20 N.C. Admin. Code 2M.0303

Current through Register Vol. 39, No. 11, December 2, 2024

Section 02M .0303 - PAYMENT OF CONTRIBUTION

(a) The monthly contributions of members covered under the Contributory Death Benefit for Retired Members are to be paid monthly to the Contributory Death Benefit Trust for Retired Members beginning in the month in which coverage becomes effective and shall continue each month thereafter.

(b) Payment of the monthly contributions shall be deducted from a member's net monthly retirement allowance from the Retirement System if member's net monthly retirement allowance, after other required deductions, such as for taxes and garnishments, is sufficient to cover the cost of the contribution; however, if the net monthly retirement allowance from the Retirement System is not sufficient to cover the cost of the contribution, the Retirement Systems Division shall provide the member a Notice of Contribution Due within ten days after the determination of insufficiency with payment of monthly contributions due not later than the 25th of the month following the determination of insufficiency, and thereafter a Notice of Contribution Due shall be provided between the first and the fifth of each month with payment due on or before the 25th of that month.

(c) The contribution due for the month in which the member's death occurs is to be paid from the final monthly retirement benefit due in the month of death, or by payment from the member's surviving spouse or legal representative; provided that, if member's death occurs during the 24-month period from the effective date of coverage, the deduction or payment of the contribution for the month in which death occurs shall be waived if it has not been received by the Retirement Systems Division before the Retirement Systems Division issues the return of contributions.

(d) Once coverage is elected, the member shall pay the required monthly contribution in order to maintain coverage regardless of any condition which might occur that would terminate or diminish the retirement benefit the retired member is receiving, such as reemployment or the reduction or termination of retirement benefits by reason of an optional form of retirement allowance selected by the retired member at retirement.

20 N.C. Admin. Code 02M .0303

Authority G.S. 120-4.10; 120-4.27; 128-27(l2); 128-27(l3); 128-27(l4); 128-27(l5); 128-27(l6); 128-28(g); 135-5(l); 135-6(f); 135-64(g);
Eff. February 1, 1989;
Amended Eff. March 1, 2023.

Authority G.S. 120-4.10; 120-4.27; 128-27(l2); 128-28(g); 135-5(l); 128-27(l3); 128-27(l4); 128-27(l5); 128-27(l6); 135-6(f); 135-64(g);
Eff. February 1, 1989.

Amended by North Carolina Register Volume 37, Issue 19, April 3, 2023 effective 3/1/2023.