North Carolina § 58-86-10 - Powers and duties of the board.

§ 58-86-10. Powers and duties of the board.

The Board of Trustees of the North Carolina Local Governmental Employees' Retirement System shall administer the Pension Fund. The board shall request appropriations out of the general fund for administrative expenses and to provide for the financing of this pension fund, employ necessary clerical assistance, determine all applications for pensions, provide for the payment of pensions, make all necessary rules and regulations not inconsistent with law for the governance of this fund, prescribe rules and regulations of eligibility of persons to receive pensions, expend funds in accordance with the provisions of this Article, and generally exercise all other powers necessary for the administration of the fund created by this Article. Should any change or error due to the submission of fraudulent or incorrect information result in any member or beneficiary receiving from the Retirement System more or less than he or she would have been entitled to receive had their records been correct, the Board of Trustees shall correct such error, and as far as practicable, shall adjust the payment in such a manner that the actuarial equivalent of the benefit to which such member or beneficiary was correctly entitled shall be paid. History (1957, c. 1420, s. 1; 1959, c. 1212, s. 1; 1981, c. 1029, s. 1; 2013-284, s. 1(a); 2015-88, s. 2.) Editor's Note. - Session Laws 2016-108, s. 5, provides: "The Board of Trustees of the Local Governmental Employees' Retirement System shall develop a 'State Contribution Rate Stabilization Policy' for the North Carolina Firefighters' and Rescue Squad Workers' Pension Fund and report it to the Office of State Budget and Management and the Fiscal Research Division on or before March 1, 2017." Session Laws 2016-108, s. 9, is a severability clause. Effect of Amendments. - Session Laws 2013-284, s. 1(a), effective July 1, 2013, added the first sentence, and substituted "governance" for "government" in the second sentence. Session Laws 2015-88, s. 2, effective July 1, 2015, added the last sentence in the section.