§ 161-50.3. Disbursements. - North Carolina Statutes

§ 161‑50.3. Disbursements.

(a)        Immediately following July 1, 1988, the Department of StateTreasurer shall divide an amount equal to forty‑five percent (45%) of theassets of the Fund at the end of the preceding fiscal year into equal sharesand disburse the same as monthly pension payments to all eligible retiredregisters of deeds as of July 1, 1988, payable in accordance with the methoddescribed in G.S. 161‑50.5, except that such pension benefit shall becomputed for a six‑months basis beginning with the month of July, 1988.

(b)        Immediately following January 1, 1996, and the first ofJanuary of each succeeding calendar year thereafter, the Department of StateTreasurer shall divide an amount equal to ninety‑three percent (93%) ofthe assets of the Fund at the end of the preceding calendar year into equalshares and disburse the same as monthly payments in accordance with theprovisions of this Article.

(c)        The remaining seven percent (7%) of the Fund's assets as ofDecember 31, 1995, and at the end of each calendar year thereafter, may be usedby the Department of State Treasurer in administering the provisions of thisArticle.

(d)        All the Fund's disbursements shall be conducted in the samemanner as disbursements are conducted for other special funds of the State.

(e)        If, for any reason, the Fund shall be insufficient to payany pension benefits or other charges, then all benefits or payments shall bereduced pro rata for as long as the deficiency in amount exists. No claim shallaccrue with respect to any amount by which a pension payment shall have beenreduced. (1987, c. 792, s.1; 1995, c. 259, s. 2.)