Bill Summary for S 367 (2017-2018)
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View NCGA Bill Details | 2017-2018 Session |
AN ACT TO MAKE TRANSPARENT THE LIABILITY ACCRUED BY THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM RELATED TO COST-OF-LIVING ADJUSTMENTS AND GRANTS OF SPECIAL ANNUAL LEAVE BONUSES.Intro. by Hise.
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Bill summary
Amends GS 135-8 to make contributions to the Pension Accumulation Fund include a rate percentum of the total annual compensation of all members of the Teachers' and State Employees' Retirement System (System) equal to the additional present value of future benefits related to cost-of-living adjustments or special annual leave bonuses granted in the current fiscal year divided by expected current fiscal year compensation. Provides for the interest assumption rate.
States the General Assembly's intent to create a reserve and to appropriate funds to that reserve each time a cost-of-living adjustment is made or special leave is granted. Requires the reserve to be used to fund additional liability accrued by the System based on the present value of future benefits related to the cost-of-living adjustment or the special annual bonus leave granted.