North Carolina SB 193: Career Dev. Plans/Study Indiv. Grad. Plans.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 193

Short Title: Update Register of Deeds' Supp. Pension Fund. (Public)
Sponsors: Senators Hanig and Ford (Primary Sponsors).
Referred to: Rules and Operations of the Senate
February 27, 2025
*S193-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO UPDATE THE SUPPLEMENTAL PENSION PROVIDED TO REGISTERS OF 2
DEEDS BY PROVIDING A FLAT RATE MONTHLY SUPPLEMENTAL PENSION 3
AMOUNT TO ALL ELIGIBLE RETIRED REGISTERS OF DEEDS AND TO MAKE 4
TECHNICAL AND CONFORMING CHANGES TO THE RELATED STATUTES. 5
The General Assembly of North Carolina enacts: 6
SECTION 1. Article 3 of Chapter 161 of the General Statutes reads as rewritten: 7
"Article 3. 8
"Register of Deeds' Supplemental Pension Fund Act of 1987. 9
... 10
"§ 161-50.3. Disbursements. 11
(a) Immediately following July 1, 1988, the Department of State Treasurer shall divide 12
an amount equal to forty-five percent (45%) of the assets of the Fund at the end of the preceding 13
fiscal year into equal shares and disburse the same as monthly pension payments to all eligible 14
retired registers of deeds as of July 1, 1988, payable in accordance with the method described in 15
G.S. 161-50.5, except that such pension benefit shall be computed for a six-months basis 16
beginning with the month of July, 1988. 17
(b) Immediately following January 1, 1996, and the first of January of each succeeding 18
calendar year thereafter, the Department of State Treasurer shall divide an amount equal to 19
ninety-three percent (93%) of the assets of the Fund at the end of the preceding calendar year 20
into equal shares and disburse the same as monthly payments in accordance with the provisions 21
of this Article. 22
(c) The remaining seven percent (7%) of the Fund's assets as of December 31, 1995, and 23
at the end of each calendar year thereafter, may be used by the Department of State Treasurer in 24
administering the provisions of this Article. 25
(d) All the Fund's disbursements shall be conducted in the same manner as disbursements 26
are conducted for other special funds of the State. 27
(e) If, for any reason, the Fund shall be insufficient to pay any pension benefits or other 28
charges, then all benefits or payments shall be reduced paid pro rata for as long as the deficiency 29
in amount exists. No claim shall accrue with respect to any amount by which a pension payment 30
shall have been reduced. If a pro rata payment is required under this subsection, then the payment 31
made to each individual register of deeds eligible under G.S. 161-50.4 shall be calculated by first 32
dividing the total number of years of eligible service as a register of deeds for all registers of 33
deeds eligible under G.S. 161-50.4 on December 31 of the previous calendar year into the total 34
amount available to the Pension Fund to cover the monthly pension payments under this Article 35
and then second, by multiplying that amount by the total number of years of eligible service for 36

General Assembly Of North Carolina Session 2025
Page 2 Senate Bill 193-First Edition
each individual register of deeds eligible under G.S. 161-50.4. This second total shall be the 1
amount the applicable eligible register of deeds is entitled to until either (i) the Pension Fund is 2
sufficient to cover the full amount of the monthly pension payments or (ii) the next calendar year 3
if the Pension Fund remains insufficient, at which time the monthly pro rata payment made to 4
each eligible register of deeds shall be recalculated. 5
"§ 161-50.4. Eligibility. 6
(a) Each county register of deeds who has retired with at least 12 years eligible service 7
as register of deeds from the Local Governmental Employees' Retirement System or an 8
equivalent locally sponsored plan before June 30, 1988, and those who retire on or after June 30, 9
1988, but before July 1, 1991, and who have completed at least 12 years of eligible service as 10
register of deeds is entitled to receive a monthly pension under this Article, beginning July 1, 11
1988. Effective July 1, 1991, each county register of deeds who retires with at least 10 years of 12
eligible service as register of deeds is entitled to receive a monthly pension under this Article. 13
(a1) Notwithstanding the provisions of subsection (a) of this section, effective January 1, 14
1996, any county register of deeds who separates from service as register of deeds after 15
completing at least 10 years of eligible service as register of deeds, but who does not commence 16
retirement with the Local Governmental Employees' Retirement System, shall have the right to 17
receive a monthly pension under this Article payable upon retirement with the Local 18
Governmental Employees' Retirement System. 19
(a2) Each county register of deeds who is not eligible to retire with the Local 20
Governmental Employees' Retirement System solely because the county has not elected to 21
participate as an employer with the Local Governmental Employees'