AN ACT TO MAKE TECHNICAL CHANGES TO THE STATUTES AFFECTING THE STATE RETIREMENT SYSTEMS.
Amends GS 58-86-2 to update the definition of inactive member to be a member who has not made timely pyaments under GS 58-86-35 or GS 58-86-40 for two consecutive years (was, not made timely monthly payments under GS 58-86-35 or GS 58-86-40).
Amends GS 135-5(r) to claifry that the provisions concerning the stated monthly benefit paid before the application of any optional benefit applies to persons who began receiving beenfits before January 1, 1970.
Amends GS 135-5(m2) to make technical changes.
Amends GS 128-27(m) to add that a member who became a member of the Supplemental Retirement Income Plan before retirement and who remains a member may make a one-time election to transfer eligible balances from five specifed plans to the Supplemental Retirement Income Plan. Makes conforming changes. Adds that an eligible plan must not assess a fee specifically relating to a transfer of accumulated contributions. Requires each plan, contract, account, or annuity to fully disclose to any member participating in a transfer, contemporaneously with the initiation of the transfer, any surrender charges or other fees.
Amends GS 135-1 and GS 128-21 to add a definition of consumer price index. Amends GS 135-3(8)c., GS 128-24(5)c., GS 135-5(e)(1), GS 128-27(e)(1), and GS 135-60(d) to update references to the increase in amount that may be earned before benefits are suspended, and the amount disability retirement is to be reduced by in specific circumstances, to provide that the changes are to be increased by the percentage change between the December Consumer Price Index in the year before retirement and the December Consumer Price Index in the year most recently ended. Effective January 1, 2015.
Amends GS 135-48.1 to define firefighter as a member of the group "eligible firemen" as defined in GS 58-86-2 (was, GS 58-86-25). Amends GS 128-27(c) to update statutory references to refer to GS 58-86-2 and to make techncial changes.
Amends GS 135-53(16) by amending the definition of retirement for the Judicial Retirement System to provide that in order for a member's retirement to become effective in any month, the member must perform no work in a position covered by the Article (was, no work, including part time, temporary, substitue, or contractor work) at any time during the same month immediately following the effective first day of retirement.
Amends GS 120-4.2 to allow the General Assembly to opt to make annual transfers instead of quarterly transfers of funds to the Department of State Treasurer.
Amends GS 135-103(b)(2) to make technical changes.
Amends GS 143-166.60(e) to make technical changes and to make the language gender neutral.
Effective July 1, 2014, unless otherwise indicated.
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