The North Carolina General Assembly (NCGA) 2020 Short Session continues. Below are some bills of interest to NCRSP members along with a link to the bill page on the NCGA website. (rev. 6/10/20)
This bill will provide a one-time $500 benefit supplement to TSERS retirees.
This bill, filed during the 2019 Session, would provide a permanent 1% COLA as well as a one-time 1% benefit supplement.
Employer Contribution Rates
Each of these bills contains provisions to raise the employer contribution retirement rate to 14.78%, consistent with the recommendation of the TSERS Board of Trustees.
Other Retirement Bills
Amends laws related to the purchase of creditable service to require a member to be an active employee to make the purchase, limits the purchase to five years of credit, and allows employers to pay all or part of the cost of a service purchase of a member in service.
Amends Disability Income Plan (DIP) laws related to the Medical Review Board for TSERS (and LGERS), including board name and composition, outlines duties, and permits outside agents to review results. Permits DIP Trust Fund assets to be used for “reasonable expenses” of eligibility determination or benefits administration. Replaces 90-day notification requirement with an alternate schedule. Also makes other technical, conforming, or statutory construction changes.
Clarifies provisions in TSERS (and other retirement systems) pertaining to forfeiture of pension when convicted of a felony. Also, exempts from rulemaking certain actuarially determined factors (including the contribution based benefit cap factor) and tables items that are reviewed and approved by the Board of Trustees.