Bill Summary for S 701 (2011-2012)
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Summary date:
Apr 19 2011
Bill Information:
| View NCGA Bill Details | 2011-2012 Session |
TO ALLOW MEMBERS OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM TO RECEIVE, UPON LEAVING THE SYSTEM FOR REASONS OTHER THAN DEATH OR RETIREMENT, BOTH THEIR CONTRIBUTIONS TO THE SYSTEM AND THE ACCUMULATED REGULAR INTEREST ON THOSE CONTRIBUTIONS.Intro. by Meredith.
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Bill summary
Amends GS 135-5(f) to delete requirement that member of Teachers and State Employee’s Retirement System have five years of membership service in order to be paid accumulated interest if the member leaves the retirement system for reason other than death or retirement. Specifies that payment is at London Interbank Offered Rate, and if the member is vested in the system as of January 1, 2012, the rate paid must be at least 4%. Makes similar change to GS 128-27(f) concerning the Local Governmental Employees’ Retirement System. Effective January 1, 2012.