GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2023
SESSION LAW 2024-9
HOUSE BILL 988
AN ACT MAKING TECHNICAL CORRECTIONS AND OTHER CONFORMING AND CLARIFYING CHANGES TO THE LAWS GOVERNING THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTal employees' retirement system, the Consolidated Judicial Retirement System, and the Legislative Retirement System, ANd RELATED STATUTES.
The General Assembly of North Carolina enacts:
part I. correct the title of the executive director of the retirement systems division
SECTION 1.(a) G.S. 135‑5(e) reads as rewritten:
"(e) Reexamination of
Beneficiaries Retired for Disability. – The provisions of this subsection shall
be applicable to members retired on a disability retirement allowance and shall
not be applicable to members in service on or after January 1, 1988. Once each year
during the first five years following retirement of a member on a disability
retirement allowance, and once in every three‑year period thereafter, the
Board of Trustees may, and upon his the member's application
shall, require any disability beneficiary who has not yet attained the age of
60 years to undergo a medical examination, such examination to be
made performed at the place of residence of said beneficiary that
beneficiary, or other place mutually agreed upon, by a physician or
physicians designated by the Board of Trustees. Should any disability
beneficiary who has not yet attained the age of 60 years refuse to submit to at
least one medical examination in any such year by a physician or
physicians designated by the Board of Trustees, his required by this
subsection, the beneficiary's allowance may be discontinued until his withdrawal
of such refusal, and should his the refusal. If the refusal continue
continues for one year all his the beneficiary's rights
in and to his the beneficiary's pension may be revoked by the
Board of Trustees. The following provisions apply:
…
(4) As a condition to the
receipt of the disability retirement allowance provided for in G.S. 135‑5(d),
(d1), (d2) and (d3) subsections (d) through (d3) of this section each
member retired on a disability retirement allowance shall, on or before April
15 of each calendar year, provide the Board of Trustees with a statement of his
or her that member's income received as compensation for services,
including fees, commissions or similar items, and income received from
business, for the previous calendar year. Such This statement
shall be filed on a form as required by the Board of Trustees. The benefit payable
to a beneficiary who does not or refuses to provide the information requested
within 60 days after such the request shall not be paid a
benefit until the information so requested is provided, and
should such provided. If the refusal or failure to provide such the
required information continue continues for 240 days after such
the request, then the right of a beneficiary to a benefit
under the Article may be terminated.
The Executive
Director of the State Retirement System Systems Division shall
contact any State or federal agency which that can provide
information to substantiate the statement required to be submitted by this
subdivision and may enter into agreements for the exchange of information.
…."
SECTION 1.(b) G.S. 128‑27(e) reads as rewritten:
"(e) Reexamination of
Beneficiaries Retired on Account of Disability. – Once each year during the
first five years following retirement of a member on a disability allowance,
and once in every three‑year period thereafter, the Board of Trustees
may, and upon his the member's application shall, require any
disability beneficiary who has not yet attained the age of 60 years to undergo
a medical examination, such examination to be made performed at
the place of residence of said beneficiary that beneficiary, or
other place mutually agreed upon, by the physician or physicians designated by
the Board of Trustees. Should any disability beneficiary who has not yet
attained the age of 60 years refuse to submit to at least one medical
examination in any such year by a physician or physicians designated
by the Board of Trustees, his required by this subsection, the beneficiary's
allowance may be discontinued until his withdrawal of such
refusal, and should his the refusal. If the refusal continue continues
for one year, all his the beneficiary's rights in and to his
the beneficiary's pension may be revoked by the Board of Trustees.
The following provisions apply:
…
(4) As a condition to the
receipt of the disability retirement allowance provided for in subsections (d)
through (d4) of this section each member retired on a disability retirement
allowance shall, on or before April 15 of each calendar year, provide the Board
of Trustees with a statement of his or her the member's income
received as compensation for services, including fees, commissions or similar
items, and income received from business, for the previous calendar year. Such
This statement shall be filed on a form as required by the Board of
Trustees. The benefit payable to a beneficiary who does not or refuses to
provide the information requested within 120 days after such the request
shall not be paid a benefit until the information so requested is provided,
and should such provided. If the refusal or failure to provide such
the required information continue continues for 180
days after such the request, then the right of a
beneficiary to a benefit under the Article may be terminated.
The Executive
Director of the State Retirement Systems Division shall
contact any State or federal agency which can provide information to
substantiate the statement required to be submitted by this subdivision and may
enter into agreements for the exchange of information.
…."
SECTION 1.(c) G.S. 135‑6(r) reads as rewritten:
"(r) Compliance or Fraud
Investigative Reports and Work Papers. – The Executive Director of the
Retirement Systems Division shall maintain for 10 years a complete file of all
compliance investigative reports, fraud investigative reports and reports of
other examinations, investigations, surveys, and reviews issued under the Executive
Director's authority. Fraud or compliance investigation work papers and
other evidence or related supportive material directly pertaining to the work
of the Retirement Systems Division of the Department of State Treasurer shall
be retained according to an agreement between the Executive Director of the
Retirement Systems Division and State Archives. To promote
intergovernmental cooperation and avoid unnecessary duplication of fraud and
compliance investigative efforts, and notwithstanding local unit personnel
policies to the contrary, pertinent work papers and other supportive material
relating to issued fraud or compliance investigation reports may be, at the
discretion of the Executive Director of the Retirement and Systems
Division and, unless otherwise prohibited by law, made available for
inspection by duly authorized representatives of the State and federal
government who desire access to and inspection of such records in connection
with some matter officially before them, including criminal investigations.
Except as provided in this section, or upon an order issued in Wake County
Superior Court upon 10 days' notice and hearing finding that access is
necessary to a proper administration of justice, fraud and compliance
investigation work papers and related supportive material shall be kept
confidential, including any information developed as a part of the
investigation."
SECTION 1.(d) G.S. 128‑28(s) reads as rewritten:
"(s) Fraud Investigative
Reports and Work Papers or Compliance Investigative Reports and Work Papers. –
The Executive Director of the Retirement Systems Division shall maintain
for 10 years a complete file of all fraud investigative reports, compliance
investigative reports, and reports of other examinations, investigations,
surveys, and reviews issued under the Executive Director's authority.
Fraud investigation work papers, compliance investigation work papers, and
other evidence or related supportive material directly pertaining to the work
of the Retirement Systems Division of the Department of State Treasurer shall
be retained according to an agreement between the Executive Director of the
Retirement Systems Division and State Archives. To promote
intergovernmental cooperation and avoid unnecessary duplication of fraud or
compliance investigative effort, and notwithstanding local unit personnel
policies to the contrary, pertinent work papers and other supportive material
relating to issued fraud investigation reports or compliance investigative
reports may be, at the discretion of the Executive Director of the Retirement
and Systems Division and, unless otherwise prohibited by law,
made available for inspection by duly authorized representatives of the State
and federal government who desire access to and inspection of such records in
connection with some matter officially before them, including criminal
investigations. Except as provided in this section, or upon an order issued in
Wake County Superior Court upon 10 days' notice and hearing finding that access
is necessary to a proper administration of justice, fraud or compliance
investigation work papers and related supportive material shall be kept
confidential, including any information developed as a part of the
investigation."
SECTION 1.(e) G.S. 135‑10.1 reads as rewritten:
"§ 135‑10.1. Failure to respond.
(a) If a member fails to respond within 120 days after
preliminary option figures and the Form 6‑E or Form 7‑E are
transmitted to the member, or if a member fails to respond within 120 days
after the effective date of retirement, whichever is later, then the
Form 6 or Form 7 shall be null and void; the retirement system shall not be
liable for any benefits due on account of the voided application, and a new
application must be filed establishing a subsequent effective date of
retirement. void.
(b) If an applicant for disability retirement fails to
furnish requested additional medical information within 90 days following such
request, the request for that information, then the application
shall be declared null and void under the same conditions outlined above, void,
unless the applicant is eligible for early or service retirement in
which case retirement. If the applicant is eligible for early or service
retirement, then the application shall be processed accordingly, using
the same effective date as would have been used had the application for
disability retirement been approved.
(c) The Retirement System shall not be liable for any benefits due on account of an application voided in accordance with this section. A new application must be filed establishing a subsequent effective date of retirement.
(d) The Executive Director of the Retirement Systems Division, acting on behalf of the Board of Trustees, may extend the 120‑day limitation provided for in this section when a member has suffered incapacitation such that a reasonable person would not have expected the member to be able to complete the required paperwork within the regular deadline, or when an omission by the Retirement Systems Division prevents the member from having sufficient time to meet the regular deadline."
SECTION 1.(f) G.S. 128‑32.1 reads as rewritten:
"§ 128‑32.1. Failure to respond.
(a) If a member fails to respond within 120 days after
preliminary option figures and the Form 6‑E or Form 7‑E are
transmitted to the member, or if a member fails to respond within 120 days
after the effective date of retirement, whichever is later, then the
Form 6 or Form 7 shall be null and void; the retirement system shall not be
liable for any benefits due on account of the voided application, and a new
application must be filed establishing a subsequent effective date of
retirement. void.
(b) If an applicant for disability retirement fails to
furnish requested additional medical information within 90 days following such
request, the request for that information, then the application
shall be declared null and void under the same conditions outlined above, void,
unless the applicant is eligible for early or service retirement in
which case retirement. If the applicant is eligible for early or service
retirement, then the application shall be processed accordingly, using
the same effective date as would have been used had the application for
disability retirement been approved.
(c) The Retirement System shall not be liable for any benefits due on account of an application voided in accordance with this section. A new application must be filed establishing a subsequent effective date of retirement.
(d) The Executive Director of the Retirement Systems Division, acting on behalf of the Board of Trustees, may extend the 120‑day limitation provided for in this section when a member has suffered incapacitation such that a reasonable person would not have expected the member to be able to complete the required paperwork within the regular deadline, or when an omission by the Retirement Systems Division prevents the member from having sufficient time to meet the regular deadline."
SECTION 1.(g) G.S. 128‑27(l1) reads as rewritten:
"(l1) Death Benefit
Plan for Law Enforcement Officers. – Under all requirements and conditions as
otherwise provided for in subsection (l), (l) of this
section, except for the requirement that the provisions are effective only
after an agreement has been executed by the employer and the Executive Director
of the Retirement System, Systems Division, all law enforcement
officers who are members of the Retirement System shall participate and be
eligible for group life insurance benefits under the Group Life Insurance Plan,
and employers shall fund the cost of these benefits."
SECTION 1.(h) G.S. 58‑86‑2(3) reads as rewritten:
"(3) "Director" means the Executive Director of the Retirement Systems Division of the North Carolina Department of State Treasurer. The Director shall promptly transmit to the State Treasurer all moneys collected on behalf of members, which moneys shall be deposited by the State Treasurer into the fund."
SECTION 1.(i) G.S. 58‑86‑6(1) reads as rewritten:
"(1) The Executive Director of the Retirement Systems Division of the North Carolina Department of State Treasurer or his or her designee, who shall act as chair."
SECTION 1.(j) G.S. 135‑107(b)(2) reads as rewritten:
"(2) The participant has
made payment arrangements approved by the Executive Director of the Retirement System.Systems
Division."
part II. correct references to average final compensation
SECTION 2.(a) G.S. 135‑8(f)(2)f. reads as rewritten:
"f. Except as otherwise
provided under this subdivision, each employer shall transmit to the Retirement
System on account of each member who retires on or after January 1, 2015,
having earned his or her last month of membership service as an employee of
that employer the lump sum payment, as calculated under G.S. 135‑4(jj)
for inclusion in the Pension Accumulation Fund, that would have been necessary
in order for the retirement system Retirement System to restore
the member's retirement allowance to the pre cap amount. If the employer
associated with the member's last month of membership service did not report to
the retirement system Retirement System any compensation paid to
the member during the period used to compute the member's average final
compensation, then that employer shall not transmit the lump sum payment
described in this subdivision, but instead the employer or employers who
reported compensation during the member's average final compensation period
shall each transmit a lump sum payment equal to the employer's share of the
total required lump sum payment, allocated proportionally to each employer
based on the total amount of compensation to the member that each employer
reported during the period used to compute the member's average final
compensation. Employers are not required to make contributions on account of
any retiree who became a member on or after January 1, 2015, and who earned at
least five years of membership service in the Retirement System after January
1, 2015. The retirement allowance of a member with a final average an
average final compensation of more than one hundred thousand dollars
($100,000), as hereinafter indexed, shall not be subject to the contribution
based benefit cap if the compensation was earned from multiple simultaneous
employers, unless an employer's share of the average final compensation exceeds
one hundred thousand dollars ($100,000). An employer is not required to make
contributions on account of any retiree whose final average average
final compensation exceeds one hundred thousand dollars ($100,000), as
hereinafter indexed, based upon compensation earned from multiple simultaneous
employers, unless that employer's share of the average final compensation
exceeds one hundred thousand dollars ($100,000), as provided and indexed under
G.S. 135‑5(a3).
Under such
rules as adopted by the Board of Trustees shall adopt, Trustees,
the Retirement System shall report monthly to each employer a list of those
members for whom the employer made a contribution to the Retirement System in
the preceding month that are most likely to require an additional employer
contribution should they elect to retire in the following 12 months, if
applicable. Reports received under this section shall not be public records.
Employers or former employers in receipt of a report under this section shall
treat the report, and the information contained within that report, as
confidential and as though it were still held by the Retirement System under
G.S. 135‑6.1."
SECTION 2.(b) G.S. 128‑30(g)(2)b. reads as rewritten:
"b. Except as otherwise
provided under this subdivision, each employer shall transmit to the Retirement
System on account of each member who retires on or after January 1, 2015,
having earned his or her last month of membership service as an employee of
that employer the lump sum payment, as calculated under G.S. 128‑26(y)
for inclusion in the Pension Accumulation Fund, that would have been necessary
in order for the retirement system Retirement System to restore
the member's retirement allowance to the pre‑cap amount. If the employer
associated with the member's last month of membership service did not report to
the retirement system Retirement System any compensation paid to
the member during the period used to compute the member's average final
compensation, then that employer shall not transmit the lump sum payment
described in this subdivision, but instead the employer or employers who
reported compensation during the member's average final compensation period
shall each transmit a lump sum payment equal to the employer's share of the total
required lump sum payment, allocated proportionally to each employer based on
the total amount of compensation to the member that each employer reported
during the period used to compute the member's average final compensation.
Employers are not required to make contributions on account of any retiree who
became a member on or after January 1, 2015, and who earned at least five years
of membership service in the Retirement System after January 1, 2015. The
retirement allowance of a member with a final average an average
final compensation of more than one hundred thousand dollars ($100,000), as
hereinafter indexed, shall not be subject to the contribution‑based
benefit cap if the compensation was earned from multiple simultaneous
employers, unless an employer's share of the average final compensation exceeds
one hundred thousand dollars ($100,000). An employer is not required to make
contributions on account of any retiree whose final average average
final compensation exceeds one hundred thousand dollars ($100,000), as
hereinafter indexed, based upon compensation earned from multiple simultaneous
employers, unless that employer's share of the average final compensation
exceeds one hundred thousand dollars ($100,000), as provided and indexed under
G.S. 128‑27(a3).
Under such
rules as adopted by the Board of Trustees shall adopt, Trustees,
the Retirement System shall report monthly to each employer a list of those
members for whom the employer made a contribution to the Retirement System in
the preceding month that are most likely to require an additional employer
contribution should they elect to retire in the following 12 months, if
applicable. Reports received under this section shall not be public records.
Employers or former employers in receipt of a report under this section shall
treat the report, and the information contained within that report, as
confidential and as though it were still held by the Retirement System under
G.S. 128‑33.1."
part iii. conform lump sum contribution payment criteria to federal law
SECTION 3.(a) G.S. 135‑5(m4) reads as rewritten:
"(m4) A member who has
contributions in this System and is not eligible for a retirement benefit as
set forth in G.S. 135‑5(a) shall be paid his or her contributions in
a lump sum as provided in G.S. 135‑5(f) by April 1 of the calendar
year following the later of the calendar year in which the member (i) attains 72
years of age the applicable age under section 401(a)(9)(C)(v) of the
Internal Revenue Code or (ii) has ceased to be a teacher or State employee
except by death. If the member fails, following reasonable notification, to
complete a refund application by the required date, then the requirement that a
refund application be completed shall be waived and the refund shall be paid
without a refund application as a single lump‑sum payment with applicable
required North Carolina and federal income taxes withheld.
A member who has contributions in
this System and is eligible for a retirement benefit as set forth in
G.S. 135‑5(a) shall begin to receive a monthly benefit no later than
April 1 of the calendar year following the later of the calendar year in which
the member (i) attains 72 years of age the applicable age under
section 401(a)(9)(C)(v) of the Internal Revenue Code or (ii) has ceased to
be a teacher or State employee except by death. If the member fails, following
reasonable notification, to complete the retirement process as set forth under
this Chapter 135 of the General Statutes by such the required
beginning date, then the requirement that a retirement application and an
election of payment plan form be completed shall be waived and the retirement
allowance shall be paid as a single life annuity. The single life annuity shall
be calculated and processed in accordance with this section.
For purposes of this subsection, a member shall not be considered to have ceased to be a teacher or State employee if the member is actively contributing to the Consolidated Judicial Retirement System, Local Governmental Employees' Retirement System, or Legislative Retirement System. A retirement benefit or lump‑sum refund shall not be paid under this subsection if the member is actively contributing to the Consolidated Judicial Retirement System, Local Governmental Employees' Retirement System, or Legislative Retirement System."
SECTION 3.(b) G.S. 128‑27(m3) reads as rewritten:
"(m3) A member who has
contributions in this System and is not eligible for a retirement benefit as
set forth in G.S. 128‑27(a) or G.S. 128‑27(a1) shall be
paid his or her contributions in a lump sum as provided in G.S. 128‑27(f)
by April 1 of the calendar year following the later of the calendar year in
which the member (i) attains 72 years of age the applicable age under
section 401(a)(9)(C)(v) of the Internal Revenue Code or (ii) has ceased to
be an employee except by death. If the member fails, following reasonable
notification, to complete a refund application by the required date, then the
requirement that a refund application be completed shall be waived and the
refund shall be paid without a refund application as a single lump‑sum
payment with applicable required North Carolina and federal income taxes
withheld.
A member who has contributions in
this System and is eligible for a retirement benefit as set forth in
G.S. 128‑27(a) or G.S. 128‑27(a1) shall begin to receive
a monthly benefit no later than April 1 of the calendar year following the
later of the calendar year in which the member (i) attains 72 years of age the
applicable age under section 401(a)(9)(C)(v) of the Internal Revenue Code or
(ii) has ceased to be an employee except by death. If the member fails,
following reasonable notification, to complete the retirement process as set
forth under Chapter 128 of the General Statutes this Article by
the required beginning date, then the requirement that a retirement application
and an election of payment plan form be completed shall be waived and the
retirement allowance shall be paid as a single life annuity. The single life
annuity shall be calculated and processed in accordance with this section.
For purposes of this subsection, a member shall not be considered to have ceased to be an employee if the member is actively contributing to the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, or Legislative Retirement System. A retirement benefit or lump‑sum refund shall not be paid under this subsection if the member is actively contributing to the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, or Legislative Retirement System."
SECTION 3.(c) G.S. 135‑74(c1) reads as rewritten:
"(c1) A member who has
contributions in this System and is not eligible for a retirement benefit as
set forth in G.S. 135‑57 shall be paid his or her contributions in a
lump sum as provided in G.S. 135‑62 by April 1 of the calendar year
following the later of the calendar year in which the member (i) attains 72
years of age the applicable age under section 401(a)(9)(C)(v) of the
Internal Revenue Code or (ii) has ceased to be a judge, district attorney,
public defender, the Director of Indigent Defense Services, or clerk of
superior court as provided in G.S. 135‑53, except by death. If the
member fails, following reasonable notification, to complete a refund
application by the required date, then the requirement that a refund
application be completed shall be waived and the refund shall be paid without a
refund application as a single lump‑sum payment with applicable required
North Carolina and federal income taxes withheld.
A member who has contributions in
this System and is eligible for a retirement benefit as set forth in
G.S. 135‑57 shall begin to receive a monthly benefit no later than
April 1 of the calendar year following the later of the calendar year in which
the member (i) attains 72 years of age the applicable age under
section 401(a)(9)(C)(v) of the Internal Revenue Code or (ii) has ceased to
be a judge, district attorney, public defender, the Director of Indigent
Defense Services, or clerk of superior court as provided in G.S. 135‑53,
except by death. If the member fails, following reasonable notification, to
complete the retirement process as set forth under this Chapter 135
of the General Statutes by such the required beginning date,
then the requirement that a retirement application and an election of payment
plan form be completed shall be waived and the retirement allowance shall be
paid as a single life annuity. The single life annuity shall be calculated and
processed in accordance with G.S. 135‑58.
For purposes of this subsection, a member shall not be considered to have ceased to be a judge, district attorney, public defender, the Director of Indigent Defense Services, or clerk of superior court as provided in G.S. 135‑53 if the member is actively contributing to the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, or Consolidated Judicial Retirement System. A retirement benefit or lump‑sum refund shall not be paid under this subsection if the member is actively contributing to the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, or Legislative Retirement System."
SECTION 3.(d) G.S. 120‑4.31(c1) reads as rewritten:
"(c1) A member who has
contributions in this System and is not eligible for a retirement benefit as
set forth in G.S. 120‑4.21 shall be paid his or her contributions in
a lump sum as provided in G.S. 120‑4.25 by April 1 of the calendar
year following the later of the calendar year in which the member (i) attains 72
years of age the applicable age under section 401(a)(9)(C)(v) of the
Internal Revenue Code or (ii) has ceased to be a member of the General Assembly,
except by death. If the member fails, following reasonable notification, to
complete a refund application by the required date, then the requirement that a
refund application be completed shall be waived and the refund shall be paid
without a refund application as a single lump‑sum payment with applicable
required North Carolina and federal income taxes withheld.
A member who has contributions in
this System and is eligible for a retirement benefit as set forth in
G.S. 120‑4.21 shall begin to receive a monthly benefit no later than
April 1 of the calendar year following the later of the calendar year in which
the member (i) attains 72 years of age the applicable age under
section 401(a)(9)(C)(v) of the Internal Revenue Code or (ii) has ceased to
be a member of the General Assembly, except by death. If the member fails,
following reasonable notification, to complete the retirement process as set
forth under Chapter 120 of the General Statutes this Article by
the required beginning date, then the requirement that a retirement application
and an election of payment plan form be completed shall be waived and the
retirement allowance shall be paid as a single life annuity. The single life
annuity shall be calculated and processed in accordance with G.S. 120‑4.21.
For purposes of this subsection, a member shall not be considered to have ceased to be a member of the General Assembly if the member is actively contributing to the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, or Consolidated Judicial Retirement System. A retirement benefit or lump‑sum refund shall not be paid under this subsection if the member is actively contributing to the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, or Consolidated Judicial Retirement System."
part iv. Miscellaneous technical and conforming changes
SECTION 4.(a) G.S. 135‑1(25) reads as rewritten:
"(25) "Teacher"
shall mean (i) any teacher, helping teacher, teacher in a job‑sharing
position under G.S. 115C‑326.5 except for a beneficiary in that
position, librarian, superintendent principal, supervisor, superintendent of
public schools or any full‑time employee, city or county, of public
instruction, or any full‑time employee of the Department of Public
Instruction, president, dean or teacher, or any full‑time employee in any
educational institution supported by and under the control of the State; (ii)
who works at least 30 or more hours per week for at least nine or more months
per calendar year: Provided, that the year. The term
"teacher" shall not include any employee or teacher in a part‑time,
temporary, or substitute teacher or employee position, except for
a teacher in a job‑sharing position, and shall position. The
term "teacher" does not include those participating in an
optional retirement program provided for in G.S. 135‑5.1 or
G.S. 135‑5.4. In all cases of doubt, the Board of Trustees,
hereinbefore defined, Trustees shall determine whether any person is
a teacher as defined in this Chapter. On and after August 1, 2001, a person who
is a nonimmigrant alien and who otherwise meets the requirements of this
subdivision shall not be excluded from the definition of "teacher"
solely because the person holds a temporary or time‑limited visa.
Notwithstanding the foregoing, the term "teacher" shall not include
any nonimmigrant alien employed in elementary or secondary public schools
(whether schools, whether employed in a full‑time, part‑time,
temporary, permanent, or substitute teacher position) position, and
participating in an exchange visitor program designated by the United States
Department of State pursuant to 22 C.F.R. Part 62 or by the United States
Department of Homeland Security pursuant to 8 C.F.R. Part 214.2(q)."
SECTION 4.(b) G.S. 128‑23(h) reads as rewritten:
"(h) Notwithstanding any provision of this section, G.S. 128‑21(11), or any other provision of law to the contrary, any board of alcoholic control that (i) is not a participating employer in the Retirement System on June 30, 2021, or (ii) ceased participation in the Retirement System as an inactive employer under G.S. 128‑23.1 is not eligible to participate in the Retirement System."
SECTION 4.(c) G.S. 128‑26(y)(2) reads as rewritten:
"(2) Option two. – An
installment payment plan beginning no less than 90 days after the retirement
of the member and ending no more than 27 months after the retirement of the
member. Interest shall be assessed on the principal amount of the contribution‑based
benefit cap liability owed and applied to any installment payment plan term
exceeding 12 months at a rate corresponding with the interest rate assumption
based on the most recent actuarial valuation approved by the Board of Trustees."
SECTION 4.(d) G.S. 128‑29(e) reads as rewritten:
"(e) Selection of
Depositories. – The Board of Trustees shall select a bank or banks for the
deposits of the funds and securities of the Retirement System in the same
manner as such banks are selected by the Treasurer of the State of North
Carolina. Such banks Banks selected under this subsection shall
be required to conform to the law governing banks selected by the State. The
funds and properties of the North Carolina Local Governmental Employees'
Retirement System held in any bank of the State shall be safeguarded by a
fidelity and surety bond, the amount to be determined by the Board of
Trustees."
SECTION 4.(e) G.S. 135‑48.10(b) reads as rewritten:
"(b) The terms of a contract between the Plan and its third party administrator or between the Plan and its pharmacy benefit manager are a public record under Chapter 132 of the General Statutes. No provision of law, however, shall be construed to prevent or restrict the release of any information in a Plan contract to the State Treasurer, the State Auditor, the Attorney General, the Director of the State Budget, the Plan's Board of Trustees, and the Plan's Executive Administrator solely and exclusively for their use in the furtherance of their duties and responsibilities.
and after"
part V. effective date
SECTION 5. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 13th day of June, 2024.
s/ Ralph Hise
Presiding Officer of the Senate
s/ Tim Moore
Speaker of the House of Representatives
s/ Roy Cooper
Governor
Approved 11:29 a.m. this 20th day of June, 2024