Bill Summary for H 551 (2013-2014)

Summary date: 

May 6 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 551 (Local) Filed Wednesday, April 3, 2013
A BILL TO BE ENTITLED AN ACT TO AMEND THE ACT CREATING A FIREMEN'S BENEFIT FUND FOR FIREMEN IN THE CITY OF WILMINGTON, AS AMENDED, AND TO MODIFY THE APPLICATION OF G.S. 58-84-35 TO THE CITY OF WILMINGTON.
Intro. by Davis, Hamilton.

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Bill summary

House committee substitute to the 1st edition makes the following changes. Instead of repealing SL 1983-505, amends SL 1983-505 as follows. Provides that the Board of Trustees of the Local Fireman's Relief Fund of the City of Wilmington must, prior to January 1, transfer to the Fireman's Benefit Fund all funds belonging to the Local Fireman's Relief Fund in excess of $15,000 for the 2013 calendar year, in excess of $30,000 for the 2014 calendar year, and in excess of the amount transferred the previous year increased by $15,000 in each calendar year thereafter until the balance in the Local Firemen's Relief Fund reaches $105,000. Makes conforming changes. Provides that each surviving spouse or beneficiary of a fireman who is receiving retirement or disability benefits from the Firemans' Pension Fund of Wilmington or the NC Local Governmental Employees Retirement System on June 30, 2013 (previously, no date included) is to receive the specified supplemental benefit. Provides that none of the act's provisions create a liability for the Wilmington (was, New Hanover) Firemen's Benefit Fund unless sufficient current assets are available to pay fully for the liability. Updates statutory references. Updates the act's title.

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