GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2007

SESSION LAW 2007-245

HOUSE BILL 676

AN ACT to increase the maximum annual pension benefit payable through the register of deeds' supplemental pension fund and to make other adjustments to the fund.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 161-50.2 reads as rewritten:

"§ 161-50.2.  Assets.

(a)       On and after October 1, 1987, each County Commission shall remit monthly to the Department of State Treasurer an amount equal to four and one-half percent (4.5%) one and one-half percent (1.5%) of the monthly receipts collected pursuant to Article 1 of Chapter 161 of the General Statutes, to be deposited to the credit of the Registers of Deeds' Supplemental Pension Fund, hereinafter referred to as the Fund, to be used in making monthly pension payments to eligible retired registers of deeds under the provisions of this Article and to pay the cost of administering the provisions of this Article.

(b)       The State Treasurer shall be the custodian of the Registers of Deeds' Supplemental Pension Fund and shall invest its assets in accordance with the provisions of G.S. 147-69.2 and G.S. 147-69.3."

SECTION 2.  G.S. 161-50.4(b) reads as rewritten:

"(b)      Each eligible retired register of deeds as defined in subsection (a), (a1), or (a2) of this section relating to service and retirement status on January 1 of each calendar year shall be entitled to receive a monthly pension under this Article beginning with the month of January of the same calendar year. retirement."

SECTION 3.  G.S. 161-50.5(a) reads as rewritten:

"(a)      An eligible retired register of deeds shall be entitled to receive an annual pension benefit, payable in equal monthly installments, equal to one share for each full year of eligible service as register of deeds multiplied by his total number of years of eligible service. The amount of each share shall be determined by dividing the total number of years of eligible service for all eligible retired registers of deeds on December 31 of each calendar year into the amount to be disbursed as monthly pension payments in accordance with the provisions of G.S. 161-50.3. In no event, however, shall a monthly pension under this Article exceed an amount, which when added to a retirement allowance at retirement from the Local Governmental Employees' Retirement System or an equivalent locally sponsored plan, and a determined life annuity value of benefits payable at the time of retirement from contributions other than his own and earnings thereon from the Supplemental Retirement Income Plan pursuant to Chapter 135 of the General Statutes as determined by the Department of State Treasurer and the Plan's Board of Trustees,is greater than seventy-five percent (75%) of a register of deed's equivalent annual salary immediately preceding retirement computed on the latest monthly base rate, including any and all supplements, to a maximum amount of one thousand two hundred dollars ($1,200). one thousand five hundred dollars ($1,500)."

SECTION 4.  This act becomes effective July 1, 2007.

In the General Assembly read three times and ratified this the 11^th day of July, 2007.

                                                                    s/ Beverly E. Perdue

                                                                         President of the Senate

                                                                    s/ Joe Hackney

                                                                         Speaker of the House of Representatives

                                                                    s/ Michael F. Easley

                                                                         Governor

Approved 3:15 a.m. this 20^th day of July, 2007