Laserfiche WebLink
STATE Of NORth CAROLINA <br /> '~ .~ DEPARTMENT Of STATE TREASURER <br />· ~ RETIREMENT AND HEALTH BENEFITS DIVISION <br /> June 28, 1979 <br /> <br /> ~IEMORANDUM <br /> <br /> TO: Chief Financial Officers <br /> Employer Reporting Units of the taw Enforcement Officers' <br /> Benefit and Retirement Fund <br /> <br /> FROM: E.T. Barnes <br /> <br /> SUBJECT: Mandated Employer Cohtributions Set at 3.80% of Covered Payroll <br /> <br /> Effective July l, 1979, all employers with active members in the Law Enforcement <br /> Officers' Benefit and Retirement Fund must pay a uniform monthly contribution toward <br /> the basic retirement benefits provided members of the Fund. The Board of Commissioners <br /> of the Fund has, as required by this change in law, set the employer rate of contribution <br /> at 3.80% of the covered payroll of members of the Fund employed by the State, each <br /> county, city, town or other subdivision of government. <br /> <br /> This change in law, enacted as Section 105 of Chapter 8.~8 of the 1979 Session*Laws <br /> 'f the General Assembly, is as follows: <br /> <br /> "UNIFORM EMPLOYER CONTRIBUTIONS REQUIRED FOR BASIC BENEFIT ALLOWANCES <br /> IN LAW ENFORCEMENT OFFICERS' BENEFIT AND RETIREMENT FUND. <br /> <br /> Sec. 105. G.S. 143-166(i) is amended by adding a new paragraph <br /> to read as follows: <br /> <br /> "On or before June lSth of each year, the board of commissioners <br /> shall establish for the next fiscal year a uniform annual employer's <br /> contribution rate necessary to financially support the basic benefit <br /> allowances provided for all members of the Law Enforcement Officers' <br /> Benefit and Retirement Fund. Such employers' contributions shall <br /> apply to all employers of in-service members of the Law Enforcement <br /> Officers' Benefit and Retirement Fund. The employer's annual <br /> contribution rate shall be equal to a percentage of the actual <br /> compensation paid to each member employed which will fund the basic <br /> benefit allowances in the fund, exclusive of any supplemental benefit <br /> allowances that may be provided on an optional basis. The State of <br /> North Carolina, each county, city, town or other subdivision of <br /> government employing active members of the Law Enforcement Officers' <br /> Benefit ahd Retirement Fund within the State of North Carolina shall <br /> pay monthly into the fund an amount equal to the annual contribution <br /> r~te multiplied by the total monthly compensation of those participating <br /> members employed. The board of commissioners shall establish the <br /> necessary and reasonable rules and regulations for the administration <br /> of this section, including the manner in which payments of the required <br /> employer contribution rates will be made." <br /> <br /> -OVER- <br /> <br /> <br />