AN ACT TO INCREASE CITIZEN OVERSIGHT AND TO MAKE OTHER CONSOLIDATIONS AND IMPROVEMENTS IN THE GOVERNANCE OF THE STATE RETIREMENT SYSTEMS, AND TO IMPROVE TRANSPARENCY BY ENSURING THAT ALL RETIREMENT PLANS ADMINISTERED BY THE DEPARTMENT OF STATE TREASURER ARE OVERSEEN BY A BOARD OF TRUSTEES. Enacted July 18, 2013. Effective July 18, 2013.
Bill Summaries: H 357 RETIREMENT GOVERNANCE CHANGES ACT OF 2013.-AB
Summary date: Jul 22 2013 - View Summary
Summary date: Jul 2 2013 - View Summary
Senate amendment to the 3rd edition changes the act's effective date from July 1, 2013, to when the act becomes law.
Summary date: Jun 26 2013 - View Summary
Senate committee substitute makes the following changes to the 2nd edition.
Amends GS 128-28(c), providing that five members (was, six members) from the Board of Trustees of the Teachers' and State Employees' Retirement System will be appointed to the Supplemental Retirement Board of Trustees. Requires the Governor to appoint eight members (was, six), to the Supplemental Retirement Board on April 1 of years in which an election is held for the office of Governor, or as soon thereafter as possible. Makes conforming changes.
Amends GS 135-97, concerning immunity for those serving on the Supplemental Retirement Board, making technical and clarifying changes.
Summary date: May 2 2013 - View Summary
House committee substitute to the 1st edition makes the following changes. Deletes the proposed changes to GS 135-6 and instead amends the membership of the Board of Trustees Teachers' and State Employees' Retirement System (Board) as follows. Decreases the number of Board members from 14 to 13, reducing the number of members appointed by the Governor and confirmed by the Senate from ten to nine. Deletes the requirement that one member be an employee of the Board of Transportation, reduces by one the number of members who are not members of the teaching profession or state employees, and adds that one member must be an active or retired member of the NC National Guard appointed by the Governor for a term of four years commencing July 1, 2013.
Amends GS 128-28 to amend the membership of the Board of Trustees for the North Carolina Local Governmental Employees' Retirement System (Local Board) to decrease from seven to six the number of members of the Local Board that are members of the Board appointed under GS 135-6, to require only one of the two members appointed by the Governor not be members of the teaching profession or state employees (was, appoint three members who were not members of the teaching profession or state employees), and to add a member designated by the Governor who is an active or retired member of the Firemen's and Rescue Squad Workers' Pension Fund. Requires the Governor to designate six (was, seven) members on April 1 of years in which an election is held for Governor.
Summary date: Mar 19 2013 - View Summary
Amends GS 135-96 (Supplemental Retirement Board of Trustees), establishing that the Supplemental Retirement Board of Trustees (Board) will also administer the North Carolina Public School Teachers' and Professional Educators' Investment Plan established under GS 115C-341.2. Provides that the Board may retain the services of professionals and firms with the skills necessary to provide for the proper administration of investment programs that the Board administers.
Amends GS 161-50.1(b) providing that the Board of Trustees of the Local Governmental Employees' Retirement System (was, Department of State Treasurer) now administers the provisions of the Article (Register of Deeds' Supplemental Pension Fund Act of 1987).
Amends GS 127A-40, providing that the Board of Trustees of the Teachers' and State Employees' Retirement System will administer the provision of the section (Pensions for the members of the North Carolina National Guard). Makes technical and clarifying changes throughout the section.
Amends GS 135-6(b) (administration of Retirement System for Teachers and State Employees), providing that members of the board of trustees may include one person who may be an active or retired member of the National Guard and one person who may be an active or retired member of the Firemen's and Rescue Squad Workers' Pension Fund (previously, neither organization was represented on the board).
Amends GS 135, adding new section GS 135-97 (Immunity), establishing that a person serving on the Board is immune from civil liability for monetary damages, except to the extent covered by insurance, for any act or failure to act arising out of that service except when (1) the person was not acting within the scope of official duties, (2) was not acting in good faith, (3) gross negligence was committed or willful or wanton misconduct resulted in the damages or injury, (4) the person derived an improper personal benefit, either directly or indirectly, (5) incurred liability from the operation of a motor vehicle.
Amends GS 120-4.9 (Retirement system established), replacing Legislative Services Commission with Board of Trustees, essentially vesting all direction and policies concerning the Legislative Retirement System with the Board.
Amends GS 120-4.10 (Administration of retirement system), making technical and conforming changes.
Effective July 1, 2013.