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~' " '. STATE OF NORTH CAROLINA ,, ,, O DEPARTMENT OF STATE TREASURER RETIREMENT AND HEALTH BENEFITS DIVISION LEGISLATION ENACTED BY THE 1980 SESSION OF THE GENERAL ASSEMBLY AFFECTING THE LAW ENFORCEMENT OFFICERS' BENEFIT AND RETIREMENT FUND The following digest of the bills enacted by the 1980 General Assembly affecting the Law Enforcement Officers' Benefit and Retirement Fund is intended as a guide and should wot be considered as modifying, in any respect, the law as enacted. Senate Bill ?~7 (1980-81 Budget Act) Section 16 - Sets the State employer contributi~on percentage rate of salaries ~f-~b~-~th~ Enforcement Officers' Benefit and Retirement Fund at,9.28%. This rate is further increased by .50% to a total of 9.~by Senate Bill lOS6, digested below. This compares~ total rate for the previous year of 8.80%. (Of the 9:78%,[5~%~s credited to the member's special annuity death ben e f ~-;-~-t~T'r ema ]-~ basi~t~At~). This section' will be effective on~l ~l~es paid on and after July l, 1980. Section 65 - Changes the fomula for computing the retirement allowance from' 1.55% to 1.57% times creditable service times average final compensation. The formula change is applicable to both service and disability retirement and is effective for all new retirements on or after July l, 1980. (This increased the employer contribution rate by .19%). Section 68 - P~vides a 3% increase in the retirement allowance to each recipient who was on the retirement rolls on July 1, ~979. In addition, further increases in the retirement allowances were provided to each recipient as follows: Period Benefit Began Percentage July l, 1976 to June 30, ]977 1.5% July ], ]975 to June 30, 1976 8% July l, ]974 to June 30, ]975 15% Prior to July l, 197~ 23% These increases will be payable beginning July l, 1980. (Increases the employer contribution rate by .29%).