The membership of this Retirement System shall be composed as follows:
Age at Retirement | Percentage Reduction |
59 | 7 |
58 | 14 |
57 | 20 |
56 | 25 |
55 | 30 |
54 | 35 |
53 | 39 |
52 | 43 |
51 | 46 |
50 | 50 |
Upon receipt by the employer of notice that any payment is due to the Retirement System under this sub-subdivision, the employer shall remit the payment of the amount due to the Retirement System, in one lump sum, no later than 90 days from the date of the notice.
If an employer is required to make payments to the Retirement System under sub-sub-subdivision 2. or sub-sub-subdivision 3. of this sub-subdivision, then (i) the beneficiary shall have no obligation to reimburse the Retirement System for related amounts under sub-subdivisions c. or f. of this subdivision, (ii) the provisions of G.S.135-9(b) relating to offsetting overpayments against payments made from the Retirement System to the member or beneficiary shall not apply, (iii) the Retirement System shall have no duty under G.S.143-64.80 to pursue repayment of overpayments from the beneficiary, (iv) the overpayments shall not be considered a debt of the beneficiary under Chapter 105A of the General Statutes, and (v) the beneficiary's effective date of retirement shall be adjusted if the adjustment is required under sub-subdivision f. of this subdivision.
Upon his subsequent retirement, he shall be paid a retirement allowance determined as follows:
N.C. Gen. Stat. § 135-3