Amends GS 135-1(10) to identify as an employee covered under the provisions of this subdivision an employee of a North Carolina state agency, department, institution, board, or commission who (1) is employed in a permanent job position on a recurring basis and (2) must work at least 30 hours per week (was, works 30 or more hours per week) for nine or more months per calendar year.

Amends GS 135-106(b) to provide that a beneficiary's long-term disability benefits are reduced during the first 36 months of the long-term disability period by an amount, determined by the Board of Trustees, equal to a primary Social Security retirement benefit to which the beneficiary might be entitled, effective as of the first of the month following the month of initial entitlement to the long-term disability benefit.

Amends GS 135-151(e) and GS 128-38.10(f) to consistently replace "fiscal year" with "calendar year" in reference to the treatment of unused assets.

Repeals GS 128-29.1, which authorized the Board of Trustees to invest Retirement System funds in certain common and preferred stocks.

Amends GS 114-2.4A(c) to expand the exception providing that certain prohibitions regarding disposition of funds from a final order or judgment of a court or expenditures of overrealized receipts do not apply to funds received by the Escheat Fund and benefit plans administered by the Department of the State Treasurer.

Effective July 1, 2015.