Bill Text: NC H278 | 2011-2012 | Regular Session | Introduced
Bill Title: Wake/Kinston Local Act
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2012-07-02 - Ch. SL 2012-139 [H278 Detail]
Download: North_Carolina-2011-H278-Introduced.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
H D
HOUSE DRH50096-LB-227 (03/08)
Short Title: Update Savings Bond Payroll Savings Program. |
(Public) |
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Sponsors: |
Representative Hastings. |
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Referred to: |
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A BILL TO BE ENTITLED
AN ACT to update the payroll savings program for savings bonds to reflect recent changes made by the united states treasury department.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 143‑304 reads as rewritten:
"§ 143‑304. Salary deductions and purchase of bonds authorized.
Upon the execution of such agreement by any State employee
with the State department, institution or agency where employed, the
department, institution or agency is authorized and empowered to deduct the sum
specified in said agreement from the weekly or monthly periodic salary
of such employee, and to show deduction on all pay rolls similar to withholding
tax, retirement, insurance, hospitalization, etc. Such sums shall be held
until sufficient moneys have accumulated to the credit of each individual
sufficient to purchase a bond, remitted by direct deposit to the United
States Treasury under the TreasuryDirect Electronic Payroll Savings Program, and
such sum shall be invested in United States savings bonds, for and on behalf
of such employee, and the bonds shall be delivered to the employee as soon
as practical. as provided by the United States Treasury Department. Provided
that no No coercion of any sort shall be exercised to require any
person to participate."
SECTION 2. G.S. 115C‑343 reads as rewritten:
"§ 115C‑343. Payroll savings plan for purchase of United States bonds.
(a) The State Board of Education may authorize any local school administrative school unit within the State to establish a voluntary payroll deduction plan for the purchase of United States Savings Bonds by the employees of such local school administrative unit, and to set up the necessary machinery for carrying out the purposes of this section.
(b) Any employee of any local school administrative school unit within the State may enter into a written agreement with the local board of education by which he is employed and which has adopted such payroll savings plan to authorize deductions from his salary of certain designated sums to be invested in United States Savings Bonds of the kind and type specified in such agreement.
(c) Upon execution of such agreement by an employee of
any local school administrative unit the local board of education employing
such person is authorized and empowered to deduct the sum specified in said
agreement from the weekly or monthly periodic salary of such
employee and to show deductions on all payrolls in a manner similar to that in
the weekly or monthly salary of such employee and to show deductions on all
payrolls in a manner similar to that in which withholding tax and retirement
are shown. Such sums shall be deposited monthly with a depository authorized
by the United States Treasury Department. The sums so deposited shall be held
by the depository until sufficient moneys have accumulated to the credit of
each individual sufficient to purchase a bond, remitted by direct
deposit to the United States Treasury under the TreasuryDirect Electronic
Payroll Savings Program, and such sums shall be invested in United States
Savings Bonds for and on behalf of such employee, as provided by the United
States Treasury Department. and the bonds shall be delivered to the
employee as soon as practicable: Provided, that no No coercion shall
be exercised to require any person to participate in such plan.
(d) Such agreement may be canceled by the employee
executing the same by giving written notice to the superintendent of schools
who is ex officio secretary to the local board of education, not later than the
fifteenth day of the month in which he desires such agreement to be terminated;
and the local board of education may cancel any agreement herein provided for
upon giving 10 days written notice to the affected employee. Upon the
termination of the agreement, the depository is hereby authorized and
directed to the United States Treasury Department shall refund any
amount of money held for such employee. employee as provided by the TreasuryDirect
Electronic Payroll Savings Program."
SECTION 3. This act is effective when it becomes law.