Bill Summary for S 273 (2021-2022)
Printer-friendly: Click to view
Summary date:
May 10 2021
Bill Information:
View NCGA Bill Details | 2021 |
AN ACT AMENDING THE LAW ESTABLISHING THE CHARLOTTE FIREFIGHTERS' RETIREMENT SYSTEM.Intro. by Marcus, Salvador, Waddell.
View: All Summaries for Bill | Tracking: |
Bill summary
Senate committee substitute makes the following changes to the 1st edition.
Revises the lead-in language of Section 1, amending SL 2001-22, which concerns the Charlotte Firefighters' Retirement System. Corrects the session law cited to SL 1947-926, as amended by various subsequent session laws (including SL 2001-22). Modifies the proposed changes to Section 25 as follows. Amends the amount of the City's contribution, effective July 1, 2020, to require the City to increase its contribution each Plan Year by 2% for the next eight (was, five) years, up to a maximum contribution rate of 30% (was, 24%). Makes conforming changes regarding how to calculate the contribution rate once the maximum has been reached.