INCREASE IN-SERVICE DEATH BENEFITS/LRS.

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View NCGA Bill Details2021
House Bill 86 (Public) Filed Tuesday, February 16, 2021
AN ACT INCREASING THE DEATH BENEFIT FOR MEMBERS OF THE LEGISLATIVE RETIREMENT SYSTEM WHO DIE WHILE IN SERVICE, APPROPRIATING FUNDS TO THE GENERAL ASSEMBLY FOR THE INCREASED DEATH BENEFIT, AND MAKING TECHNICAL CHANGES TO REORGANIZE THE LEGISLATIVE RETIREMENT SYSTEM DEATH BENEFIT STATUTE.
Intro. by Howard, Moore, Reives, Carney.
Status: Re-ref to Appropriations/Base Budget. If fav, re-ref to Rules and Operations of the Senate (Senate action) (Aug 18 2021)

Bill History:

H 86

Bill Summaries:

  • Bill H 86 (2021-2022)
    Summary date: Mar 9 2021 - View Summary

    House committee substitute amends the 1st edition as follows. 

    Deletes the provisions of Section 2, which directed the State Treasurer to transfer from the Legislative Retirement System (LRS) to the Teachers' and State Employees' Benefit Trust (Benefit Trust) an amount equal to 0.34% of the reported compensation for the LRS for the period beginning January 1, 2020, and ending June 30, 2021. Makes conforming organizational changes.

    Changes the appropriations provisions as follows. Appropriates $23,892 (was $21,358) in recurring funds and $11,946 (was $10,679) in nonrecurring funds from the General Fund to the NCGA for 2020-21 for the LRS death benefit under GS 120-4.27, as amended. Now requires the NCGA to make a $35,838 (was $32,037) contribution to the Benefit Trust by June 30, 2021, of the funds appropriated, for the LRS death benefit.

    Employment and Retirement, Government, Budget/Appropriations, General Assembly, State Government, State Personnel
    APPROP, GS 120
  • Bill H 86 (2021-2022)
    Summary date: Feb 16 2021 - View Summary

    Section 1

    Amends GS 120-4.27, concerning the death benefit for members of the Legislative Retirement System (LRS). Makes organizational, technical, and clarifying changes to the statute. Additionally, increases the death benefit payment to a designated beneficiary of a member who dies while in service after completing one year of creditable service from a lump-sum payment of an amount equal to the deceased member's highest annual salary, up to $15,000, to instead provide for a lump-sum payment of $50,000. Makes language gender neutral.

    Effective retroactively to January 1, 2020, and applies to eligible deaths occurring on or after that date.

    Section 2

    Directs the State Treasurer to transfer from the LRS to the Teachers' and State Employees' Benefit Trust (Benefit Trust) an amount equal to 0.34% of the reported compensation for the LRS for the period beginning January 1, 2020, and ending June 30, 2021.

    Section 3

    Appropriates $21,358 in recurring funds and $10,679 in nonrecurring funds from the General Fund to the NCGA for 2020-21 for the LRS death benefit under GS 120-4.27, as amended. Requires the NCGA to make a $32,037 contribution to the Benefit Trust by June 30, 2021, of the funds appropriated, for the LRS death benefit.

    States legislative intent to make adjustments to the required employer salary-related contributions for 2021-22 to reflect the act's provisions.

    Employment and Retirement, Government, Budget/Appropriations, General Assembly, State Government, State Personnel
    APPROP, GS 120
View: All Summaries for Bill