North Carolina § 135-66 - Administration; management of funds; method of financing.
Full text of North Carolina North Carolina General Statutes § 135-66 — Administration; management of funds; method of financing., with citation guidance and answers to common questions.
§ 135-66. Administration; management of funds; method of financing.
The State Treasurer shall be the custodian of the assets of this Retirement System and shall invest them in accordance with the provisions of G.S. 147-69.2 and G.S. 147-69.3. The assets of this Retirement System shall include employers' contributions held with the Pension Accumulation Fund established under G.S. 135-8 and employees' contributions held in the Annuity Savings Fund similarly established under G.S. 135-8. The Board of Trustees shall have performed an annual actuarial valuation of the System and shall have the financial responsibility for maintaining the System on a generally accepted actuarial basis. An actuarially determined employer contribution shall be calculated annually by the actuary using assumptions and a cost method approved by the Actuarial Standards Board of the American Academy of Actuaries and selected by the Board of Trustees. Notwithstanding Chapter 150B of the General Statutes, the Board of Trustees may adopt a contribution policy that would recommend a contribution not less than the actuarially determined employer contribution. The recommended employer contribution rate by the Board of Trustees each year shall not be less than the actuarially determined employer contribution. History (1973, c. 640, s. 1; 1979, c. 467, s. 18; 2020-48, s. 1.6.) Editor's Note. - Session Laws 2020-48, s. 6.1, is a severability clause. Effect of Amendments. - Session Laws 2020-48, s. 1.6, effective June 26, 2020, rewrote the section.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 135-66
What does North Carolina General Statutes § 135-66 cover?
Section 135-66 ("Administration; management of funds; method of financing.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 135-66?
A common citation format is "North Carolina General Statutes § 135-66" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 135-66 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.