Bill Summary for H 477 (2025-2026)

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Summary date: 

Apr 9 2025

Bill Information:

View NCGA Bill Details(link is external)2025-2026 Session
House Bill 477 (Public) Filed Thursday, March 20, 2025
AN ACT TO RECODIFY AND STANDARDIZE THE LAWS RELATING TO THE DEATH BENEFIT PLAN, INCLUDING BY MAKING TECHNICAL, CLARIFYING, AND CONFORMING CHANGES, UNDER THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM, TO MAKE CHANGES TO THE SURVIVOR'S ALTERNATE BENEFIT UNDER THOSE RETIREMENT SYSTEMS, AND TO ENSURE SUFFICIENT FUNDING FOR LINE OF DUTY DEATH BENEFITS.
Intro. by Carson Smith, Wheatley.

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Bill summary

House committee substitute to the 1st edition makes the following changes.  Makes technical change to GS 135-154 (NC Teachers’ and State Employees’ [TSERS] Benefit Trust). Removes requirement that member have completed at least one year of service as part of benefits on death before retirement under GS 135-63(a) (consolidated Judicial Retirement System [JRS]. Further amends GS 135-63(a1) (survivor’s alternate benefit-JRS) as amended by Section 7(d) of the act, and GS 128-4.28 (survivor benefits under the Legislative Retirement System-LRS) to prevent the retirement allowance under either of these statutes from being less than the actuarial equivalent of the return of accumulated contributions, computed using the beneficiary's age as of the first day of the month following the date of the member's death. Clarifies in GS 135-63(a1) that the calculated amount of the survivor’s alternate benefit allowance is notwithstanding any age or service requirements.