Agenda - 01-22-1985 - Laserfiche WebLink

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46 no additional cost to an employer. The Retirement 7tZi41L =1: : MdttPmgYt 21ee01 : t credit the in of an Retire- ment System. Also, the Retirement System would con- tinue to recongize an employee' s full salary for pur- poses of compensation. Should an employee terminate • and request a refund, the total of contributions bath before and after the election would be refunded. Upon a refund, the System will report to the Internal Re- venue Service an employee's contributions made after the election of the pick up as taxable income in the • year of the refund. At retirement, an employee will have to pay Federal and State income tax on all amounts received over and above the contributions made prior to he date of election to tax shelter the contributions. This tax sheltering arrangement is available only to members of the North Carolina Local Governmental Employee's Retirement System. the arrangement is not optional. 9.5 LAW ENFORCEMENT OFFICERS' RETIREMENT Effective January 1, 1979, all new law enforcement officers will become a member of the North Carolina Local Governmental Employees' Retirement System. Of- ficers participating in the Law Enforcement Officers' Benefit and Retirement Fund prior to new employment will be able to continue their membership. 9. 6 SEPARATE BENEFIT FUND FOR LAW ENFORCEMENT OFFICERS t ONLY If an employee dies while an active member of the SSep- arate Benefit Fund, a death benefit of $5,000 is paid to the designated beneficiary. To qualify the employee must be an active member for six (6) months or the employee' s death is accidental, regardless of length of service. To become an active member, the employee must be under age 55, in active service and have completed and returned a written application form. Retired members of the Separate Benefit Fund benefi- ciaries will receive a death benefit of $3,000. To be eligible for this benefit, the employee must have been an active member of the Saparate Benefit Fund with at least 20 years of creditable service or retired because of total and permanent disability with at least ten (10) years of creditable service or line-of-duty disability. 9.7 ACCIDENTAL DEATH BENEFIT FOR LAW ENFORCEMENT OFFICERS ONLY The accidental death benefit automatically protects the employees survivors if the employee should die in an on-the-job accident. The accident must occur while the employee is performing duties as an officer. zumeamir