HOUSE BILL 242
AN ACT TO AUTHORIZE THE TOWN OF NASHVILLE TO ESTABLISH A RETIREMENT SYSTEM OR ENTER INTO CONTRACTS THEREFOR.
The General Assembly of North Carolina do enact:
Section 1. The Board of Commissioners of the Town of Nashville, is hereby authorized and permitted, in its discretion, to establish and administer a system of retirement, disability and death benefits, or to contract with any company, firm, corporation or association for a system of retirement, disability and death benefits, including life insurance, or any combination thereof, for the employees and officials of the Town of Nashville, including the governing body thereof, and to expend the funds necessary therefor. The Board may exercise the powers granted herein in any combination it may deem wise and expedient.
Sec. 2. The Board of Commissioners of the Town of Nashville is hereby authorized, in its discretion to require payroll deductions of officials and employees who participate in the system in order to provide funds which may be used in assisting in defraying the cost of the system.
Sec. 3. The powers herein granted shall be construed to be supplemental to powers heretofore granted to the Board of Commissioners of the Town of Nashville.
Sec. 4. All laws and clauses of laws in conflict with this act are hereby repealed.
Sec. 5. This act shall become effective upon ratification.
In the General Assembly read three times and ratified, this the 10th day of March, 1971.