A Retirement System is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Chapter for teachers and State employees of the State of North Carolina. The Retirement System so created shall be established as of the first day of July, 1941.
It shall have the power and privileges of a corporation and shall be known as the "Teachers' and State Employees' Retirement System of North Carolina," and by such name all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held.
(1941, c. 25, s. 2.)
State Government Reorganization. - The Teachers' and State Employees' Retirement System was transferred to the Department of State Treasurer by G.S. 143A-34, enacted by Session Laws 1971, c. 864.
CASE NOTES
The Teachers' and State Employees' Retirement System of North Carolina is an agency or instrumentality of the State. Stanley v. Retirement & Health Benefits Div., 66 N.C. App. 122, 310 S.E.2d 637, cert. denied and appeal dismissed, 310 N.C. 626, 315 S.E.2d 692 (1984).
Cited in Powell v. Board of Trustees, 3 N.C. App. 39, 164 S.E.2d 80 (1968); Faulkenbury v. Teachers' & State Employees' Retirement Sys., 108 N.C. App. 357, 424 S.E.2d 420 (1993).