AN ACT TO MAKE ADJUSTMENTS TO THE STATE EMPLOYER SALARY-RELATED CONTRIBUTIONS AND APPROPRIATING FUNDS FOR THE STATE'S DEBT SERVICE OBLIGATIONS.
House committee substitute makes the following changes to the 1st edition.
Amends Section 3.15(c) of SL 2019-209 to adjust the State's employer contribution rates for retirement benefits for the 2020-21 fiscal year for the retirement systems for teachers and state employees from 14.36% to 14.78% of covered salaries, State law enforcement officers from 14.36% to 14.78% of covered salaries, the Consolidated Judicial Retirement System from 36% to 36.44% of covered salaries, and the Legislative Retirement System from 29% to 27.30%. Adjusts the State's employer contributions rates for disability benefits for teachers and state employees, State law enforcement officers, and the University and Community Colleges Optional Retirement Programs from 0.10% to 0.09% of covered salaries. Additionally, adjusts the State's employer contribution rates for retiree health benefits for teachers and state employees, State law enforcement officers, the University and Community Colleges Optional Retirement Programs, the Consolidated Judicial Retirement System, and the Legislative Retirement System from 6.82% to 6.68%. Makes conforming changes. Repeals these proposed changes if House Bill 1136 becomes law, and instead makes identical changes to Section 3.15(c), as amended by House Bill 1136, effective July 1, 2020.
Amends Section 3.15(e) of SL 2019-209 to decrease the maximum annual employer contributions payable monthly for each covered employee or retiree for the 2020-21 fiscal year to the State Health Plan for Teachers and State Employees from $5,165 to $5,061 for Medicare-eligible employees and retirees, and from $6,647 to $6,512 for non-Medicare-eligible employees and retirees.
Directs the Office of State Budget and Management to adjust the applicable appropriations for State retirement and State Health Plan contributions to reflect the above changes, representing a decrease in General Fund net appropriations totaling $5,048,710 in recurring funds for the 2020-21 fiscal year. Appropriates these now available funds from the General Fund on a recurring basis for 2020-21 to meet the State's General Fund debt service obligations. Deems departmental receipts appropriated for 2020-21 to implement the act.
Reenacts and incorporates by reference the State Budget Act, GS Chapter 143C.
Provides for the continued validity of 2019 legislation appropriating funds to entities covered by the act, unless expressly repealed or amended.
Effective July 1, 2020.
Changes the act's titles.
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