AN ACT TO REDUCE COMPLEXITY AND ADD VALUE TO THE RETIREMENT BENEFITS OF PUBLIC EMPLOYEES AND TO INCREASE ADMINISTRATIVE EFFICIENCIES BY MAKING ADMINISTRATIVE AND PROGRAMMATIC CHANGES TO LAWS RELATING TO THE STATE TREASURER, TO THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, TO THE LOCAL GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM LAWS, TO THE STATE HEALTH PLAN FOR TEACHERS AND STATE EMPLOYEES, AND TO RELATED STATUTES.
Amends GS 135-6(l) (concerning the Retirement System for Teachers and State Employees) and GS 128-28(m) (concerning the Retirement System for Counties, Cities, and Towns) with identical changes, requiring that the contribution-based benefit cap factor be included in the actuary of the retirement systems' periodic reports to the Board of Trustees. Clarifies that the actuary is to include experience studies, all other actuarial calculations, and all assumptions used by the actuary in the annual valuations of System assets provided to the Board of Trustees. Provides that the materials provided by the actuary to the Board of Trustees will become effective the first day of the month following adoption unless a different date is specified in the adopting resolution. Makes other clarifying changes.
Amends GS 150B-1(d), adding subsection (29), exempting from the Rules of GS Chapter 150B, Article 2A, the Retirement System Board of Trustees established under GS 128-28 and GS 135-6 when adopting actuarial tables, assumptions, and contribution-based benefit cap factors after presentation of recommendations from the actuary. This exemption includes, but is not limited to, 11 specified actuarial tables, assumptions, methods, and factors.
Amends GS 135-6(n) and GS 128-28(o) with identical changes, requiring the Board of Trustees to adopt any necessary contribution-based benefit cap factors for the Retirement System, at least once in every five year period. Makes other clarifying changes.
The above changes are effective when they become law and apply to actuarial investigations and calculations mode on or after that date.
Amends GS 135-6.1 and GS 128-33.1, adding new subsection (e1), permitting the Retirement Systems Division of the Department of State Treasurer to disclose to employers who made a contribution for an employee to the Retirement System any information regarding that employee necessary to conduct the business of the Retirement System. Requires employers who receive this information to treat the information as confidential. Requires that the information not be made public record.
Amends GS 135-8(f)(2)f, GS 135-8(j), GS 128-30(g)(2)b., and GS 128-30(j), requiring that reports received under these statutes are not to be made public record, and employers who receive this information are to treat the information as confidential as if it were still held by the Retirement System.
Amends GS 135-48.47, making a local government unit’s election to participate in a State Health Plan irrevocable unless notice of withdrawal was provided by September 15, 2016.
Amends GS Chapter 147, Article 6, adding new section GS 147-75.1, titled Criminal record checks for the Department of State Treasurer. Permits the Department of State Treasurer (Department) to obtain from the State and National Repositories of Criminal Histories or from any other lawful source the criminal history of any: current or prospective employee of the Department, contractor with the Department and their employees and agents, volunteers of the Department, and any other individual engaged by the Department who will have access to health or financial information maintained by the Department that is otherwise confidential. Permits the Department to terminate or refuse employment for any of the above individuals who refuse to consent to a criminal record check or refuse to provide fingerprints or any other necessary identifying information. Such refusal constitutes just cause to terminate or refuse employment. Allows the Department to extend a conditional offer of employment pending the results of this criminal background check.
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