AN ACT TO ALLOW COMMUNITY COLLEGES TO PARTICIPATE IN THE 403(B) SUPPLEMENTAL RETIREMENT PLAN. Enacted July 23, 2015. Effective October 1, 2015.
COMMUNITY COLLEGES 403(B) PLAN.-AB
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View NCGA Bill Details(link is external) | 2015-2016 Session |
AN ACT TO ALLOW COMMUNITY COLLEGES TO PARTICIPATE IN THE 403(B) SUPPLEMENTAL RETIREMENT PLAN.Intro. by McNeill.
Bill History:
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Tue, 17 Mar 2015 House: Filed(link is external)
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Wed, 18 Mar 2015 House: Passed 1st Reading(link is external)
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Tue, 31 Mar 2015 House: Reptd Fav(link is external)
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Tue, 31 Mar 2015 House: Re-ref Com On Appropriations(link is external)
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Wed, 15 Apr 2015 House: Withdrawn From Com(link is external)
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Wed, 15 Apr 2015 House: Cal Pursuant Rule 36(b)(link is external)
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Wed, 15 Apr 2015 House: Placed On Cal For 04/16/2015(link is external)
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Thu, 16 Apr 2015 House: Passed 2nd Reading(link is external)
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Thu, 16 Apr 2015 House: Passed 3rd Reading(link is external)
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Thu, 16 Apr 2015 House: Regular Message Sent To Senate(link is external)
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Mon, 20 Apr 2015 Senate: Regular Message Received From House(link is external)
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Mon, 20 Apr 2015 Senate: Passed 1st Reading(link is external)
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Fri, 22 May 2015 Senate: Withdrawn From Com(link is external)
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Wed, 15 Jul 2015 Senate: Reptd Fav Com Substitute(link is external)
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Wed, 15 Jul 2015 Senate: Com Substitute Adopted(link is external)
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Thu, 16 Jul 2015 Senate: Passed 2nd Reading(link is external)
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Thu, 16 Jul 2015 Senate: Passed 3rd Reading(link is external)
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Mon, 20 Jul 2015 Senate: Regular Message Sent To House(link is external)
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Mon, 20 Jul 2015 Senate: Regular Message Sent To House(link is external)
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Tue, 21 Jul 2015 House: Cal Pursuant 36(b)(link is external)
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Tue, 21 Jul 2015 House: Added to Calendar(link is external)
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Tue, 21 Jul 2015 House: Concurred In S/Com Sub(link is external)
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Tue, 21 Jul 2015 House: Ordered Enrolled(link is external)
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Wed, 22 Jul 2015 Ratified(link is external)
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Thu, 23 Jul 2015 Pres. To Gov. 7/23/2015(link is external)
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Thu, 23 Jul 2015 Signed by Gov. 7/23/2015(link is external)
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Thu, 23 Jul 2015 Ch. SL 2015-169(link is external)
Bill Summaries:
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Bill H 264 (2015-2016)Summary date: Jul 27 2015 - View Summary
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Bill H 264 (2015-2016)Summary date: Jul 15 2015 - View Summary
Senate committee substitute to the 1st edition clarifies that the term employer means the local boards of trustees.
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Bill H 264 (2015-2016)Summary date: Mar 17 2015 - View Summary
Amends GS 115D-25 to provide that, in lieu of annuity or related contracts, interests in specified custodial accounts can be purchased by local boards of trustees for the benefit of qualified employees with the funds derived pursuant to the reduction in salaries of such employees. Makes conforming changes to the section catchline.
Enacts new GS 115D-25.4, Department of State Treasurer-sponsored 403(b) option, allowing local boards of trustees to offer the "North Carolina Public School Teachers' and Professional Educators' Investment Plan" (Plan). Sets out seven criteria for the offering of the Plan, including requiring that annuity contracts, trust accounts, and/or custodial accounts are administered by a qualified third-party administrator to provide custodial, record-keeping, and administrative services. Further provides nine requirements of the third-party, including maintaining a written plan document, monitoring maximum contributions, and keeping an updated schedule of vendor fees and commissions as to the Department of State Treasurer's statewide plan. Provides that oversight of the Plan will be performed by the Department of State Treasurer and the Board of Trustees for the NC Supplemental Retirement Plans, also provides that they will solely determine the investment options for the Plan. Sets out additional requirements concerning investment recommendations, payment and disbursement procedures, contributions by the local board of trustees to an employee's account, and design and administration of annuity contracts, trust accounts, and custodial accounts.
Effective October 1, 2015.