§ 153A-93. Retirement benefits.
§ 153A‑93. Retirementbenefits.
(a) The board ofcommissioners may provide for enrolling county officers and employees in theLocal Governmental Employees' Retirement System, the Law‑EnforcementOfficers' Benefit and Relief Fund, the Firemen's Pension Fund, or a retirementplan certified to be actuarially sound by a qualified actuary as defined insubsection (c) of this section and may make payments into such a retirementsystem or plan on behalf of its employees.
(b) No county may makepayments into a retirement system or plan established or authorized by a localact unless the system or plan is certified to be actuarially sound by aqualified actuary as defined in subsection (c) of this section.
(c) A qualified actuarymeans a member of the American Academy of Actuaries or an individual certifiedas qualified by the Commissioner of Insurance.
(d) A county which isproviding health insurance under G.S. 153A‑92(d) may provide healthinsurance for all or any class of former officers and employees of the county.Such health insurance may be paid entirely by the county, partly by the countyand former officer or employee, or entirely by the former officer or employee,at the option of the county.
(d1) On and after October1, 2009, a county which is providing health insurance under G.S. 153A‑92(d)may provide health insurance for all or any class of former officers andemployees of the county who have obtained at least 10 years of service with thecounty prior to separation from the county and who are not receiving benefitsunder subsection (a) of this section. Such health insurance may be paidentirely by the county, partly by the county and former officer or employee, orentirely by the former officer or employee, at the option of the county.
(d2) Notwithstandingsubsection (d) of this section, any county that has elected to and is coveringits active employees only, or its active and retired employees, under the StateHealth Plan, or elects such coverage under the Plan, may not provide healthinsurance through the State Health Plan to all or any class of former officersand employees who are not receiving benefits under subsection (a) of thissection. The county may, however, provide health insurance to such formerofficers and employees by any other means authorized by G.S. 153A‑92(d).The health insurance premium may be paid entirely by the county, partly by thecounty and former officer or employee, or entirely by the former officer oremployee, at the option of the county.
(e) The board ofcommissioners may provide a deferred compensation plan. Where the board ofcommissioners provides a deferred compensation plan, the investment of fundsfor the plan shall be exempt from the provisions of G.S. 159‑30 and G.S.159‑31. Counties may invest deferred compensation plan funds in lifeinsurance, fixed or variable annuities and retirement income contracts,regulated investment trusts, or other forms of investments approved by theBoard of Trustees of the North Carolina Public Employee Deferred CompensationPlan. (1973, c.822, s. 1; 1981, c. 347, s. 1; 1991, c. 277, s. 1; 2009‑564, ss. 1, 2.)