Bill Summary for S 668 (2021-2022)
Jun 8 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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House committee substitute makes the following changes to the 4th edition.
Changes the effective date of Section 1.1, making the proposed changes to GS Chapters 128 and 135 regarding employer contribution-based benefit-cap liability assessments under the Local Governmental Employees' Retirement System and the Teachers' and State Employees' Retirement System, now providing for the proposed changes to apply to assessments imposed on or after July 1, 2022 (previously applied to assessments imposed on or after the date the act becomes law).