Senate committee substitute makes the following changes to the 1st edition.
Revises the lead-in language of Section 1, amending SL 2001-22, which concerns the Charlotte Firefighters' Retirement System. Corrects the session law cited to SL 1947-926, as amended by various subsequent session laws (including SL 2001-22). Modifies the proposed changes to Section 25 as follows. Amends the amount of the City's contribution, effective July 1, 2020, to require the City to increase its contribution each Plan Year by 2% for the next eight (was, five) years, up to a maximum contribution rate of 30% (was, 24%). Makes conforming changes regarding how to calculate the contribution rate once the maximum has been reached.
Bill S 273 (2021)Summary date: May 10 2021 - View summary
Bill S 273 (2021-2022)Summary date: Mar 15 2021 - View summary
Amends SL 2001-22, as amended, which concerns the Charlotte Firefighters' Retirement System as follows. Amends Section 2 to specify that the term Basic Benefit refers to the benefit specified in subsection (a) of Section 17; capitalizes the term throughout the act. Makes organizational changes.
Amends Section 4 by amending the calculation of the amount of Membership Service Credit credited to a Member for any periods of workers' compensation, accident and sickness, Family Medical Leave Act, or long-term disability benefits, by providing that for any new periods of leave beginning after July 1, 2021, other percentage rates (the current rate is an amount equal to the Compensation the Member would have earned multiplied by 12.65%) as may be determined from time to time by the City of Charlotte (City) as recommended by the Board of Trustees according to specified procedures.
Amends Section 6 by updating the reference to the Uniformed Services Employment and Reemployment Rights Act of 1994 to clarify that it is as amended.
Amends Section 7, which allows for the purchase of Membership Service Credit for prior military service, to require the amount to be credited upon the payment of the required contributions (no longer requiring the amount to be determined by the Administrator). Adds that for any Member beginning membership on or after July 1, 2021, the required contributions is the full actuarial cost as determined by the System's actuary. Makes an additional clarifying change.
Amends Section 12 by making a clarifying change.
Amends Section 17 by setting the upper limit on the amount of the monthly benefit as not to exceed the limits imposed by section 415 of the Internal Revenue Code (was, not to exceed the Final Average Salary imposed by that section of the IRC). Makes the same change in Section 19 concerning the limit on the monthly benefit for those receiving disability retirement in the line of duty. Makes additional clarifying changes to Section 19 and makes language gender-neutral.
Amends Section 20 to require that an application for Disability Retirement not in the Line of Duty be administered according to Disability Regulations (was, more generally rules and regulations) adopted by the Board of Trustees from time to time and approved by the City. Makes conforming changes. Sets the upper limit on the amount of the monthly benefit for those receiving disability retirement not in the line of duty as not to exceed the limits imposed by section 415 of the Internal Revenue Code (was, not to exceed the Final Average Salary imposed by that section of the IRC).
Amends Section 23 by allowing the Charlotte City Council to, within its discretion and upon the Board of Trustees' recommendation, appropriate funds needed to provide a cost-of-living increase to the Retirees of the System (this authorization was previously found in Section 25).
Amends Section 24 by amending the amount of a member's contribution, to set the amount at an amount equal to the Member's Compensation multiplied by 12.65%, or other percentage rate to be determined from time to time by the City upon the Board of Trustees' recommendation (was, set the percentage at 12.65%).
Amends Section 25 as follows. Amends the amount of the City's contribution, effective July 1, 2020, to require the City contribute an amount equal to the Member's Compensation multiplied by 14% (was, 12.65%) for each payroll. Requires the amount to be increased each Plan Year by 2% for the next five years, up to a maximum contribution rate of 24%. Sets out how to calculate the contribution rate once the maximum has been reached.
Amends Section 29 to require that the members of the Board of Trustees who are members of the Retirement System or a retiree of the Retirement System be elected to the Board of Trustees according to Elections Regulations adopted by the Board (was, according to Charlotte Firefighters' Retirement System Election Regulation). Makes conforming changes in Section 30.
Amends Section 31 to also allow the Mayor's designee to administer the oath of office to the Board of Trustees.
Amends Section 34 by adding that the Board of Trustees may allow a vacancy to remain unfilled for longer than 90 days if it is decided by a vote of a majority of those in attendance, that it would be more practical to wait for the next election to fill the vacancy, due to the timing of the vacancy.
Amends Section 35 by expanding upon the ways in which notice of a special meeting or emergency meeting may be provided, to allow the use of email. Provides that when there is a vacancy, the presence of the majority of the members constitutes a quorum. Makes conforming and clarifying changes.
Amends Sections 36 and 51 by making a clarifying change.
Specifies that this act does not create an additional liability for the Charlotte Firefighters' Retirement System unless sufficient assets are available to pay for the liability.
Effective July 1, 2021.
Bill S 273 (2021-2022)Summary date: Mar 11 2021 - View summary
To be summarized.