§ 135-91. Administration. - North Carolina Statutes

§ 135‑91. Administration.

(a)        The provisions ofthis Article shall be administered by the Department of State Treasurer and theSupplemental Retirement Board of Trustees established in G.S. 135‑96. TheDepartment of State Treasurer and the Board of Trustees shall create aSupplemental Retirement Income Plan as of January 1, 1985, to be administeredunder the provisions of this Article.

(b)        The SupplementalRetirement Income Plan shall have the power and privileges of a corporation andshall be known as the "Supplemental Retirement Income Plan of NorthCarolina" and by this name all of its business shall be transacted.

(c)        The Department ofState Treasurer and the Board of Trustees shall have full power and authorityto adopt rules and regulations for the administration of the Plan, providedthey are not inconsistent with the provisions of this Article. The Departmentof State Treasurer and Board of Trustees may appoint those agents, contractors,employees and committees as they deem advisable to carry out the terms andconditions of the Plan.

(d)        The Department ofState Treasurer and the Board of Trustees shall be charged with a fiduciaryresponsibility for managing all aspects of the Plan, including the receipt,maintenance, investment, and disposition of all Plan assets.

(e)        The administrativecosts of the Plan may be charged to members or deducted from members' accountsin accordance with nondiscriminatory procedures established by the Departmentof State Treasurer and Board of Trustees.

(f)         Each institutionof The University of North Carolina shall report the data and other informationto the Supplemental Retirement Income Plan pertaining to participants in theOptional Retirement Program as shall be required by the Department of StateTreasurer and the Board of Trustees.

(g)        Each politicalsubdivision of the State that sponsors a retirement or pension plan withmembers who are members of the Supplemental Retirement Income Plan shall reportthe data and other information to the Plan pertaining to members of theretirement or pension plan as shall be required by the Department of StateTreasurer and the Board of Trustees.  (1983 (Reg. Sess., 1984), c. 975; 1985, c. 403, s. 1;1989 (Reg. Sess., 1990), c. 948, s. 2; 2008‑132, s. 1.)