AN ACT MAKING ADMINISTRATIVE CHANGES RELATED TO CONTRIBUTION-BASED BENEFIT CAP LIABILITIES UNDER THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM (LGERS) AND THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM (TSERS); CLARIFYING WITHDRAWAL LIABILITIES UNDER LGERS AND TSERS; CLARIFYING AND STANDARDIZING THE DEFINITION OF "ACTUARIAL EQUIVALENT" UNDER LGERS AND TSERS; REQUIRING EMPLOYING UNITS TO ADOPT WRITTEN POLICIES FOR SPECIAL SEPARATION BUYOUTS FOR LAW ENFORCEMENT OFFICERS; GIVING THE DEPARTMENT OF STATE TREASURER AND THE SUPPLEMENTAL RETIREMENT BOARD OF TRUSTEES LIMITED AUTHORITY TO ADOPT ADMINISTRATIVE FEES UNDER CERTAIN PLANS; CLAWING BACK DISABILITY INCOME PLAN OVERPAYMENTS UNDER THE OPTIONAL RETIREMENT PROGRAM; AND ADDRESSING SPECIAL RETIREMENT ALLOWANCE PAYMENTS UPON THE DEATH OF THE DESIGNATED BENEFICIARY.
Senate committee substitute amends the 3rd edition as follows.
Deletes the content of Section 1.2 of the act, which enacted GS 128-30(d)(4a) and GS 135-8(f)(5), requiring adjusting the required employer contribution rate under the Local Governmental Employees' Retirement System (LGERS) and the Teachers' and State Employees' Retirement System (TSERS) to include an additional amount equal to a rate per centum that is estimated to extinguish the contribution-benefit base cap liability on an amortization schedule selected by the respective Board of Trustees that has been applied to unfunded liabilities in the most recent actuarial valuation, with specified limitations.
Modifies the proposed changes to GS 135-91, which authorize the Department of State Treasurer and the Board of Trustees of the Supplemental Retirement Plan, the NC Deferred Compensation Plan, and the NC Public School Teachers' and Professional Educators' Investment Plan to adopt a new or amended rule at a public meeting to impose or change administrative fees under the respective Plan. Decreases the cap set on administrative fees based on Plan, now ranging from 0.025% to 0.05% (was, 0.05% to 0.25%), with the cap changed to 0.025% of the assets of the Supplemental Retirement Income Plan, and 0.025% of the assets of the Deferred Compensation Plan (both of which were previously capped at 0.25%).
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