AN ACT TO MAKE CHANGES TO ADMINISTRATION OF THE STATE RETIREMENT SYSTEMS.
The Senate committee substitute to the 1st edition makes the following changes.
Amends the proposed language in GS 135-5, GS 135-64, GS 120-4.27, and GS 128-27 to refer to designated beneficiary or beneficiaries (was, beneficiaries).
Amends GS 128-28(j) to require the Board of Trustees to publish an annual report on supplemental insurance offerings that are made available to retirees and the extent to which retirees participate in those offerings (was, report on contracts and usage by retired members regarding any supplemental insurance products offered through the Retirement System).
Deletes the section that amended GS 135-151 (Teacher and State Employees' Retirement System) and GS 128-38.10 (Retirement System for Counties, Cities, and Towns) to provide that no member of the retirement system retiring on or after January 1, 2017 (was, January 1, 2015), was eligible to participate in the Qualified Excess Benefit Arrangement, and the system must not pay any new retiree more retirement benefits than allowed under the limitations of section 415(b) of the Internal Revenue Code.
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