WINSTON-SALEM EMPLOYEES' RETIREMENT FUND

Winston-Salem Related Laws art. II

in effect

Winston-Salem Related Laws, art. II, § 8 Designation.

Sec. 8. - Designation. The retirement or pension fund which may hereafter be established by the governing body of the City of Winston-Salem under the provisions of this Act [article] shall be known, and is hereafter referred to, as Winston-Salem Employees' Retirement Fund. (Pub.-Local Laws 1939, ch. 296, § 1)

Winston-Salem Related Laws, art. II, § 9 Establishment; basis of benefits; refund of contributions; compulsory membership; joint contributions by city and members; administrative expenses.

Sec. 9. - Establishment; basis of benefits; refund of contributions; compulsory membership; joint contributions by city and members; administrative expenses. The governing body of the City of Winston-Salem may establish, by ordinance, a retirement fund which provides for the payment of benefits to employee members of the Winston-Salem Employees' Retirement Fund, or to their beneficiaries, in the following cases: (1) Retirement because of age, (2) Disability, (3) Death. Said ordinance may also provide for a refund of contributions by employees on such basis as may be designated by the ordinance. Membership may be compulsory for such officers and employees of the City of Winston-Salem as shall be so designated in the ordinance. The City of Winston-Salem and such members shall contribute jointly to the Winston-Salem Employees' Retirement Fund in such proportion as shall be stated in [the] ordinance, in order to meet the liabilities accruing against such fund because of personal service rendered to said city by such members after the establishment of such fund; provided, however, that the ordinance may provide benefits which are based, partly or entirely, upon personal services rendered to the City of Winston-Salem prior to the establishment of said fund, and the municipality may contribute the entire cost of benefits based on any such prior service. The expense of administering the fund shall be paid as designated in the ordinance, and the governing body of said city shall provide and appropriate each year sufficient revenue to cover its portion of the expense of the administration and its share of contributions as designated in the ordinance. (Pub.-Local Laws 1939, ch. 296, § 2)

Winston-Salem Related Laws, art. II, § 10 Maintenance on solvent actuarial reserve basis.

Sec. 10. - Maintenance on solvent actuarial reserve basis. The Winston-Salem Employees' Retirement Fund shall be maintained on a solvent actuarial reserve basis for all benefits beginning at the date of the inauguration of the fund, excepting the present value of benefits based on prior service. (Pub.-Local Laws 1939, ch. 296, § 3)

Winston-Salem Related Laws, art. II, § 11 Collection of contributions; retirement board.

Sec. 11. - Collection of contributions; retirement board. The contributions required to cover the cost of benefits based on prior service shall be sufficient to fund the liability for such prior service in not more than forty (40) years from the date of the establishment of such fund. The ordinance shall provide that required contributions by such members as hereinbefore mentioned shall be collected by deducting the amounts so required from the salary or wages due such members. The ordinance may provide for the appointment or election of a retirement board or board of trustees, and for the delegation to such board of such powers and duties as may be deemed necessary to carry out the intent and purpose for which said fund is established. If such retirement board or board of trustees is provided for by ordinance, the said board shall consist of a member or members of the governing body of the City of Winston-Salem, an employee or employees entitled to participate in said fund, and one or more citizens of the State of North Carolina not officially connected with the governing body of any municipality or entitled to participate in the benefits of said fund. (Pub.-Local Laws 1939, ch. 296, § 4)

Winston-Salem Related Laws, art. II, § 12 Functions of city in establishment, administration, etc.

Sec. 12. - Functions of city in establishment, administration, etc. The City of Winston-Salem may provide for the payment of one or more of the benefits enumerated in section 2 of this Act [codified herein as section 9] by contracting with the governing body of any other municipality or municipalities within the state, with the United States government, or with state departments or other competent agencies, or may contract with any insurance company, person or other corporation for the performance of any service in connection with the establishment of said fund, or for the investment, care or administration of said fund, or for any other service relating thereto. The City of Winston-Salem, or any governing body, agency, insurance company, person or other corporation contracting with the City of Winston-Salem for the investment, care or administration of said fund may invest and reinvest the funds constituting the said fund in one or more of the types of securities or other investments authorized by G.S. 58-79, as heretofore or hereafter amended, and by other state law for the investment of assets of domestic life insurance companies provided that the limitation imposed by G.S. 58-79(a)(6), which would have the effect of prohibiting the investment of more than ten (10) per cent of the total admitted assets of the said fund in certain corporate stocks or more than three (3) per cent of such assets in the stock or shares of any one corporation, shall be construed as limitations determined at the time of investment on the basis of the cost of such assets and the cost of such stocks or shares. (Pub.-Local Laws 1939, ch. 296, § 5; Sess. Laws 1959, ch. 721, § 1; Sess. Laws 1965, ch. 565, § 1)

Winston-Salem Related Laws, art. II, § 13 Contributions by city generally.

Sec. 13. - Contributions by city generally. After the effective date of the ordinance which may hereafter be adopted under and by virtue of the authority of this Act [article], the City of Winston-Salem shall not contribute to any pension or retirement fund except under the provisions contained in said ordinance, and in accordance therewith. (Pub.-Local Laws 1939, ch. 296, § 6)

Winston-Salem Related Laws, art. II, § 14 Effective date.

Sec. 14. - Effective date. This Act [article] shall be in full force and effect from and after its ratification [March 23, 1939].

Source: City of Winston-Salem, North Carolina, Code of Ordinances, City Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/nc/winston-salem/codes/code_of_ordinances?nodeId=PTIIRELA_ARTIIWILEEMREFUFetched: 11/1/2026