Bill Text: NC H58 | 2017-2018 | Regular Session | Chaptered
Bill Title: Charlotte Firefighters' Retirement System
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Passed) 2017-06-28 - Ch. SL 2017-71 [H58 Detail]
Download: North_Carolina-2017-H58-Chaptered.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2017
SESSION LAW 2017-71
HOUSE BILL 58
AN ACT to amend the law establishing the charlotte firefighters' retirement system.
The General Assembly of North Carolina enacts:
SECTION 1. Subdivision (11) of Chapter 926 of the 1947 Session Laws, as amended by Chapter 506 of the 1987 Session Laws, Chapter 248 of the 1989 Session Laws, Chapter 830 of the 1991 Session Laws, S.L. 1999‑100, and S.L. 2001‑22, reads as rewritten:
"(11) "Final Average
Salary" means means, effective with respect to Plan Years
beginning on and after July 1, 2001, the higher amount of (i) the monthly
average Compensation received by a Member during any the two
highest consecutive Plan Years of the Member's last five years of Membership
Service which produces the highest average and is contained within the
Member's last five years of or (ii) the monthly average Compensation
received during the 104 weeks preceding the end of the Member's Membership
Service. If a Member has less than two years of Membership Service, his Final
Average Salary shall mean the monthly average Compensation for his total
Membership Service. For the purpose of calculating a Member's Final Average
Salary, (i) payments for unused sick and vacation days shall be included as
Compensation to the extent that the vacation and sick days for which payments
are made could have accrued during two Plan Years of the Member's last five
years of Membership Service, and (ii) payments for longevity shall be included
as Compensation to the extent such payments were made during two Plan Years of
the Member's last five years of Membership Service."
SECTION 2. This act applies only to the City of Charlotte.
SECTION 3. This act becomes effective July 1, 2017.
In the General Assembly read three times and ratified this the 28th day of June, 2017.
s/ Daniel J. Forest
President of the Senate
s/ David R. Lewis
Presiding Officer of the House of Representatives
