RETURN TO FIVE-YEAR VESTING.

View NCGA Bill Details2013-2014 Session
House Bill 1192 (Public) Filed Wednesday, May 21, 2014
AN ACT TO RETURN TO A FIVE-YEAR VESTING PERIOD FOR MEMBERS OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM WHO BECAME MEMBERS ON OR AFTER AUGUST 1, 2011, AND TO MAKE A CONFORMING CHANGE TO THE SPECIAL SEPARATION ALLOWANCE FOR LAW ENFORCEMENT OFFICERS, AS RECOMMENDED BY THE LEGISLATIVE RESEARCH COMMISSION'S COMMITTEE ON TREASURER INVESTMENT TARGETS AND STATE EMPLOYEE RETIREMENT OPTIONS.
Intro. by Collins, S. Ross.

Status: Ref to the Com on State Personnel, if favorable, Appropriations (House Action) (May 22 2014)
H 1192

Bill Summaries:

  • Summary date: May 21 2014 - More information

    Amends various provisions of GS Chapter 135, concerning the retirement system for teachers and state employees, and the Judicial Retirement System, specifically GS 135-3(8), 135-5(a), 135-5(b19), 135-5(m), 135-57, and 135-106(b), deleting  language that previously required a 10-year  vesting period for those that became members after August 1, 2011, and returning to a five-year vesting period for all members.

    Repeals GS 135-5(a2), 135-5(b20), and 135-5(m3), all subsections dealing with retirement benefits specific to those that became members after August 1, 2011.

    Amends GS 143-166.41, making conforming changes to the law enforcement officer special separation allowance, reflecting the reversion to a 5-year vesting period for members hired on or after August 1, 2011.


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