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Current as of January 01, 2023 | Updated by Findlaw Staff
If a member ceases to be a member of the General Assembly except by death or retirement, the member shall, upon submission of an application, be paid not earlier than 60 days following the date of termination of service the sum of the member's accumulated contributions provided the member has not in the meantime returned to service. Upon payment of this sum his or her membership in the System ceases. If the individual becomes a member afterwards, no credit shall be allowed for any service previously rendered except as provided in G.S. 120-4.14 and the payment shall be in full and complete discharge of any rights in or to any benefits otherwise payable under this Article. Upon receipt of proof satisfactory to the Board of Trustees of the death, prior to retirement, of a member or former member, there shall be paid to the person or persons the member or former member nominated by electronic submission in a form approved by the Board of Trustees or by written designation duly acknowledged and filed with the Board of Trustees, if the person or persons are living at the time of the member's death, otherwise to the member's legal representatives, the amount of the member's accumulated contributions at the time of the member's death, unless the beneficiary elects to receive the alternate benefit under the provisions of G.S. 120-4.28.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 120. General Assembly § 120-4.25. Return of accumulated contributions - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-120-general-assembly/nc-gen-st-sect-120-4-25/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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