Bill Summary for S 488 (2019-2020)

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Summary date: 

May 2 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 488 (Public) Filed Tuesday, April 2, 2019
Intro. by B. Jackson, Wells, Chaudhuri.

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Bill summary

Senate committee substitute to the 1st edition makes the following changes.

Part I. 

Adds to proposed GS 135-6(n1) to require that before undertaking each quinquennial actuarial experience review, the Board of Trustees of the Teachers' and State Employees' Retirement System must report to the NCGA and the Governor an estimate of the range of likely employer contributions over 20 years based on analysis that simulates the volatility of annual investment returns above and below the expected rate, applying methodology determined by the actuary, in addition to the previously proposed 12 items the Board must report concerning the Retirement System. 

Part II.

Modifies the proposed changes to GS 135-48.5, which requires that any unencumbered balance in excess of prepaid premiums or charges in the Public Employee Health Benefit Fund at the end of each fiscal year be used in three specified ways in the specified order. Now provides, as the second use, that an amount determined by the State Treasurer, subject to approval by the Board of Trustees, not to exceed 25% rather than 50% of any unencumbered balance remaining after providing for incurred but unpresented claims, may be transferred to the Retiree Health Benefit Fund.