§ 135-90. Short title and purpose. - North Carolina Statutes

Article5.

Supplemental RetirementIncome Act of 1984.

§ 135‑90.  Short titleand purpose.

(a)        This Article shallbe known and may be cited as the "Supplemental Retirement Income Act of1984".

(b)        The purpose of theArticle is to attract and hold qualified employees and officials of the Stateof North Carolina and its political subdivisions by permitting them toparticipate in a profit sharing or salary reduction form of deferredcompensation which will provide supplemental retirement income payments upon retirement,disability, termination, hardship, and death as allowed under section 401(k),or any other relevant section, of the Internal Revenue Code of 1954 as amended.As used in this Article, the term "profit" means the excess revenueover expenditures prior to the expenditure of the amount which may beoptionally made available for employees to be placed in trust by the State andits political subdivisions on behalf of the employees and officials covered bythis Article. (1983 (Reg. Sess., 1984), c. 975.)