Update Register of Deeds' Supp. Pension Fund.

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 193

Short Title: Update Register of Deeds' Supp. Pension Fund. (Public)
Sponsors: Senators Hanig and Ford (Primary Sponsors).
Referred to: Rules and Operations of the Senate
February 27, 2025
*S193-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO UPDATE THE SUPPLEMENTAL PENSION PROVIDED TO REGISTERS OF 2
DEEDS BY PROVIDING A FLAT RATE MONTHLY S UPPLEMENTAL PENSION 3
AMOUNT TO ALL ELIGIB LE RETIRED REGISTERS OF DEEDS AND TO MAK E 4
TECHNICAL AND CONFORMING CHANGES TO THE RELATED STATUTES. 5
The General Assembly of North Carolina enacts: 6
SECTION 1. Article 3 of Chapter 161 of the General Statutes reads as rewritten: 7
"Article 3. 8
"Register of Deeds' Supplemental Pension Fund Act of 1987. 9
… 10
"§ 161-50.3. Disbursements. 11
(a) Immediately following July 1, 1988, the Department of State Treasurer shall divide 12
an amount equal to forty-five percent (45%) of the assets of the Fund at the end of the preceding 13
fiscal year into equal shares and disburse the same as monthly pension paym ents to all eligible 14
retired registers of deeds as of July 1, 1988, payable in accordance with the method described in 15
G.S. 161-50.5, except that such pension benefit shall be computed for a six -months basis 16
beginning with the month of July, 1988. 17
(b) Immediately following January 1, 1996, and the first of January of each succeeding 18
calendar year thereafter, the Department of State Treasurer shall divide an amount equal to 19
ninety-three percent (93%) of the assets of the Fund at the end of the preceding cale ndar year 20
into equal shares and disburse the same as monthly payments in accordance with the provisions 21
of this Article. 22
(c) The remaining seven percent (7%) of the Fund's assets as of December 31, 1995, and 23
at the end of each calendar year thereafter, may be used by the Department of State Treasurer in 24
administering the provisions of this Article. 25
(d) All the Fund's disbursements shall be conducted in the same manner as disbursements 26
are conducted for other special funds of the State. 27
(e) If, for any reason, the Fund shall be insufficient to pay any pension benefits or other 28
charges, then all benefits or payments shall be reduced paid pro rata for as long as the deficiency 29
in amount exists. No claim shall accrue with respect to any amount by which a pension payment 30
shall have been reduced. If a pro rata payment is required under this subsection, then the payment 31
made to each individual register of deeds eligible under G.S. 161-50.4 shall be calculated by first 32
dividing the total number of years of eligible service as a register of deeds for all registers of 33
deeds eligible under G.S. 161-50.4 on December 31 of the previous calendar year into the total 34
amount available to the Pension Fund to cover the monthly pension payments under this Article 35
and then second, by multiplying that amount by the total number of years of eligible service for 36
General Assembly Of North Carolina Session 2025
Page 2 Senate Bill 193-First Edition
each individual register of deeds eligible under G.S. 161-50.4. This second total shall be the 1
amount the applicable eligible register of deeds is entitled to until either (i) the Pension Fund is 2
sufficient to cover the full amount of the monthly pension payments or (ii) the next calendar year 3
if the Pension Fund remains insufficient, at which time the monthly pro rata payment made to 4
each eligible register of deeds shall be recalculated. 5
"§ 161-50.4. Eligibility. 6
(a) Each county register of deeds who has retired with at least 12 years eligible service 7
as register of deeds from the Local Governmental Employees' Retirement System or an 8
equivalent locally sponsored plan before June 30, 1988, and those who retire on or after June 30, 9
1988, but before July 1, 1991, and who have completed at least 12 years of eligible service as 10
register of deeds is entitle d to receive a monthly pension under this Article, beginning July 1, 11
1988. Effective July 1, 1991, each county register of deeds who retires with at least 10 years of 12
eligible service as register of deeds is entitled to receive a monthly pension under this Article. 13
(a1) Notwithstanding the provisions of subsection (a) of this section, effective January 1, 14
1996, any county register of deeds who separates from service as register of deeds after 15
completing at least 10 years of eligible service as register of deeds, but who does not commence 16
retirement with the Local Governmental Employees' Retirement System, shall have the right to 17
receive a monthly pension under this Article payable upon retirement with the Local 18
Governmental Employees' Retirement System. 19
(a2) Each county register of deeds who is not eligible to retire with the Local 20
Governmental Employees' Retirement System solely because the county has not elected to 21
participate as an employer with the Local Governmental Employees' Retirement System and who 22
has either (i) attained the age of 65, (ii) attained 30 years of creditable service regardless of age, 23
or (iii) attained the age of 60 with not less than 25 years of creditable service, and who has 24
completed at least 10 years of creditable service as a reg ister of deeds is entitled to receive a 25
monthly pension under this Article, provided that register of deeds is not eligible to receive any 26
retirement benefits from any State or locally sponsored plan. 27
(b) Each eligible retired register of deeds as defined in subsection (a), (a1), or (a2) of this 28
section relating to service and retirement status shall be entitled to Eligibility to receive a monthly 29
pension under this Article beginning begins with the month of retirement. 30
(c) A county register of deeds who is otherwise eligible to receive a monthly pension 31
under this Article shall cease to be eligible upon forfeiture of any retirement benefits under 32
G.S. 128-38.4 or G.S. 128-38.4A. 33
"§ 161-50.5. Benefits. 34
(a) An eligible Prior to October 1, 2025, a retired register of deeds eligible under 35
G.S. 161-50.4(a) or G.S. 161-50.4(a1) shall be entitled to receive an annual pension benefit, 36
payable in equal monthly installments, equal to one share for each full year of eligible service as 37
register of deeds multiplied by his total number of years of eligible service. service of the retired 38
register of deeds. The amount of each share shall be determined by dividing the total number of 39
years of eligible service for all eligible retired registers of deeds on December 31 of each calendar 40
year into the amount to be disbursed as monthly pension payments in accordance with the 41
provisions of G.S. 161-50.3. In no event, however, shall a monthly pension under this Article 42
exceed an amount which, when added to a retirement allowance under the maximum allowance 43
at retirement from the Local Governmental Employees' Retirement System or an equivalent 44
locally sponsored plan, is greater than seventy -five percent (75%) of a register of deed's deeds' 45
equivalent annual salary immediately preceding retirement computed on the latest monthly rate, 46
including any and all supplements, to a maximum amount of one thousand five hundred dollars 47
($1,500). 48
(a1) A register of deeds eligible under G.S. 161-50.4(a2) shall be entitled to recei ve an 49
annual pension benefit, payable in equal monthly installments as determined under the provisions 50
of subsection (a) of this section, but reduced by an amount equal to the benefit that would be 51
General Assembly Of North Carolina Session 2025
Senate Bill 193-First Edition Page 3
payable from the Local Governmental Employees' Retirement System if the register of deeds had 1
been a member of the Local Governmental Employees' Retirement System and all of the years 2
of local service were creditable to that System. 3
(a2) On and after October 1, 2025, a register of deeds eligible under G.S. 161-50.4 shall 4
be entitled to receive an annual pension benefit, payable in equal monthly installments of one 5
thousand five hundred dollars ($1,500). 6
(b) All monthly pensions payable under this Article shall be paid on the same business 7
day of each month that benefits are paid from the Local Governmental Employees' Retirement 8
System. 9
(c) Monthly pensions payable under this Article shall cease at the death of the pensioner 10
and no payment will be made to any beneficiaries or to the decedent's estate. 11
(d) Monthly pensions payable under this Article will cease upon the full -time 12
reemployment of a pensioner with an employer participating in the Local Governmental 13
Employees' Retirement System for as long as the pensioner is so reemployed. 14
(d1) Monthly pensions payable under this Article will cease upon the ineligibility of a 15
pensioner under G.S. 161-50.4(c) due to the forfeiture of any retirement benefits under 16
G.S. 128-38.4 or G.S. 128-38.4A. 17
… 18
(f) Nothing contained in this Article shall preclude or in any way affect the benefits that 19
a pensioner may be entitled to from any state, federal or private pension, retirement or other 20
deferred compensation plan. 21
"§ 161-50.10. Cessation of benefits under this Article. 22
(a) Monthly pensions payable under this Article cease at the death of the individual 23
eligible for or in receipt of benefits under this Article and no payment will be made to any 24
beneficiaries or to the decedent's estate. 25
(b) Monthly pensions payable under this Article cease upon a n individual receiving 26
benefits under this Article entering into full-time employment with an employer participating in 27
the Local Governmental Employees' Retirement System for as long as that full-time employment 28
continues. 29
(c) Monthly pensions payable under this Article cease upon the forfeiture of any 30
retirement benefits under G.S. 128-38.4 or G.S. 128-38.4A. 31
"§ 161-50.15. Affect of Article on other benefits. 32
No provision of this Article shall preclude or in any way affect the benefits that an individual 33
receiving benefits under this Article may be entitled to from any state, federal or private pension, 34
retirement plan, or other deferred compensation plan." 35
SECTION 2.(a) This act applies to monthly supplemental pension benefits under 36
Article 3 of Chapter 161 of the General Statutes payable to eligible retired registers of deeds on 37
or after October 1, 2025. If any pension benefit under Article 3 of Chapter 161 of the General 38
Statutes is payable for any month prior to October 1, 2025, but is paid on or after that date, then 39
the amount paid shall be the amount that was in effect for the applicable month. 40
SECTION 2.(b) This act is effective October 1, 2025. 41