AN ACT TO CREATE THE SMALL BUSINESS RETIREMENT SAVINGS PROGRAM AND TO APPROPRIATE FUNDS.
House committee substitute makes the following changes to the 1st edition.
Revises proposed Part 2L to Article 10 of GS Chapter 143B, the North Carolina Small Business Retirement Savings Program (Program), as follows. Modifies the initial terms of the members appointed to the NC Small Business Retirement Savings Board (Board). Maintains that terms of initial Board members appointed by the Governor and the NCGA begin October 1, 2021, but changes the terms for initial members appointed by the Governor to now provide for four-year terms for two members, two-year terms for two members, and a one-year term for one member, and initial terms for members appointed by the NCGA, with two of the four members appointed upon recommendation of the Speaker or the President Pro Tempore appointed for four-year terms, with the remaining two legislatively appointed members appointed for two-year terms, as specified. Revises the duties of the Board with regard to the governance of a payroll deduction retirement savings program for covered employers, to no longer specify that the program is for covered employers that do not provide a retirement program (see the definition provided for covered employer under the new Part). Regarding the Board's power to invest and reinvest its funds, specifies the power applies to funds in the NC Small Business Retirement Savings Administrative Fund (Administrative Fund). Now refers to the executive director rather than the program administrator in the prohibited activities set forth for Board members and staff under the new Part. Eliminates redundant provisions regarding Program criteria relating to participant investment options. Makes technical corrections and clarifying changes.
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