1965/66/67 session laws – Ch.129 Sec.3

Chapter 164, Private Laws of 1929, as amended, is hereby further amended by adding a new Section 11.1 as follows: 184 Sec. 11.1. Upon a two-thirds consenting vote of all officers, as defined in Section 2 of this Act, the Emergency Reserve Fund of the City of Greensboro created by this Act shall revert to a perpetual retirement fund to be administered in the same manner as set forth in this Act for administering the Emergency Reserve Fund of the City of Greensboro; the capital of the Emergency Reserve Fund shall revert to the capital reserve fund of the perpetual fund. This fund shall not be reduced to an amount less than the total liability of the fund at any given time for those retired members and dependents receiving benefits on the day of the consenting vote; the benefits offered shall be as provided in Sections 6 and 7, except that in the sound judgment and discretion of the Board of Directors maximum benefits as contained in Sections 6 and 7 may be increased up to an amount not to exceed one hundred per cent -100% of those benefits offered thereunder. Should this perpetual retirement fund be created, then through assessments levied against the membership of the fund, the amount of which to be determined by the Board of Directors, and any other income which may be derived under Section 5 hereof, there shall be provided income to meet current obligations of the fund and, in the discretion of the board, out of the balance of the income received, there shall be provided a reasonable amount equivalent to a portion of the liability of the fund to be allocated to the capital reserve fund for the current year. This amount shall be determined by the board and based upon actuarial recommendations made by an accredited actuarial firm. An actuarial study of the fund shall be conducted at the discretion of the Board of Directors, provided in no case shall the time between actuarial studies exceed 5 years.