Bill Summary for S 886 (2015-2016)

Summary date: 

Jun 30 2016

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 886 (Public) Filed Thursday, May 19, 2016
AN ACT TO HONOR CAPTAIN BRADLEY LONG AND ALL FUTURE FIREFIGHTERS AND RESCUE SQUAD WORKERS KILLED IN THE LINE OF DUTY BY AMENDING THE NC FIREFIGHTERS' AND RESCUE SQUAD WORKERS' PENSION FUND TO PROVIDE A SURVIVORSHIP BENEFIT FOR MEMBERS KILLED IN THE LINE OF DUTY; TO CONSOLIDATE PUBLIC RECORDS LAWS RELATING TO RETIREMENT; AND TO MAKE OTHER RETIREMENT AND ADMINISTRATIVE CHANGES.
Intro. by Wells, Apodaca.

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Bill summary

House committee substitute makes the following changes to the 3rd edition.

Amends GS 58-86-55, concerning monthly pensions upon attaining the age of 55 years under the North Carolina Firefighters' and Rescue Squad Workers' Pension Fund, by adding a new subsection (d2) to provide the manner in which benefits are to be paid when a member is killed in the line of duty and the requirements under Article 12A of GS Chapter 143 are met, based on whether (1) the member had been receiving a monthly pension fund benefit prior to being killed in the line of duty, (2) the member had been receiving a monthly pension fund benefit prior to being killed in the line of duty and the spouse is not payable as described in subdivision (1), (3) the member had not begun receiving a monthly benefit prior to being killed in the line of duty, or (4) the member had not begun receiving a monthly benefit prior to being killed in the line of duty and the spouse is not payable as described in subdivision (3). Provides that a beneficiary under new subsection (d2) is not required to make the monthly payment of $10 as required by GS 58-86-35 and GS 58-86-40 after the member has been killed in the line of duty. Repeals new subsection (d2) effective July 1, 2018.

Deletes the effective date of July 1, 2018, for Section 1 of the act, and instead provides that Sections 1(a) and 1(d) become effective June 1, 2016, and apply to benefits paid when a member is killed in the line of duty on or after June 1, 2016, but before July 1, 2018. Provides that Section 1(e) is effective June 1, 2016. Provides that Sections 1(b) and 1(c) become effective July 1, 2018, and apply to benefits paid when a member is killed in the line of duty on or after that date. 

Amends GS 135-6(b), which sets out the membership and terms of the Board of Trustees of the Retirement System for Teachers and State Employees, to add the Director of the Office of State and Human Resources as an ex officio member. Reduces the number of members to be appointed by the Governor and confirmed by the Senate from nine to eight members, and removes the requirement that one of those eight members is to be a representative of higher education appointed by the Governor for a term of four years, commencing July 1, 1969, and quadrennially thereafter. Makes technical changes.

Amends GS 135-6(g), which sets out provisions pertaining to officers and other employees of the Retirement System for Teachers and State Employees, to establish that the State Treasurer is ex officio chair of the Board of Trustees and is to appoint a director (previously, required the Board to appoint a director by majority vote, who may but need not be one of its members). Deletes the provision making the salary of the director of the Retirement System subject to the provisions of GS Chapter 126 (North Carolina Human Resources Act).

Amends GS 136-6(o) (intends GS 135-6(o)), which requires the actuary to make an annual valuation of the assets and liabilities of the funds in the Retirement System created in GS Chapter 135, to require the annual valuation include a supplemental section that provides an analysis of assets on a market basis using the 30-year treasury rate as of December 31 of the year of the valuation as the discount rate.

Amends GS 128-28(h), which sets out provisions pertaining to officers and other employees of the Retirement System for Counties, Cities and Towns, to establish that the State Treasurer is ex officio chair of the Board of Trustees and is to appoint a director (previously, the Board of Trustees is to elect a chairman from its membership and, by a majority vote, appoint a director, who may, but need not be, one of its members).

Amends GS 128-28(p), which requires the actuary to make an annual valuation of the assets and liabilities of the funds in the Retirement System created in GS Chapter 128, to require the annual valuation include a supplemental section that provides an analysis of assets on a market basis using the 30-year treasury rate as of December 31 of the year of the valuation as the discount rate (identical to addition made by the act to GS 135-6(o) relating to the Retirement System for Teachers and State Employees).

Amends GS 115C-341.2 to require that a vendor selected to administer the North Carolina Public School Teachers’ and Professional Educators’ Investment Plan (403(b) plan) must be selected pursuant to the procurement procedures used by the Supplemental Retirement Board of Trustees under Article 5 of GS Chapter 135. Also clarifies that administration of the 403(b) plan shall be performed under Article 5 of GS Chapter 135. Makes other technical and conforming changes. Makes identical changes to GS 115D-25.4(b), which authorizes community college employees to participate in the 403(b) plan.

Amends GS 135-109, concerning reports of earnings under the Disability Income Plan of North Carolina, to establish that the Department of State Treasurer and Board of Trustees may require (previously, must require) each beneficiary to annually provide a statement of the beneficiary's income received as compensation for services, as described in the existing language. Establishes that the benefit payable to a beneficiary who does not or refused to provide the information requested within 120 days (previously, within 60 days) after the request may be suspended (previously, must not be paid a benefit) until the information so requested is provided, and should such refusal or failure to provide such information continue for 180 days (previously, 240 days) after such request, the right of a beneficiary to a benefit under Article 6 of GS Chapter 135 (Disability Income Plan of North Carolina) may be terminated.

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