Senate committee substitute makes the following changes to 3rd edition.
Proposed GS 115C-341.2 allows the Department of State Treasurer to establish a third-party vendor to make retirement offerings as described in section 403(b) of the Internal Revenue Code and provides that eligible employees of local boards of education must be allowed to use this third-party vendor for the tax-deferred 403(b) option of their choice. The Senate committee substitute deletes language prohibiting participating local school employers or those employers' vendors from interfering with the employees' rights to make this selection.

House committee substitute makes the following changes to 1st edition. Amends GS 115C-341A, which establishes the Department of State Treasurer sponsored statewide 403(b) option for employees of local boards of education, as follows:
(1) Changes references to 'annuity contracts' and 'annuity contracts and custodial accounts' to '403(b) option' throughout the bill.
(2) Authorizes the State Treasurer to establish a single approved third-party vendor of the State 403(b) plan (was, a list of multiple approved vendors).
(3) Names the State 403(b) plan the 'North Carolina Public School Teachers' and Professional Educators' Investment Plan.'
(4) Requires the approved vendor to be selected according to state procurement methods (was established, maintained, and amended according to state procurement methods).
(5) Adds 'enhanced services for participants' as one of the goals for using state procurement methods for selecting the approved vendor.
(6) Requires the qualified third-party administrator of the State 403(b) plan to provide custodial, record-keeping, and administrative services and allows the plan vendor to also serve as the third-party administrator.
(7) Requires the third-party administrator to provide additional services that previously could have been provided by the Department of State Treasurer.
(8) In addition to other plan administrative services, requires the third-party administrator to provide compliance monitoring and oversight for all 403(b) plans established within each participating local board of education.
(9) Provides that governance and oversight of the state 403(b) plan will be performed by the Department of State Treasurer and the Board of Trustees for the North Carolina Supplemental Retirement Plans.
(10) Requires existing vendors of a 403(b) plan with a participating employer to share data with the State 403(b) plan vendor or else be directed by the participating employer to cease accepting new contributions, loans, and hardship withdrawals associated with that plan.
(11) Makes other technical and conforming changes.