A BILL TO BE ENTITLED
AN ACT TO PROVIDE FOR THE DISSOLUTION OF THE GASTONIA POLICEMEN'S SUPPLEMENTARY PENSION FUND.
The General Assembly of North Carolina enacts:
SECTION 1.  Section 8.2 of Article VIII of the Charter of the City of Gastonia, being Chapter 557 of the 1991 Session Laws, as amended by S.L. 1997‑161, reads as rewritten:
"Sec. 8.2. Gastonia Policemen's Supplemental Retirement Fund. The Gastonia Policemen's Supplemental Retirement  Fund, as authorized by Chapter 946, Session Laws of 1955, as amended by Chapter 112, Session Laws of 1957; Chapter 301, Session Laws of 1959; Chapter 198, Session Laws of 1965; Chapter 979, Session Laws of 1965; and Chapter 809, Session Laws of 1983, is repealed and the Board of Trustees shall dissolve the Fund in the following manner:
(1)	The two percent (2%) payroll contribution being made by eligible employees will be stopped;
(2)	The Fund shall refund contributions made by employees in full;
(3)	The Fund shall pay earnings on the refund of employee contributions at the rate of four percent (4%) per annum to employees who have not been refunded their employee contributions on July 1, 2002; and
(4)	The Fund shall distribute any remaining assets to employees who are vested in the Fund as of July 1, 2002, in amounts as determined by an actuary chosen by the Board. The actuary shall base the calculation of these amounts payable to vested employees and employees receiving benefits based upon actuarial assumptions established by the Board at the recommendation of the actuary. For purposes of this section, any employee is vested who has at least 15 years of service credited under the Fund or 10 years or more service credited under the Fund if disabled.
No person shall be permitted to become part of this Fund on or after July 1, 2002."
SECTION 2.  This act becomes effective July 1, 2002.