AN ACT TO ALLOW LAW ENFORCEMENT OFFICERS WHO ARE MEMBERS OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM TO RETIRE AFTER ACHIEVING TWENTY-FIVE YEARS OF CREDITABLE SERVICE, TO ALLOW FOR SEPARATION BUYOUTS FOR LAW ENFORCEMENT OFFICERS, AND TO ALLOW TRANSFERS UNDER THE SPECIAL RETIREMENT ALLOWANCE TO BE PAID IN WHOLE OR IN PART WITH EMPLOYER CONTRIBUTIONS. Enacted June 22, 2018. Sections 2 and 3 are effective July 1, 2019. The remainder is effective June 22, 2018.
Bill Summaries: H284 (2017-2018 Session)
Tracking:
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Bill H 284 (2017-2018)Summary date: Jun 25 2018 - View summary
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Bill H284 (2017-2018)Summary date: Jun 13 2018 - View summary
Senate committee substitute makes the following change to the 3rd ed: changes the effective date of Sections 2 and 3 of the act from July 1, 2018, to July 1, 2019.
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Bill H 284 (2017-2018)Summary date: Jun 28 2017 - View summary
House committee substitute makes the following change to the 2nd edition.
Modifies proposed amendments to GS 135-5(b19). Makes the calculation of service retirement allowance under current law apply to members who retire before July 1, 2018 (was, January 1, 2018). Makes new provisions in subsection (b21) applicable those retiring on or after July 1, 2018 (was, January 1, 2018).
Makes identical modifications to proposed GS 128-27(b21) and proposed GS 128-27(b22).
Makes Sections 2 and 3 of the bill effective July 1, 2018 (was, January 1, 2018). The rest of the bill remains effective when it becomes law.
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Bill H 284 (2017-2018)Summary date: Mar 30 2017 - View summary
House committee substitute makes the following changes to the 1st edition. Amends the proposed changes to GS 135-5(a)(4) to allow retirement for officers who have completed 25 years of creditable service, with a minimum of 15 years of creditable service in a law enforcement capacity (currently, no minimum). Makes conforming changes to GS 135-5(b21) (concerning the service retirement allowance).
Makes identical changes to GS 128-27(a)(5) and GS 128-27.
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Bill H 284 (2017-2018)Summary date: Mar 8 2017 - View summary
Section 1 enacts new GS 143166.43 (Separation buyouts for law enforcement officers) to authorize any State department, agency, or institution, or any local government employer to, at its discretion, offer a lump sum separation buyout to a law enforcement officer who leaves employment prior to reaching the officer's eligibility for a separation allowance, to be paid from funds available, and not to exceed the total that would otherwise be paid in separation allowance payments under GS 143166.41 or GS 143166.42.
Section 2 amends GS 1355(m2) (concerning the Teacher's and State Employees' Retirement System) and GS 12827(m2) (concerning the local Government Employees' Retirement System) to authorize transfers under those subsections to be paid in whole or in part with employer contributions paid directly to that retirement system at the time of transfer.
Section 3 amends GS 1355(a)(4) and GS 12827(a)(5) to allow law enforcement officers' retirement with full benefits after 25 years of creditable service, and makes a technical change. Amends GS 1355(b19) and GS 12827(b21) to limit the existing service retirement allowance to members retiring before January 1, 2018. Enacts new GS 1355(b21) to provide a service retirement allowance to members retiring on or after January 1, 2018. New GS 1355(b21) is substantially identical to GS 135 5(b19) with the following exceptions. The allowance provided in GS 1355(b21)(1)b is identical to that in GS 1355(b19)(1)b except that it is available to members that retire prior to their 50th birthday and after the completion of 25 years of creditable service, but before the completion of 30 years of creditable service, instead of members who retire on or after their 50th birthday and after the completion of 15 years of creditable service, but before the completion of 30 years of creditable service, and is calculated with member's creditable service at retirement plus four percent times the difference between age 50 and the member's age at retirement, instead of the member's credible service at retirement. Provides a new service retirement in GS 1355(b21)(1)c to members who retire on or after their 50th birthday and before their 55th birthday with 15 or more years of creditable service and less than 30 years of creditable service, and specifies the calculation of that benefit. New GS 12827(b22) is substantially identical to GS 12827(b21), with exceptions identical to those described above occurring in GS 12827(b22)(1)b and GS 128 27(b22)(1)c. Amends GS 1355(m) and GS 12827(m) to refer to new GS 1355(b21)(1)c and GS 12827(b22)(1)c instead of existing GS 1355(b19)(1)b and GS 12827(b21)(1)b, and to make technical changes.
Section 4 authorizes the Department of State Treasurer, Retirement Systems Division, in order to administer these changes, to increase receipts from the retirement assets of the corresponding retirement system or pay costs associated with the administration of these changes directly from the retirement assets.
Sections 2 and 3 are effective January 1, 2018. The remainder of the act is effective when it becomes law.