§ 128-25. Membership in System. - North Carolina Statutes

§128‑25.  Membership in System.

Should sixty per centum (60%)of the members of any retirement, pension or annuity fund or system of anycounty, city or town of the State, hereafter referred to as a local pensionsystem, elect to become members of the North Carolina Governmental Employees'Retirement System, by a petition duly signed by such members, the participationof such members in the Retirement System may be approved as provided in G.S.128‑24 as though such local pension system were not in operation, and theprovisions of this Article shall also apply, except that the existingpensioners or annuitants of the local pension system who were being paidpensions on the date of the approval shall  be continued and paid at theirexisting rates by the North Carolina Governmental Employees' Retirement System,and the liability on this account shall be included in the computation of theaccrued liability by the actuary as provided by G.S. 128‑30, subsection(d). Any cash and securities to the credit of the local pension system shall betransferred to the North Carolina Governmental Employees' Retirement System asof the date of the approval. The trustees or other administrative head of thelocal pension system as of the date of the  approval shall certify the proportion,if any, of the funds of the System that represents the accumulatedcontributions of the members, and the relative shares of the members as of thatdate. Such shares shall be credited to the respective annuity savings accountsof such members in the North Carolina Governmental Employees' RetirementSystem. The balance of the funds transferred to the North Carolina GovernmentalEmployees' Retirement System shall be offset against the accrued liabilitybefore determining the special accrued liability contribution to be paid by thecounty, city or town as provided by G.S. 128‑30, subsection (d). Theoperation of the local pension system shall be discontinued as of the date ofthe approval. (1939, c. 390, s. 5; 1941, c. 357, s. 4.)