Bill Summary for S 199 (2017-2018)
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| View NCGA Bill Details | 2017-2018 Session |
AN ACT TO REQUIRE THE JOINT LEGISLATIVE ECONOMIC DEVELOPMENT AND GLOBAL ENGAGEMENT OVERSIGHT COMMITTEE TO STUDY THE EFFICACY OF A TAX CREDIT IN COMPARISON TO A DISCRETIONARY GRANT FUND FOR PURPOSES OF STIMULATING FILM PRODUCTIONS IN THE STATE AND THE RELATIVE RETURN ON INVESTMENT ASSOCIATED WITH FILM PRODUCTIONS.Intro. by Lowe, Van Duyn, Robinson.
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Bill summary
Section 1 amends GS 1355(a)(4) (concerning the Teacher's and State Employees' Retirement System) and GS 12827(a)(5) (concerning the local Government Employees' Retirement System) to allow law enforcement officers' retirement with full benefits after 25 years of creditable service, and makes a technical change.
Amends GS 1355(b19) and GS 12827(b21) to limit the existing service retirement allowance to members retiring before January 1, 2018.
Enacts new GS 1355(b21) and GS 12827(b22) to provide a Service Retirement Allowance to members retiring on or after January 1, 2018. New GS 1355(b21) is substantially identical to GS 1355(b19) with the following exceptions. The allowance provided in GS 1355(b21)(1)(a) is identical to that in GS 1355(b19)(1)(a), except that it is available after 25 years of creditable service instead of 30 years of creditable service. The allowance provided in GS 1355(b21)(1)(b) is identical to that in GS 135 5(b19)(1)(b), except that it applies to the window between 15 and 25 years of creditable service, instead of the window between 15 and 30 years of creditable service, and is calculated with the difference between 25 years and the amount of creditable service at retirement, instead of the difference between 30 years and the amount of creditable service at retirement. New GS 12827(b22) is substantially identical to GS 12827(b21), with exceptions identical to those described above occurring in GS 128(b22)(1)(a) and GS 128(b22)(1)(b).
Amends GS 1355(m) and GS 12827(m) to refer to new GS 1355(b21) and GS 12827(b22) instead of existing GS 135 5(b19) and GS 12827(b21), and to make technical changes.
Section 2 amends GS 143166.41(a) and GS 143166.42(a) to limit the existing separation allowance to officers retiring before January 1, 2018, and to authorize the separation allowance for officers retiring on or after January 1, 2018, who have completed 25 or more years of creditable service instead of the current 30 or more years, or who are 55 years old and have completed five or more years of creditable service. Makes technical changes.
Effective January 1, 2018.