Bill Summary for S 311 (2021-2022)
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AN ACT PROHIBITING MEMBERSHIP WAITING PERIODS FOR ELIGIBLE EMPLOYEES UNDER THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, UPDATING THE VOLUNTEER FIRE DEPARTMENT FUND MATCHING REQUIREMENTS, AND GIVING THE BOARD OF TRUSTEES OF THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM THE DISCRETIONARY AUTHORITY TO PROVIDE ONE-TIME PENSION SUPPLEMENTS TO ITS MEMBERS; AND TO REDUCE THE SUTA TAX RATE FOR 2022.Intro. by Corbin.
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House amendment to the 4th edition makes the following changes.
Adds the following new content and makes conforming changes to the act's long title.
Enacts a new subsection to GS 128-27 concerning the Local Governmental Employees' Retirement System (LGERS). Entitles beneficiaries to a one-time pension supplement, for beneficiaries on the retirement rolls as of July 1 of the calendar year of the ratio determination against one year earlier as of December 31 of each year after 2020, subject to the Board of Trustees' determination that a permanent increase in benefits will not be paid during the same fiscal year as a one-time pension supplement but the total fund is providing sufficient investment gains to cover the additional actuarial liabilities on account of such one-time pension supplement. Places sole discretionary authority over the sufficiency determination with the Board, based on annual actuarial valuation reports, with consideration of the rate of inflation and the preceding three-year record of the investment gains or losses. Details the per centum calculation of the pension supplement and caps the one-time pension supplement at 4% of the annual retirement allowance. Requires a surviving annuitant of a beneficiary to be provided a one-time pension supplement under this provision, when and if payable, calculated using the same per centum described. Clarifies that the one-time pension supplement is not a permanent increase in benefits. Directs that the payment must be made to the member's estate or legal representative if the beneficiary dies before payment of the one-time pension supplement is made. Specifies that no beneficiary is deemed to have acquired a vested or contractual right or entitlement to any future one-time pension supplement under the provision.
Amends GS 150B-1 to except the Board from the scope of the Administrative Procedure Act with respect to determining the total fund is providing sufficient investment gains to cover the additional actuarial liabilities on account of a one-time pension supplement authorized under new GS 128-27(k1).