Bill Summary for H 1058 (2021)

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Summary date: 

Jun 1 2022

Bill Information:

View NCGA Bill Details2021
House Bill 1058 (Public) Filed Wednesday, May 25, 2022
AN ACT MAKING TECHNICAL CORRECTIONS AND OTHER CONFORMING AND CLARIFYING CHANGES TO THE LAWS GOVERNING THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM; THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM; THE NORTH CAROLINA TEACHERS' AND STATE EMPLOYEES' BENEFIT TRUST AND BENEFITS PROVIDED UNDER THAT TRUST; THE ACHIEVING A BETTER LIFE EXPERIENCE PROGRAM; AND THE FIREFIGHTERS' AND RESCUE SQUAD WORKERS' PENSION FUND.
Intro. by C. Smith, McNeill.

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Bill summary

House committee substitute to the 1st edition makes the following changes.

No longer repeals GS 160A-17.2, which authorizes a county or municipality to pledge a security interest in an escrow account funded with loan proceeds, or a certificate of deposit, to secure repayment of the loan, only if the loan is an interest-free loan agreement entered into with the United States Department of Agriculture or an authorized intermediary acting on behalf of the United States Department of Agriculture, and approved by the Local Government Commission. 

Amends Section 1 of SL 2016-108 by making a clarifying change to the effective date provisions for amendments to GS 58-86-2 and GS 58-86-55 making changes to the NC Firefighters' and Rescue Squad Workers' Pension Fund. 

Amends the act's long title.