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NCJ Number: 64949 Add to Shopping cart Find in a Library
Title: NORTH CAROLINA - POLICE AND FIREMEN'S RETIREMENT - REPORT TO THE 1977 GENERAL ASSEMBLY - SECOND SESSION - 1978
Author(s): ANON
Corporate Author: North Carolina Legislative Research Cmssn
United States of America
Date Published: 1978
Page Count: 142
Sponsoring Agency: National Institute of Justice/
Rockville, MD 20849
North Carolina Legislative Research Cmssn
Raleigh, NC 27611
Sale Source: National Institute of Justice/
NCJRS paper reproduction
Box 6000, Dept F
Rockville, MD 20849
United States of America
Document: PDF
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)
Index Term(s): Firefighters; Fringe benefits; North Carolina; Personnel administration; Police personnel; Retirement and pensions
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http://www.ncjrs.gov/App/publications/abstract.aspx?ID=64949

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