Bill Summary for S 668 (2021-2022)
May 12 2021
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AN ACT TO AUTHORIZE THE COLLECTION OF ADDITIONAL CONTRIBUTIONS FROM EMPLOYING UNITS; TO ADDRESS RESPONSIBILITIES FOR CONTRIBUTION-BASED BENEFIT CAP LIABILITIES WHEN THE FINAL EMPLOYER OF A MEMBER IS NOT THE MEMBER'S EMPLOYER FOR AVERAGE FINAL COMPENSATION CALCULATIONS AND TO ADJUST THE FORMULA FOR REDUCED RETIREMENTS WITH CONTRIBUTION-BASED BENEFIT CAP LIABILITIES UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; TO PUT A LITIGATION PAUSE IN PLACE AND ESTABLISH A WORKGROUP THAT MAY REPORT TO THE GENERAL ASSEMBLY; AND TO PROVIDE EARLY NOTIFICATION TO THE LOCAL GOVERNMENT COMMISSION 13 OF PROPOSED FINANCING ARRANGEMENTS.Intro. by Burgin.
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Senate amendment makes the following changes to the 2nd edition.
Adds to the effective date provisions of Section 2.1, which amends various statutes of GS Chapter 135 relating to the contribution-based benefit cap adjustments of the Teachers' and State Employees' Retirement System. Makes the provisions apply retroactively to retirements occurring on or after January 1, 2019, provided that for any retirements occurring on or after January 1, 2019, through the date the act becomes law, for which the Retirement System has notified an employer of its liability under GS 135-8(f)(2)f., no additional employer can be liable for an additional contribution.