Bill Summary for S 47 (2019-2020)
May 26 2020
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AN ACT TO REPEAL THE MORGANTON FIREMEN'S SUPPLEMENTAL RETIREMENT SYSTEM AND TRANSFER ASSETS TO THE MORGANTON FIREMAN'S RELIEF FUND.Intro. by Daniel.
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Senate committee substitute replaces the content of the 1st edition and now provides the following.
Repeals SL 1963-459, as amended, which establishes the Morganton Firemens' Supplemental Retirement System.
Dissolves the Firemens' Supplemental Retirement System of the City of Morganton and rescinds the City's authority to maintain and operate the System or any associated fund.
Maintains the existence and continued operation of the Fireman's Relief Fund of the City of Morganton. Transfers all assets of the Firemen's Supplemental Retirement Fund of the City of Morganton to the Fireman's Relief Fund of the City of Morganton, and allows all transferred assets to be used as required or allowed by the Relief Fund.
Changes the act's titles.