Bill Summary for H 1056 (2021-2022)
Jun 1 2022
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AN ACT PROVIDING AN EXCEPTION TO THE IRREVOCABLE ELECTION TO TRANSFER ACCUMULATED CONTRIBUTIONS FROM SUPPLEMENTAL RETIREMENT PLANS TO THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; THE TREATMENT OF INACTIVE EMPLOYERS AND DEADLINES FOR REACTIVATION UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; ESTABLISHMENT OF A DEFAULT OPTION FOR EMPLOYING UNITS THAT FAIL TO SELECT AN OPTION FOR THE TRANSFER OF REMAINING ASSETS UPON THE DISCONTINUATION OF DEPARTMENT OF STATE TREASURER-SPONSORED 403(B) PLANS; CLARIFICATION OF THE OPERATIONALIZATION OF THE NON-ASSIGNABILITY OF PUBLIC SAFETY EMPLOYEES' LINE OF DUTY DEATH BENEFITS; ELIGIBILITY FOR LONG-TERM DISABILITY BENEFITS UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM; SIGNATURE REQUIREMENTS FOR PROPERTY FINDER AGREEMENTS; AND CLARIFICATION OF LOCAL GOVERNMENT COMMISSION APPROVAL OF CERTAIN BORROWING CONTRACTS.Intro. by McNeill, C. Smith.
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House committee substitute to the 1st edition makes the following changes.
Deletes Part I of the act, which enacted GS 135-106(b1), establishing formulas for participants and beneficiaries of the Disability Income Plan to reduce the amount of the long-term disability benefit of those receiving workers' compensation benefits, with distinct calculations provided based on entitlement to a weekly workers' compensation payment, a lump sum workers' compensation payment equal to a stated weekly or monthly amount for a given number of weeks or months, or a lump sum workers' compensation payment that is not in reference to a stated weekly or monthly amount.
Makes conforming changes to the act's organization and the long title.