefit in lieu of any annuity, computed upon the basis of themortality tables as adopted by the Board of Trustees, and regular interest.

(5)        "Compensation"means salary and expense allowance paid for service as a legislator in theNorth Carolina General Assembly, exclusive of travel and per diem. EffectiveJuly 1, 2009, "compensation" also means payment of militarydifferential wages.

(6)        "Filing,"when used in reference to an application for retirement, means the receipt ofan acceptable application on a form provided by the Retirement System.

(7)        "Highest annualsalary" means the twelve consecutive months of compensation authorizedduring a member's final legislative term for the highest position that a memberever held as a member of the General Assembly.

(8)        "MedicalBoard" means the board of physicians provided for in G.S. 135‑6,which shall determine disability as provided in this Article.

(9)        "Member in service"means a member in service on or after June 15, 1983.

(10)      "Pensionreserve" means the present value of all payments to be made on account ofany pension or benefit in lieu of any pension computed upon the basis of themortality tables adopted by the Board of Trustees, and regular interest.

(11)      "Pensions"means payments for life derived from money provided by the State of NorthCarolina. All pensions are payable in equal monthly installments.

(12)      "Present memberof the General Assembly" means a person who is a member of the GeneralAssembly on or after June 15, 1983.

(13)      "Regularinterest" means interest compounded annually at the rate determined by theBoard of Trustees in accordance with G.S. 135‑7(b) and G.S. 120‑4.10.

(14)      "Retirement"means the withdrawal from active service with a retirement allowance grantedunder the provisions of this Article. In order for a member's retirement tobecome effective in any month, the member must render no service at any timeduring that month.

(15)      "Year" asused in this Article shall mean the regular fiscal year beginning July 1, andending June 30 in the following calendar year unless otherwise defined by ruleof the Board of Trustees.  (1983, c. 761, s. 238; 1983 (Reg. Sess., 1984), c.1034, s. 198; 1987, c. 738, s. 31(a); 1993 (Reg. Sess., 1994), c. 769, s.7.29(a); 2009‑66, s. 6(h).)