AN ACT TO MAKE ADJUSTMENTS TO THE STATE EMPLOYER SALARY-RELATED RETIREMENT CONTRIBUTIONS AND TO APPROPRIATE FUNDS TO THE STATE CAPITAL AND INFRASTRUCTURE FUND FOR THE STATE'S DEBT SERVICE OBLIGATIONS.
Amends Section 3.15(c) of SL 2019-209 to increase the State's employer contribution rates for retirement benefits for the 2020-21 fiscal year for the retirement systems for teachers and state employees from 14.36% to 14.78% of covered salaries, State law enforcement officers from 14.36% to 14.78% of covered salaries, and the Consolidated Judicial Retirement System from 36% to 36.44% of covered salaries. Makes conforming changes. Transfers from the General Fund to the Reserve for State Employer Retirement Contributions a sum sufficient in recurring funding for the 2020-21 fiscal year to implement the act.
Transfers from the General Fund to the State Capital and Infrastructure Fund (Fund) a sum sufficient in recurring funding for the 2020-21 fiscal year to meet the State's debt service obligations. Appropriates from the Fund a sum sufficient in recurring funding for the 2020-21 fiscal year for Federal Debt Service. Appropriates from the Fund a sum sufficient in recurring funding for the 2020-21 fiscal year for General Debt Service. Effective July 1, 2020.
Amends Section 1.1(a) of SL 2019-242 to reduce the appropriations made for the 2020-21 fiscal year for the General Debt Service and Federal Debt Service budgets. Makes conforming changes. Effective July 1, 2019.
Deems departmental receipts appropriated for the 2020-21 fiscal year to implement the act.
Reenacts and incorporates the State Budget Act, GS Chapter 143C.
Provides for the continued validity of 2019 Regular Session legislation expressly appropriating funds to a State entity covered by the act except where expressly repealed or amended.
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