NORTH CAROLINA GENERAL ASSEMBLY
1981 SESSION

CHAPTER 672
HOUSE BILL 825

AN ACT TO ELIMINATE THE PAYMENT OF REGULAR INTEREST IN THE RETURN OF ACCUMULATED CONTRIBUTIONS FROM THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, LAW ENFORCEMENT OFFICERS' BENEFIT AND RETIREMENT FUND, AND UNIFORM JUDICIAL RETIREMENT SYSTEM EXCEPT TO MEMBERS WITH FIVE OR MORE YEARS OF MEMBERSHIP SERVICE.

The General Assembly of North Carolina enacts:

Section 1. G.S. 135‑5(f) is amended in the first sentence thereof by deleting the words "the sum of his contributions and the accumulated regular interest thereon" and inserting in lieu thereof the words "his contributions, and if he has attained at least five years of membership service or if termination of his membership service is involuntary as certified by the employer, the accumulated regular interest thereon".
Sec. 2. G.S. 128‑27(f) is amended in the first sentence thereof by deleting the words "the sum of his contributions and the accumulated regular interest thereon" and inserting in lieu thereof the words "his contributions and, if he has attained at least five years of membership service or if termination of his membership service is involuntary as certified by the employer, the accumulated regular interest thereon".
Sec. 3. G.S. 143‑166(k) is amended by rewriting the section to read as follows:
"(k)	Should a member cease to be an officer except by death or retirement under the provisions of this Article, he shall upon submission of an application be paid, not earlier than 60 days from the date of termination of service, his contributions and, if he has attained five years of creditable service or if termination of his membership service is involuntary as certified by the employer, the accumulated regular interest thereon, provided that he has not in the meantime returned to service; provided further that the 60‑day period may be waived upon request if the termination of service is involuntary as certified by the employer. Upon payment of such contributions and appropriate interest his membership shall cease and such payment shall be in full and complete discharge of any rights in or to any benefits otherwise payable under this Article."
Sec. 4. G.S. 135‑62 is amended in the first sentence thereof by deleting the words "the amount of his accumulated contributions" and inserting in lieu thereof the words "his contributions and, if he has attained at least five years of membership service or if termination of his membership service is involuntary as certified by the employer, the accumulated regular interest thereon."
Sec. 5. This act shall become effective July 1, 1981, provided, however, nothing contained in this act shall affect any interest that has accrued to the account of any member prior to the effective date of this act.
In the General Assembly read three times and ratified, this the 24th day of June, 1981.