1965/66/67 session laws – Ch.129 Sec.2

Chapter 164, Private Laws of 1929, as amended by Chapter 323, Session Laws of 1945, is hereby amended by striking out Section 7 thereof and substituting in lieu thereof a new Section 7 as follows: Sec. 7 All officers within the meaning of this Act, after having served as such for a period of 20 years or more in the service of the municipality of the City of Greensboro, such services to be computed from actual time of service, whether commencing before or after the ratification of this Act, who shall have attained the age of 50 years, may, in the discretion of the board, be retired on a pension, to be determined by the board, and not in excess of one hundred dollars ($100.00) per month, said application for retirement pension being considered by the board upon voluntary application of such officer, or upon recommendation of the municipal governing body of the City of Greensboro, in whose services such officer shall be; and all officers pensioned in accordance with the provisions of this Section shall receive a minimum pension of fifty dollars ($50.00) per month. In the event that the income received from interest on investment of capital funds on hand, plus the amount collected as provided in Section 5 of this Act, is not sufficient to pay such maximum benefits as provided above to each person pensioned, the remainder needed may be paid from the principal of the reserve fund, subject however to the limitations as prescribed by Section 11.1 in the event said Section becomes applicable. All amounts received for the reserve fund herein provided, except the payments as above mentioned, shall become a part of the capital of the reserve fund. The Board of Directors may, at their discretion, set aside a sufficient part of this reserve fund to cover the total current liabilities for those persons receiving benefits from the fund, and may use the remainder of the reserve fund to furnish other retirement related benefits as they deem necessary and proper. The fiscal year shall begin on the first day of July of each year.