North Carolina § 120-4 - 2. Repeal of Legislative Retirement Fund.

§ 120-4. 2. Repeal of Legislative Retirement Fund.

Effective as of the end of the term of the members of the 1973 General Assembly, G.S. 120-4.1 is repealed, subject to the following provisions to preserve vested and inchoate rights in the Legislative Retirement Fund: All persons who have at least four terms of creditable service as of the end of the 1973 term shall be entitled to receive the retirement benefits provided under G.S. 120-4.1 as it existed prior to this repealing act, but no credit shall be given for any service performed after the end of the 1973 term. Solely for purposes of administering the benefits authorized by G.S. 120-3 to 120-4.2, the authority and duties created by G.S. 120-4.1 as it existed prior to this repealing act shall continue in effect, except that the General Assembly may opt to make annual transfers instead of quarterly transfers of funds to the Department of State Treasurer. History (1973, c. 1482, s. 3; 2014-97, s. 7.) Editor's Note. - Session Laws 1979, c. 467, s. 11, provided that: "Any other provisions of law to the contrary notwithstanding, the State Treasurer shall invest the assets of the Legislative Retirement Fund created by Chapter 1269 of the Session Laws of 1969, as amended by Chapter 905 of the Session Laws of 1971 and Chapter 1482 of the Session Laws of 1973, in accordance with the provisions of G.S. 147-69.2 and G.S. 147-69.3 ." Effect of Amendments. - Session Laws 2014-97, s. 7, effective July 1, 2014, added "except that the General Assembly may opt to make annual transfers instead of quarterly transfers of funds to the Department of State Treasurer" at the end of subsection (c). §§ 120-4.3 through 120-4.7: Reserved for future codification purposes.