Amends GS 128-21 and GS 135-1, which define terms applicable to provisions governing the Retirement System for Counties, Cities, and Towns [Local Government Employees' Retirement System (LGERS)] and the Teachers' and State Employees' Retirement System (TSERS), to add the defined term duly acknowledged. Defines the term to mean notarized, including electronic notarization, or verified through an identity authentication service approved by the Department of State Treasurer.
Amends the following statutes pertaining to the Retirement System specified to provide for payment of a member's contributions to the System in one lump sum, if the member is not eligible for a retirement benefit, when the member attains 72 years of age (currently, 70 and one-half years of age) or has ceased to be an employee of the respective System: GS 135-5(m4) (concerning TSERS); GS 128-27(m3) (concerning LGERS); GS 135-74(c1) (concerning the Judicial Retirement System); and GS 120-4.31(c1) (concerning the Legislative Retirement System). Consolidates repetitive language in each statute concerning members actively contributing to other Retirement Systems. Makes corrections to statutory cross-references and references to other Systems. Makes clarifying and technical changes to each, and makes language gender neutral.
Effective January 1, 2021, and applies to members on or after that date. Provides that the statute that is in effect on the day the member attains 70 and one-half years of age is applicable to a member that attains age 70 and one-half on or before December 31, 2019.
Amends GS 135-90, concerning the purpose of the Supplemental Retirement Income Act, to remove disability from the specified conditions triggering supplemental retirement income payments as allowed under the Internal Revenue Code.
Amends GS 135-92 to include individuals required under the Internal Revenue Code to be eligible for participation in the Supplemental Retirement Income Plan (Plan) in the Plan's stated membership eligibility, if the individuals voluntarily elect enrollment. Makes technical and clarifying changes.
Amends GS 135-94 to remove the responsibility of the Department of State Treasurer and the Plan's Board of Trustees to provide members with alternative payment options for benefit distribution from the Plan upon disability.
Amends GS 147-86.70, which sets forth defined terms applicable to Article 6F, Achieving a Better Life Experience (ABLE) Program Trust. Amends the definition given for ABLE account to add a sibling to those specified individuals that may act on behalf of the account owner. Makes conforming changes to GS 147-86.71 to add a sibling as an alternative to the specified parties who must sign the ABLE account application if the contributor is not the account owner, and clarifies that a sibling appointed as signatory of the account, like other specified account administrators, has no beneficial interest in the account. Adds sibling as a defined term and defines the term to mean a brother, sister, stepbrother, or stepsister (previously, this is the definition given for the term member of the family, which has now been eliminated). Makes conforming changes to replace member of the family with sibling throughout the Article. Applies to actions taken on behalf of an ABLE account owner on or after the date the act becomes law.
Bill Summaries: H 1069 RETIREMENT TECHNICAL CORRECTIONS ACT OF 2020.
Bill H 1069 (2019-2020)Summary date: May 12 2020 - View Summary