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Code · North Carolina · Chapter 135 — Retirement System for Teachers and State Employees; Social Security; State Health Plan for Teachers and State Employees

§ 135-12. Obligation of maintaining reserves and paying benefits.

95 words·~1 min read·/nc/chapter-135/135-12

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§ 135-12. Obligation of maintaining reserves and paying benefits.
The maintenance of annuity reserves and pension reserves as provided for and regular interest creditable to the various funds as provided in G.S. 135-8, and the payment of all pensions, annuities, retirement allowances, refunds and other benefits granted under the provisions of this Chapter, are hereby made obligations of the pension accumulation fund. All income, interest and dividends derived from deposits and investments authorized by this Chapter shall be used for the payment of the said obligations of the said fund. (1941, c. 25, s. 12.)
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