AN ACT TO MAKE TECHNICAL CORRECTIONS AND OTHER CONFORMING CHANGES TO THE LAWS GOVERNING THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM, AND OTHER RELATED STATUTES. Enacted July 20, 2017. Effective July 20, 2017.
Summary date: Jul 25 2017 - View summary
Summary date: Jun 22 2017 - View summary
Senate committee substitute makes the following changes to the 1st edition.
Deletes proposed amendments to GS 147-86.59 (Certification required).
Deletes the text repealing SL 2015-68, Section 2, which regards the destruction or disposition of property with no substantial commercial value under the NC Unclaimed Property Act.
Summary date: Feb 15 2017 - View summary
Amends GS 135-1, which sets forth member benefits for the Retirement System for Teachers and State Employees, to amend the meaning of average final compensation to include the payout of vacation leave only if the payout is received by the member during the four consecutive calendar years of membership service producing the highest average annual compensation of the member. Similarly, amends GS 128-21, which sets forth defined terms for the Retirement System for Counties, Cities, and Towns, to identically amend the meaning of average final compensation as in GS 135-1.
Amends GS 135-8 to clarify that receipt of a stipend resulting from participation in a full-time degree program does not constitute compensation paid to the member in determining whether a leave of absence or interrupted service may qualify for purchase of creditable service pursuant to subsection (5) of the statute, relating to the Retirement System for Teachers and State Employees. Similarly, amends GS 128-30 to make the same clarification for members in the Retirement System for Counties, Cities, and Towns.
Amends GS 132-48.12, which establishes the Committee on Actuarial Valuation of Retired Employees' Health Benefits of the State Health Plan for Teachers and State Employees, to direct the Committee to adopt a funding policy and include information about the State's contribution policy, including the basis for determining contributions in the annual actuarial valuation.
Amends GS 147-86.59, to require a State agency to certify that a person that attempts to contract with the State or a political subdivision of the State is not identified on a list created by the State Treasurer pursuant to GS 147-86.58 when a bid is submitted or the contract is entered into, renewed, or assigned (previously, the person was to certify that the person is not on the specified list). Provides that a new certification does not need to be made where a State agency and the same person enter into multiple contracts or multiple contract renewals or assumptions within 180 days after an initial certification is made. Makes technical changes.
Makes clarifying change to GS 147-86.72(h) to change the subsection's description to Other States Contract for North Carolina to Provide Program (was, Other States).
Amends GS 147-86.72, which establishes the ABLE (Achieving a Better Life Experience) Program Board of Trustees (Board). Authorizes the Board, in addition to or in lieu of establishing a North Carolina ABLE Program and ABLE Program Trust, to either (1) enter into an agreement with one or more states, or a consortium of states, that has a qualified ABLE program for the provision of services necessary to allow North Carolina residents to participate in that ABLE program or (2) facilitate or otherwise provide access to allow State residents to participate in qualified ABLE programs operated by another state, states, or a consortium. Requires the Board to complete a fiduciary analysis prior to taking action under this subsection. Requires the Board to meet on a semiannual basis if the Board enters into an agreement under this subsection to evaluate the effectiveness of the services being provided.
Amends GS 147-69.2 to add the Disability Income Plan of North Carolina to the list of funds held by the State Treasurer that may be invested as authorized by the statute.
Repeals Section 2 SL 2015-68, which removed subsection (a) of GS 116B-70 under the North Carolina Unclaimed Property Act concerning the destruction or disposition of property having no substantial commercial value by the State Treasurer.
Repeals GS 147-69.12(e), which requires the State Treasurer to adopt rules to implement the statute's provisions on or before December 31, 2016.
Provides a severability clause.