Bill Summary for H 1056 (2021)

Summary date: 

Jun 30 2022

Bill Information:

View NCGA Bill Details2021
House Bill 1056 (Public) Filed Wednesday, May 25, 2022
AN ACT PROVIDING AN EXCEPTION TO THE IRREVOCABLE ELECTION TO TRANSFER ACCUMULATED CONTRIBUTIONS FROM SUPPLEMENTAL RETIREMENT PLANS TO THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; THE TREATMENT OF INACTIVE EMPLOYERS AND DEADLINES FOR REACTIVATION UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; ESTABLISHMENT OF A DEFAULT OPTION FOR EMPLOYING UNITS THAT FAIL TO SELECT AN OPTION FOR THE TRANSFER OF REMAINING ASSETS UPON THE DISCONTINUATION OF DEPARTMENT OF STATE TREASURER-SPONSORED 403(B) PLANS; CLARIFICATION OF THE OPERATIONALIZATION OF THE NON-ASSIGNABILITY OF PUBLIC SAFETY EMPLOYEES' LINE OF DUTY DEATH BENEFITS; ELIGIBILITY FOR LONG-TERM DISABILITY BENEFITS UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM; SIGNATURE REQUIREMENTS FOR PROPERTY FINDER AGREEMENTS; AND CLARIFICATION OF LOCAL GOVERNMENT COMMISSION APPROVAL OF CERTAIN BORROWING CONTRACTS.
Intro. by McNeill, C. Smith.

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Bill summary

AN ACT PROVIDING AN EXCEPTION TO THE IRREVOCABLE ELECTION TO TRANSFER ACCUMULATED CONTRIBUTIONS FROM SUPPLEMENTAL RETIREMENT PLANS TO THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; THE TREATMENT OF INACTIVE EMPLOYERS AND DEADLINES FOR REACTIVATION UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM; ESTABLISHMENT OF A DEFAULT OPTION FOR EMPLOYING UNITS THAT FAIL TO SELECT AN OPTION FOR THE TRANSFER OF REMAINING ASSETS UPON THE DISCONTINUATION OF DEPARTMENT OF STATE TREASURER-SPONSORED 403(B) PLANS; CLARIFICATION OF THE OPERATIONALIZATION OF THE NON-ASSIGNABILITY OF PUBLIC SAFETY EMPLOYEES' LINE OF DUTY DEATH BENEFITS; ELIGIBILITY FOR LONG-TERM DISABILITY BENEFITS UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM; SIGNATURE REQUIREMENTS FOR PROPERTY FINDER AGREEMENTS; AND CLARIFICATION OF LOCAL GOVERNMENT COMMISSION APPROVAL OF CERTAIN BORROWING CONTRACTS. SL 2022-14. Enacted June 29, 2022. Effective July 1, 2022, except as otherwise provided.

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