Bill Summaries: H376 RETIREMENT TECHNICAL CORRECTIONS.

Tracking:
  • Summary date: Jun 30 2011 - More information

    AN ACT TO MAKE TECHNICAL CORRECTIONS TO THE STATUTES GOVERNING THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM. Summarized in Daily Bulletin 3/16/11, 6/8/11, and 6/15/11. Enacted June 24, 2011. Section 2 is effective July 1, 2009, and applies to penalties assessed on or after that date. The remainder is effective July 1, 2011.


  • Summary date: Jun 15 2011 - More information

    Senate committee substitute, reported in on 6/14/11, makes the following changes to 2nd edition: (1) amends GS 135-3(8)c1 to provide that the Board may (was, “shall”) assess the employer a penalty of 10% of the compensation of the unreported reemployed beneficiaries, and makes conforming changes to GS 128-24(5)c1.


  • Summary date: Jun 8 2011 - More information

    House committee substitute makes the following changes to 1st edition. Adds provision to reporting requirements in GS 135-3(8)c1 and GS 128-24(5)c1. to allow the Board to reduce the penalty assessed against an employer for the failure to abide by the reporting requirements concerning the reemployment of retirement system beneficiaries if the employer can show, by clear and convincing evidence, that the failure to report resulted from a lack of oversight or some other event beyond the employer’s control and was not a deliberate attempt to omit the reporting of reemployed beneficiaries. Clarifies that these changes are effective July 1, 2009, and apply to penalties assessed on or after that date.


  • Summary date: Mar 16 2011 - More information

    Amends GS 135-45.2(f) [concerning eligibility for the Teachers’ and State Employees’ Retirement System (TSERS)] to clarify that former employees are eligible for the retirement plan, as described, if those employees are approved for disability retirement or disability income benefits but do not receive the benefits due to lump-sum payouts of vacation, bonus, and sick leave.
    Amends GS 135-3(8)c1. (TSERS) and GS 128-24(5)c1. [concerning the Local Governmental Employees Retirement System (LGERS)], directing the employer to remit penalty payment to the retirement system, in one lump sum, within 90 days of the date the employer receives notification that the employer failed to report reemployed beneficiaries, as specified.
    Makes clarifying changes to GS 135-5(c) and GS 128-27(c), which pertain to beneficiaries of disability retirement benefits.
    Amends GS 128-21(19), which states the definition for retirement applicable to LGERS, to add that a retirement allowance may only be granted upon a member’s retirement. Also clarifies that in order for a member’s retirement to become effective in any month, the member must render no service, including part time, temporary, substitute, or contractor service, at any time during the month immediately following the effective date of retirement.
    Amends GS 135-4(f)(1), which relates to the armed services credit, to add that a member’s employer must remit to the retirement system all employer contributions for the full period of the member’s service when a member previously on military leave returns to work, as specified. Makes a similar change to GS 128-26(a).
    Currently GS 135-106(b) states that the long-term disability benefit is payable while the beneficiary is disabled and receiving a Social Security disability benefit until the earliest date that the beneficiary is eligible to receive an unreduced service retirement allowance. Amends GS 135-106(b) adding that a long-term disability recipient receiving the unreduced allowance will not be subject to the six-month waiting period prohibiting the member from rendering service for six months immediately following the retirement effective date.
    Effective July 1, 2011.


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