A BILL TO BE ENTITLED AN ACT TO INCREASE CITIZEN OVERSIGHT AND TO MAKE OTHER CONSOLIDATIONS AND IMPROVEMENTS IN THE GOVERNANCE OF THE STATE RETIREMENT SYSTEMS, AND TO IMPROVE TRANSPARENCY BY ENSURING THAT ALL RETIREMENT PLANS ADMINISTERED BY THE DEPARTMENT OF STATE TREASURER ARE OVERSEEN BY A BOARD OF TRUSTEES.
House committee substitute to the 1st edition makes the following changes. Deletes the proposed changes to GS 135-6 and instead amends the membership of the Board of Trustees Teachers' and State Employees' Retirement System (Board) as follows. Decreases the number of Board members from 14 to 13, reducing the number of members appointed by the Governor and confirmed by the Senate from ten to nine. Deletes the requirement that one member be an employee of the Board of Transportation, reduces by one the number of members who are not members of the teaching profession or state employees, and adds that one member must be an active or retired member of the NC National Guard appointed by the Governor for a term of four years commencing July 1, 2013.
Amends GS 128-28 to amend the membership of the Board of Trustees for the North Carolina Local Governmental Employees' Retirement System (Local Board) to decrease from seven to six the number of members of the Local Board that are members of the Board appointed under GS 135-6, to require only one of the two members appointed by the Governor not be members of the teaching profession or state employees (was, appoint three members who were not members of the teaching profession or state employees), and to add a member designated by the Governor who is an active or retired member of the Firemen's and Rescue Squad Workers' Pension Fund. Requires the Governor to designate six (was, seven) members on April 1 of years in which an election is held for Governor.
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