Bill Summary for H 700 (2011-2012)

Summary date: 

Apr 6 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 700 (Public) Filed Wednesday, April 6, 2011
TO REQUIRE PARTICIPATING EMPLOYERS TO AUTO ENROLL NEW MEMBERS OF THE STATE RETIREMENT SYSTEMS IN A SUPPLEMENTAL RETIREMENT PLAN WITH THE PROVISION THAT THESE EMPLOYEES MAY OPT OUT OF THE PLAN WITHIN 90 DAYS WITH A FULL RETURN OF ANY CONTRIBUTIONS MADE.
Intro. by Bordsen.

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Bill summary

Amends GS 135-93 to provide that employees who become members of the State Retirement System on or after January 1, 2012, shall be automatically enrolled in the Supplemental Retirement Income Plan if their employers are participants in that Plan. Requires the employer to elect whether all new members will be enrolled in either the 401(k) Plan or the 457 Plan, and requires that enrollees will automatically have $20 of their compensation deposited into their accounts each month. Provides that a new member shall have the option, any time within the 90 days after his or her account is established, to have all funds returned to him or her or to roll the money over into another qualified retirement account. Provides for default investments for these accounts, and provides automatic enrollees the option of choosing their own investments. Makes conforming changes to GS 135-90(b) and 135-92(a), and 143B-426.24(h1). Effective July 1, 2011.

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