NORTH CAROLINA - POLICE AND FIREMEN'S RETIREMENT - REPORT TO THE 1977 GENERAL ASSEMBLY - SECOND SESSION - 1978

• NCJ Number: 64949
• Author(s): ANON
• Date Published: 1978
• Length: 142 pages
• Corporate Author: North Carolina Legislative Research Cmssn
• Sale Source: National Institute of Justice/
• Language: English
• Country: United States of America

Annotation

NORTH CAROLINA'S LEGISLATIVE RESEARCH COMMISSION APPOINTED A COMMITTEE IN 1977 TO CONSIDER RETIREMENT FUND FINANCING, BENEFITS, AND OPERATIONS FOR POLICE AND FIREARMS.

Abstract

THE COMMITTEE CONSIDERED THE TRANSFER OF THE MANAGEMENT FUNCTION, AS WELL AS CERTAIN PENSION FUND BENEFITS FOR FIREMEN AND RETIREMENT FUND BENEFITS FOR LAW ENFORCEMENT OFFICERS. FIREMEN'S BENEFITS INCLUDED THE NORMAL PENSION, THE DISABILITY PENSION, AND REFUNDS. POLICE OFFICERS' BENEFITS CONCERNED NORMAL, EARLY, AND DISABILITY RETIREMENT; DEFERRED RETIREMENT AND VESTING OF THE RIGHT TO RETIRE; MAXIMUM RETIREMENT ALLOWANCE; OPTIONS IN LIEU OF MAXIMUM ALLOWANCE; SURVIVOR'S ALTERNATE BENEFITS; DEATH BENEFITS; COST-OF-LIVING ADJUSTMENTS; AND SPECIAL RETIREMENT ALLOWANCES. THE FIREMEN'S PENSION FUND IS ACTUARIALLY SOUND AND IS A WELL-ADMINSTERED RETIREMENT SYSTEM THAT BENEFITS BOTH MEMBERS AND THE GENERAL PUBLIC. THE TRANSFER OF MANAGEMEN FUNCTIONS WITHIN THE LAW ENFORCEMENT OFFICERS' BENEFIT AND RETIREMENT FUND TO THE DEPARTMENT OF STATE TREASURER WILL BENEFIT FUND MEMBERS AS WELL AS CITIZENS. THIS TRANSFER WILL RESULT IN THE HOUSING OF RETIREMENT SYSTEM MANAGEMENT FUNCTIONS IN ONE STATE AGENCY. THE FOLLOWING COURSES OF ACTION COULD IMPROVE RETIREMENT FUND OPERATION: (1) NO CHANGES SHOULD BE MADE IN THE FUNDING, BENEFITS, AND MANAGEMENT OF THE FIREMEN'S PENSION FUND; (2) MANAGEMENT FUNCTIONS OF THE POLICE OFFICERS' RETIREMENT FUND SHOULD BE TRANSFERRED TO THE DEPARTMENT OF STATE TREASURER; AND (3) THE NORTH CAROLINA GENERAL ASSEMBLY SHOULD MAKE POLICE RETIREMENT FUND ELIGIBILITY REQUIREMENTS AND BENEFITS COMPLY WITH THOSE UNDER THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, WHILE RECOGNIZING THE GENERALLY ACCEPTED LOWER RETIREMENT AGE FOR LAW ENFORCEMENT OFFICERS. IN ADDITION, LOCAL GOVERNMENT UNITS EMPLOYING MEMBERS OF THE POLICE RETIREMENT FUND SHOULD CONTRIBUTE TO THE FUNDING OF BASIC BENEFITS FOR THEIR EMPLOYEES, AND NO EMPLOYEE OF A PRIVATE ORGANIZATION SHOULD BE ELIGIBLE FOR MEMBERSHIP IN THE LAW ENFORCEMENT OFFICERS' BENEFIT AND RETIREMENT FUND AFTER JULY 1, 1979. SUPPLEMENTARY INFORMATION ON PENSION-RETIREMENT FUNDS IS CONTAINED IN APPENDIXES. (DEP)