AN ACT MAKING ADMINISTRATIVE CHANGES RELATED TO CONTRIBUTION-BASED BENEFIT CAP LIABILITIES UNDER THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM (LGERS) AND THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM (TSERS); CLARIFYING WITHDRAWAL LIABILITIES UNDER LGERS AND TSERS; CLARIFYING AND STANDARDIZING THE DEFINITION OF "ACTUARIAL EQUIVALENT" UNDER LGERS AND TSERS; REQUIRING EMPLOYING UNITS TO ADOPT WRITTEN POLICIES FOR SPECIAL SEPARATION BUYOUTS FOR LAW ENFORCEMENT OFFICERS; GIVING THE DEPARTMENT OF STATE TREASURER AND THE SUPPLEMENTAL RETIREMENT BOARD OF TRUSTEES LIMITED AUTHORITY TO ADOPT ADMINISTRATIVE FEES UNDER CERTAIN PLANS; CLAWING BACK DISABILITY INCOME PLAN OVERPAYMENTS UNDER THE OPTIONAL RETIREMENT PROGRAM; AND ADDRESSING SPECIAL RETIREMENT ALLOWANCE PAYMENTS UPON THE DEATH OF THE DESIGNATED BENEFICIARY.
House committee substitute amends the 1st edition as follows.
Adds the following provisions.
Makes the following identical changes to GS 128-27(m2)(1), concerning the Local Governmental Employees' Retirement System and GS 135-5(m2)(1), concerning the Teachers' and State Employees' Retirement System. Expands upon the provisions applicable to the payment of a member's special retirement allowance guaranteed by the respective Board of Trustees for a number of months to the member's designated beneficiary. Now provides that if the member's designated beneficiary (must be designated under Option 2, 3, or 6 set forth in subsection (g) of each statute, as required by existing law) begins receiving monthly payments and dies before the specified number of monthly payments have been made in combination to the member and the beneficiary, a one-time payment will be paid to the member's estate equal to the initial monthly special retirement allowance, multiplied by the specified number of months, less the total of the monthly payments made to the member and the beneficiary (current law more generally directs for remaining payments to be made to the member's estate if the designated beneficiary dies before receiving payments for the specified number of months). Additionally provides that if the member dies before the expiration of the specified number of months and the member has not selected Option 2, 3, or 6 set forth in subsection (g) of each statute, the member's designated beneficiary will receive a one-time payment equal to the initial monthly special retirement allowance, multiplied by the specified number of months, less the total of the monthly payments made to the member (current law directs payment to the designated beneficiary for the remainder of the specified number of months).
Includes a severability clause.
Make conforming organizational changes and makes conforming changes to the act's long title.
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