§ 143-166.70. Transfers of assets of Law-Enforcement Officers' Retirement System to other retirement systems. - North Carolina Statutes

Article 12G.

Transfers of Assets of Law‑Enforcement Officers'Retirement System to Other RetirementSystems.

§ 143‑166.70.  Transfers of assets of Law‑EnforcementOfficers' Retirement System to other retirement systems.

As of January 1, 1986, assets of the Law‑Enforcement Officers'Retirement System, provided for under Article 12 of Chapter 143 of the GeneralStatutes, as it existed prior to January 1, 1986, shall be transferred to theLocal Governmental Employees' Retirement System provided for under Article 3 ofChapter 128 of the General Statutes, and the Supplemental Retirement IncomePlan of North Carolina, provided for under Article 5 of Chapter 135 of theGeneral Statutes, in the amounts calculated and in the order of precedenceenumerated as follows:

(1)        The regular accumulated contributions of members of the Law‑Enforcement Officers' Retirement System shall be transferred from the annuitysavings fund of the Law‑Enforcement Officers' Retirement System to theannuity savings fund of the Local Governmental Employees' Retirement System tothe credit of each individual member.

(2)        An amount equal to the present value of the liabilities onaccount of the retirement allowances payable to beneficiaries of the Law‑EnforcementOfficers' Retirement System, as calculated by the Retirement System'sconsulting actuary, shall be transferred from the pension accumulation fund ofthe Law‑Enforcement Officers' Retirement System to the pensionaccumulation fund of the Local Governmental Employees' Retirement System.

(3)        After the transfer provided for above, the remaining assetsin the pension accumulation fund of the Law‑Enforcement Officers'Retirement System shall be transferred to the pension accumulation fund of theLocal Governmental Employees' Retirement System with the amount of such assetsto be taken into account by the Retirement System's consulting actuary indetermining the employers' rates of contribution under G.S. 128‑30(d)(9).

(4)        The special annuity account accumulated contributions shallbe transferred from the special annuity savings fund of the Law‑EnforcementOfficers' Retirement System to the Supplemental Retirement Income Plan of NorthCarolina, or some other employer‑sponsored trust qualified underSections  401(a) and 401(k) of the Internal Revenue Code of 1954 as amended.

(5)        The separate trust fund reserves held under the deathbenefit plan provided for in G.S. 143‑166.02, as it existed prior toJanuary 1, 1986, shall be transferred to the separate trust fund for the deathbenefit plan provided for in G.S. 128‑27(1) [128‑27(l)]. (1985, c. 479, s. 196(u).)