North Carolina HB 2008: Henderson Firemen Supp. Pension.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA 
1993 SESSION 
 
 
CHAPTER 636 
HOUSE BILL 2008 
 
AN  ACT  TO  INCREASE  THE  BENEFITS  OF  THE  HENDERSON  FIREMEN'S  
SUPPLEMENTAL RETIREMENT SYSTEM. 
 
The General Assembly of North Carolina enacts: 
 
Section 1.  Section 4 of Chapter 810 of the 1959 Session  Laws,  as  amended  
by  Chapter  374  of  the  1969  Session  Laws,  Chapter  133  of  the  1977  Session  Laws,  
Chapter  111  of  the  1981  Session  Laws,  Chapter  173  of  the  1987  Session  Laws,  and  
Chapter  897  of  the  1991  Session  Laws,  is  further  amended  by  deleting  the  sentence  
beginning with "All amounts received for the Fund, except eighty percent (80%) of the 
interest and funds received from other sources..."and ending with "...may be invested as 
provided in this act.", and by substituting the following: 
"All  funds  received  by  the  Fund  (including  interest  received)  from  other  sources  
during  each  fiscal  year  and  funds  from  prior  years  may  be  used  for  payments  of  
supplemental  benefits  to  retired  members  of  the  Henderson  City  Fire  Department  as  
authorized by the Trustees and as set forth under this statute, provided, however, that a 
minimum  of  two  hundred  fifty  thousand  dollars  ($250,000)  of  investments  shall  be  
continuously maintained by the Fund.  All Fund balances in excess of this amount may 
be used for benefit payments and other authorized expenses.  Any Fund balances, which 
are not paid out, may be invested as provided in this act." 
Sec. 2.  Subsection (k) of Section 2 of Chapter 810 of the 1959 Session Laws, 
as amended by Chapter 374 of the 1969 Session Laws, Chapter 133 of the 1977 Session 
Laws,  Chapter  111  of  the  1981  Session  Laws,  and  Chapter  897  of  the  1991  Session  
Laws, is rewritten to read: 
"(k)     Officers.    The  Chairman,  Vice  Chairman,  Secretary  and  Treasurer  of  the  
Henderson Firemen's Supplemental Retirement System shall be elected by the Board of 
Trustees  at  the  first  organizational meeting and thereafter at the first quarterly meeting 
in  each  year,  to  serve  for  the  ensuing  year  and  until  their  respective  successors  be  
elected  and  qualify;  provided,  however,  the  office  of  Secretary  and  Treasurer  may  be  
combined  and  held  by  the  same  person.    The  Treasurer  shall  be  custodian  of  the  Fund  
and  shall  sign  all  checks  and  he  shall  be  required  to  give  a  bond  with  an  indemnity  
company authorized to do business in the State of North Carolina as surety in a sum of 
one  hundred  thousand  dollars  ($100,000).    The  condition  of  the  bond  shall  be  that  the  
Treasurer  shall  faithfully  receive,  keep,  disburse,  and  account  for  all  funds  and  
properties  coming  into  his  hands  as  Treasurer  and  the  premiums  on  the  bond  shall  be  
paid out of the Fund." 

 
Page 2 S.L. 1993-636 House  Bill 2008 
Sec.  3.    Nothing  in  this  act  creates  a  liability  for  the  Henderson  Firemen's  
Supplemental  Retirement  System  unless  there  are  sufficient  current  assets  available  in  
the System to pay fully for the liability. 
Sec. 4.  This act is effective upon ratification. 
In the General Assembly read three times and ratified this the 1st day of July, 
1994. 
 
 
───────────────────  
Dennis A. Wicker 
President of the Senate 
 
 
───────────────────  
Daniel Blue, Jr. 
Speaker of the House of Representatives