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STATE Of NORTH CAROLINA <br /> <br /> DEPARTMENT Of STATE TREASURER <br /> <br /> RETIREMENT SYSTEMS DIVISION <br /> <br /> August 26, 1983 <br /> <br /> M~MORANDUM <br /> <br /> TO: Local Government Employers Reporting Employees as Members <br /> of the Law Enforcement Officers) Retirement System <br /> <br />FROM: E.T. Barnes <br /> <br />SUBJECT: Agreement to Pay Employer Special Contributions to the <br /> Special Annuity Savings Fund <br /> <br />iW oP~ io~[:i~e R~erdent System'to accept or continue to'accept voluntary <br />employer special contributions to the Special Annuity Savings Fund~ a Iocal <br />,g~v~n~e~t ~mployer must execute the enclosed Agreement, This Agreement and <br />its provisions are in conformance with North Carolina General Statute <br />143-166.03~ a reprint of which L~ enclosed, which was enacted in Section 8 <br />of Chapter 468 of the 1983 Session Laws. <br /> <br />This,'Act is part of an overall restructuring of this Retirement System <br />de~ignh:d'> ~o Ci~i~ ~h~ I~ternal Revenue Service to rule that the' R~ti~eme~{~ <br />System is a 'qualified 'employees' trust under Section 401(a) of 'the Ihternal <br />Revenue Code, and thereby allow the tax sheltering of members! contributions <br />'similar to tbe Teachers~ and State Employees~ Retirement System and the <br />Local GovernmentalEmployees~ Retirement System. The need for an Agreement <br />and the accompanying commitments by a local government employer is to <br />satisfy the Internal Revenue Code requirements that a qualified plan's <br />future benefits to members be determinable and mnployer contributions non- <br />forfeitable. <br /> <br />Please note that these voluntary employer special contributions are in <br />addition to the required employer contribution of 1.10% of covered members' <br />payroll to the basic retirement fund, as detailed m our memorandum to you <br />dated July 21, 1983. <br /> <br />If your local government does not elecl to make these employer special <br />contributions, you should disregard this memorandum and Agreement. <br /> <br />Please telephone our Member Services Section, at (919) 733-4191 or 733-Z645, <br />if you have questions. <br /> <br />Please Route to: Chief Administrative Officer <br /> Chief Financial Officer <br /> Budget Officer <br /> Personnel Officer <br /> <br />ETB/smp <br /> <br />Enclosures <br /> <br /> <br />