Bill Text: NC S804 | 2011-2012 | Regular Session | Chaptered
Bill Title: Retirement Technical Changes
Spectrum: Partisan Bill (Republican 5-0)
Status: (Passed) 2012-06-29 - Ch. SL 2012-130 [S804 Detail]
Download: North_Carolina-2011-S804-Chaptered.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
SESSION LAW 2012-130
SENATE BILL 804
AN ACT to make technical and conforming changes to statutes affecting the state retirement systems.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 128‑24 reads as rewritten:
"§ 128‑24. Membership.
The membership of this Retirement System shall be composed as follows:
…
(2) All persons who are
employees of a participating county, city, or town except those who shall
notify the Board of Trustees in writing, on or before 90 30 days
following the date of participation in the Retirement System by such county,
city or town: Provided, further, that employees of county social services and
health departments whose compensation is derived from federal, State, and local
funds may be members of the North Carolina Local Governmental Employees'
Retirement System to the full extent of their compensation. Any member on or
after July 1, 1969, may deposit in the annuity savings fund by a single payment
the contributions plus interest which would have been credited to his account
had he not signed a nonelection blank, and be entitled to such membership
service credits and any prior service credits which became void upon execution
of such nonelection blank; provided that the employer will pay the appropriate
matching contributions.
…."
SECTION 2.(a) G.S. 128‑28(m) reads as rewritten:
"(m) Duties of Actuary. – The Board of Trustees shall designate an actuary who shall be the technical adviser of the Board of Trustees on matters regarding the operation of the funds created by the provisions of this Chapter and shall perform such other duties as are required in connection therewith. For purposes of the annual valuation of System assets, the experience studies, and all other actuarial calculations required by this Chapter, all the assumptions used by the System's actuary, including mortality tables, interest rates, annuity factors, and employer contribution rates, shall be set out in the actuary's periodic reports or other materials provided to the Board of Trustees. These materials, once accepted by the Board, shall be considered part of the Plan documentation governing this Retirement System; similarly, the Board's minutes relative to all actuarial assumptions used by the System shall also be considered part of the Plan documentation governing this Retirement System, with the result of precluding any employer discretion in the determination of benefits payable hereunder, consistent with Section 401(a)(25) of the Internal Revenue Code."
SECTION 2.(b) G.S. 135‑6(l) reads as rewritten:
"(l) Duties of Actuary. – The Board of Trustees shall designate an actuary who shall be the technical adviser of the Board of Trustees on matters regarding the operation of the funds created by the provisions of this Chapter and shall perform such other duties as are required in connection therewith. For purposes of the annual valuation of System assets, the experience studies, and all other actuarial calculations required by this Chapter, all the assumptions used by the System's actuary, including mortality tables, interest rates, annuity factors, and employer contribution rates, shall be set out in the actuary's periodic reports or other materials provided to the Board of Trustees. These materials, once accepted by the Board, shall be considered part of the Plan documentation governing this Retirement System; similarly, the Board's minutes relative to all actuarial assumptions used by the System shall also be considered part of the Plan documentation governing this Retirement System, with the result of precluding any employer discretion in the determination of benefits payable hereunder, consistent with Section 401(a)(25) of the Internal Revenue Code."
SECTION 3.(a) G.S. 128‑26(e) reads as rewritten:
"(e) Creditable service at retirement on which the retirement allowance of a member shall be based shall consist of the membership service rendered by him since he last became a member, and also if he has a prior service certificate which is in full force and effect, the amount of the service certified on his prior service certificate; and if he has sick leave standing to his credit upon retirement on or after July 1, 1971, one month of credit for each 20 days or portion thereof, but not less than one hour; sick leave shall not be counted in computing creditable service for the purpose of determining eligibility for disability retirement or for a vested deferred allowance. Creditable service for unused sick leave shall be allowed only for sick leave accrued monthly during employment under a duly adopted sick leave policy and for which the member may be able to take credits and be paid for sick leave without restriction. However, in no instance shall unused sick leave be credited to a member's account at retirement if the member's last day of actual service is more than 365 days prior to the effective date of the member's retirement.
On and after July 1, 1971, a member whose account was closed on account of absence from service under the provisions of G.S. 128‑24(1a) and who subsequently returns to service for a period of five years, may thereafter repay the amount withdrawn plus regular interest thereon from the date of withdrawal through the year of repayment and thereby increase his creditable service by the amount of creditable service lost when this account was closed.
On and after July 1, 1973, a member whose account in the Teachers' and State Employees' Retirement System was closed on account of absence from service under the provisions of G.S. 135‑3(3) and who subsequently became or becomes a member of this System with credit for five years of service, may thereafter repay in a lump sum the amount withdrawn from the Teachers' and State Employees' Retirement System plus regular interest thereon from the date of withdrawal through the year of repayment and thereby increase his creditable service in this System by the amount of creditable service lost when his account was closed.
Notwithstanding any other
provision of this Chapter, any member who entered service or was restored to
service prior to July 1, 1982, and was excluded from membership service solely
on account of having attained the age of 62 years, in accordance with former G.S. 128‑24(3a),
may purchase membership service credits for such excluded service by making a
lump‑sum payment equal to the contributions that would have been deducted
pursuant to G.S. 128‑30(b) had he been a member of the Retirement
System, increased by interest calculated at a rate of seven percent (7%) per
annum. Creditable service for unused sick leave shall be allowed only for
sick leave accrued monthly during employment under a duly adopted sick leave
policy and for which the member may be able to take credits and be paid for
sick leave without restriction.
On and after January 1, 1986, the creditable service of a member who was a member of the Law Enforcement Officers' Retirement System at the time of the transfer of law enforcement officers employed by participating employers from that System to this Retirement System and whose accumulated contributions are transferred from that System to this Retirement System, includes service that was creditable in the Law Enforcement Officers' Retirement System; and membership service with that System is membership service with this Retirement System; provided, notwithstanding any provisions of this Article to the contrary, any inchoate or accrued rights of such a member to purchase creditable service for military service, withdrawn service and prior service under the rules and regulations of the Law Enforcement Officers' Retirement System may not be diminished and may be purchased as creditable service with this Retirement System under the same conditions that would have otherwise applied."
SECTION 3.(b) G.S. 135‑4(c) reads as rewritten:
"(c) Subject to the above restrictions and to such other rules and regulations as the Board of Trustees may adopt, the Board of Trustees shall verify, as soon as practicable after the filing of such statements of service, the service therein claimed.
In lieu of a determination of the
actual compensation of the members that was received during such period of
prior service the Board of Trustees may use for the purpose of this Chapter the
compensation rates which will be determined by the average salary of the
members for five years immediately preceding the date this System became
operative as the records show the member actually received. Creditable
service for unused sick leave shall be allowed only for sick leave accrued
monthly during employment under a duly adopted sick leave policy and for which
the member may be able to take credits and be paid for sick leave without
restriction."
SECTION 3.(c) G.S. 135‑4(e) reads as rewritten:
"(e) Creditable service at retirement on which the retirement allowance of a member shall be based shall consist of the membership service rendered by him since he last became a member, and also if he has a prior service certificate which is in full force and effect, the amount of service certified on his prior service certificate; and if he has sick leave standing to his credit upon retirement on or after July 1, 1971, one month of credit for each 20 days or portion thereof, but not less than one hour; sick leave shall not be counted in computing creditable service for the purpose of determining eligibility for disability retirement or for a vested deferred allowance. Creditable service for unused sick leave shall be allowed only for sick leave accrued monthly during employment under a duly adopted sick leave policy and for which the member may be able to take credits and be paid for sick leave without restriction. However, in no instance shall unused sick leave be credited to a member's account at retirement if the member's last day of actual service is more than five years prior to the effective date of the member's retirement. Further, any agency with a sick leave policy that is more generous than that of all State agencies subject to the rules of the Office of State Personnel shall proportionately adjust each of its retiring employees' sick leave balance to the balance that employee would have had under the rules of the Office of State Personnel.
On and after July 1, 1971, a member whose account was closed on account of absence from service under the provisions of G.S. 135‑3(3) and who subsequently returns to service for a period of five years, may thereafter repay in a lump sum the amount withdrawn plus regular interest thereon from the date of withdrawal through the year of repayment and thereby increase his creditable service by the amount of creditable service lost when his account was closed.
On and after July 1, 1973, a member whose account in the North Carolina Local Governmental Employees' Retirement System was closed on account of absence from service under the provisions of G.S. 128‑24(1a) and who subsequently became or becomes a member of this System with credit for five years of service, may thereafter repay in a lump sum the amount withdrawn from the North Carolina Local Governmental Employees' Retirement System plus regular interest thereon from the date of withdrawal through the year of repayment and thereby increase his creditable service in this System by the amount of creditable service lost when his account was closed.
On or after July 1, 1979, a member who has obtained 60 months of aggregate service, or five years of membership service, as an employee of the North Carolina General Assembly, except legislators, participants in the Legislative Intern Program and pages, may make a lump sum payment together with interest, and an administrative fee for such service, to the Teachers' and State Employees' Retirement System of an amount equal to what he would have contributed had he been a member on his first day of employment.
On and after January 1, 1985, the creditable service of a member who was a member of the Law‑Enforcement Officers' Retirement System at the time of the transfer of law‑enforcement officers employed by the State from that System to this Retirement System and whose accumulated contributions are transferred from that System to this Retirement System, shall include service that was creditable in the Law‑Enforcement Officers' Retirement System; and membership service with that System shall be membership service with this Retirement System; provided, notwithstanding any provision of this Article to the contrary, any inchoate or accrued rights of such a member to purchase creditable service for military service, withdrawn service and prior service under the rules and regulations of the Law‑Enforcement Officers' Retirement System shall not be diminished and may be purchased as creditable service with this Retirement System under the same conditions which would have otherwise applied."
SECTION 4.(a) G.S. 120‑4.31 reads as rewritten:
"§ 120‑4.31. Internal Revenue Code compliance.
(a) Notwithstanding any other provisions of law to the contrary, compensation for any calendar year after 1988 in which employee or employer contributions are made and for which annual compensation is used for computing any benefit under this Article shall not exceed the higher of two hundred thousand dollars ($200,000) or the amount determined by the Commissioner of Internal Revenue as the limitation for calendar years after 1989; provided the imposition of the limitation shall not reduce a member's benefit below the amount determined as of December 31, 1988.
Effective January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this Article shall not exceed one hundred fifty thousand dollars ($150,000), as adjusted pursuant to section 401(a)(17)(B) of the Internal Revenue Code and any regulations issued under the Code. However, with respect to a person who became a member of the Retirement System prior to January 1, 1996, the imposition of this limitation on compensation shall not reduce the amount of compensation which may be taken into account for determining the benefits of that member under this Article below the amount of compensation which would have been recognized under the provisions of this Article in effect on July 1, 1993.
Effective January 1, 2002, the annual compensation of a person, who became a member of the Retirement System on or after January 1, 1996, taken into account for determining all benefits accruing under this Article for any plan year after December 31, 2001, shall not exceed two hundred thousand dollars ($200,000) or the amount otherwise set by the Internal Revenue Code or determined by the Commissioner of Internal Revenue as the limitation for calendar years after 2002.
All the provisions in this subsection have been enacted to make clear that the Plan shall not base contributions or Plan benefits on annual compensation in excess of the limits prescribed by Section 401(a)(17) of the Internal Revenue Code, as adjusted from time to time, subject to certain federal grandfathering rules.
(b) Notwithstanding any other provisions of law to the contrary, the annual benefit payable on behalf of a member shall, if necessary, be reduced to the extent required by Section 415(b) and with respect to calendar years commencing prior to January 1, 2000, Section 415(e) of the Internal Revenue Code, as adjusted by the Secretary of the Treasury or his delegate pursuant to Section 415(d) of the Code. If a member is a participant under any qualified defined contributions plan that is required to be taken into account for the purposes of the limitation contained in Section 415 of the Internal Revenue Code, the annual benefit payable under this Article shall be reduced to the extent required by Section 415(e) prior to making any reduction under the defined contribution plan provided by the employer. However, with respect to a member who has benefits accrued under this Article but whose benefit had not commenced as of December 31, 1999, the combined plan limitation contained in Section 415(e) of the Internal Revenue Code shall not be applied to such member for calendar years commencing on or after January 1, 2000.
(c) On and after January
1, 1989, the retirement allowance of a member who has terminated employment
shall begin no later than the later of April 1 of the calendar year following
the calendar year that the member attains 70 ½ years of age or April 1 of the
calendar year following the calendar year in which the member terminates
employment. September 8, 2009, and for all Plan years to which the
minimum distribution rules of the Internal Revenue Code are applicable, with
respect to any member who has terminated employment, the Plan shall comply with
federal income tax minimum distribution rules by applying a reasonable and good
faith interpretation to Section 401(a)(9) of the Internal Revenue Code.
(d) This subsection applies
to distributions made on or after January 1, 1993. Notwithstanding and
rollovers from the Plan. The Plan does not have mandatory distributions within
the meaning of Section 401(a)(31) of the Internal Revenue Code. With respect to
distributions from the Plan and notwithstanding any other provision of the
Plan to the contrary that would otherwise limit a distributee's election under
this Article, a distributee (including, after December 31, 2006, a non‑spouse
beneficiary if that non‑spouse beneficiary elects a direct rollover only
to an inherited traditional or Roth IRA as permitted under applicable federal
law) may elect, at the time and in the manner prescribed by the Plan
administrator, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a
direct rollover. As used in this subsection, an "eligible retirement
plan" means an individual retirement account described in Section
408(a) of the Code, an individual retirement annuity described in Section
408(b) of the Code, an annuity plan described in Section 403(a) of the Code, on
and after January 1, 2009, a Roth IRA, or a qualified trust described in Section
401(a) of the Code, that accepts the distributee's eligible rollover
distribution. Effective on and after January 1, 2002, an eligible retirement
plan also means an annuity contract described in Section 403(b) of the Code and
an eligible plan under Section 457(b) of the Code that is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately
account for amounts transferred into that plan from this Plan. As used in this
subsection, a "direct rollover" is a payment by the Plan to the
eligible retirement plan specified by the distributee. Provided, an
eligible rollover distribution is any distribution of all or any portion of the
balance to the credit of the distributee, except that an eligible rollover
distribution does shall not include: any distribution that is one
of a series of substantially equal periodic payments (not less frequently than
annually) made for the life (or life expectancy) of the distributee or the
joint lives (or joint life expectancies) of the distributee and the distributee's
designated beneficiary, or for a specified period of 10 years or more; any
distribution to the extent such distribution is required under section
401(a)(9) of the Code; and the portion of any distribution that is not
includible in gross income (determined without regard to the exclusion for net
realized appreciation with respect to employer securities). Effective as of
January 1, 2002, and notwithstanding the exclusion of any after‑tax
portion from such a rollover distribution in the preceding sentence, a
portion of a distribution shall not fail to be an eligible rollover
distribution merely because the portion consists of after‑tax employee
contributions that are not includible in gross income. However, such That
portion may be transferred only transferred, pursuant to applicable
federal law, to an individual retirement account or annuity described in
Section 408(a) or (b) of the Code, to a qualified defined benefit plan, or
to a qualified defined contribution plan described in Section 401(a) or
403(a) 401(a), 403(a), or 403(b) of the Code that agrees to
separately account for amounts so transferred, including separately accounting
for the portion of such distribution which is includible in gross income and
the portion of such distribution which is not so includible. Provided, an
eligible retirement plan is an individual retirement account described in
section 408(a) of the Code, an individual retirement annuity described in
section 408(b) of the Code, an annuity plan described in section 403(a) of the
Code, or a qualified trust described in section 401(a) of the Code, that
accepts the distributee's eligible rollover distribution. Effective on and
after January 1, 2002, an eligible retirement plan shall also mean an annuity
contract described in Section 403(b) of the Code and an eligible plan under
Section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state and which agrees to separately account for amounts
transferred into such plan from this Plan. The definition of eligible
retirement plan shall also apply in the case of a distribution to surviving
spouse, or to a spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as defined in Section 414(p) of the
Internal Revenue Code, or a court‑ordered equitable distribution of
marital property, as provided under G.S. 50‑30. G.S. 50‑20.1.
Provided, a distributee includes an employee or former employee. Provided
further, a direct rollover is a payment by the Plan to the eligible retirement
plan specified by the distributee. Effective on and after January 1, 2007,
notwithstanding any other provision of this subsection, a nonspouse beneficiary
of a deceased member may elect, at the time and in the manner prescribed by the
administrator of the Board of Trustees of this Retirement System, to directly
roll over any portion of the beneficiary's distribution from the Retirement
System; however, such rollover shall conform with the provisions of section
402(c)(11) of the Code."
SECTION 4.(b) G.S. 128‑38.2 reads as rewritten:
"§ 128‑38.2. Internal Revenue Code compliance.
(a) Notwithstanding any other provisions of law to the contrary, compensation for any calendar year after 1988 in which employee or employer contributions are made and for which annual compensation is used for computing any benefit under this Article shall not exceed the higher of two hundred thousand dollars ($200,000) or the amount determined by the Commissioner of Internal Revenue as the limitation for calendar years after 1989; provided the imposition of the limitation shall not reduce a member's benefit below the amount determined as of December 31, 1988.
Effective January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this Article shall not exceed one hundred fifty thousand dollars ($150,000), as adjusted pursuant to section 401(a)(17)(B) of the Internal Revenue Code and any regulations issued under the Code. However, with respect to a person who became a member of the Retirement System prior to January 1, 1996, the imposition of this limitation on compensation shall not reduce the amount of compensation which may be taken into account for determining the benefits of that member under this Article below the amount of compensation which would have been recognized under the provisions of this Article in effect on July 1, 1993.
Effective January 1, 2002, the annual compensation of a person, who became a member of the Retirement System on or after January 1, 1996, taken into account for determining all benefits accruing under this Article for any plan year after December 31, 2001, shall not exceed two hundred thousand dollars ($200,000) or the amount otherwise set by the Internal Revenue Code or determined by the Commissioner of Internal Revenue as the limitation for calendar years after 2002.
All the provisions in this subsection have been enacted to make clear that the Plan shall not base contributions or Plan benefits on annual compensation in excess of the limits prescribed by Section 401(a)(17) of the Internal Revenue Code, as adjusted from time to time, subject to certain federal grandfathering rules.
(b) Notwithstanding any other provisions of law to the contrary, the annual benefit payable on behalf of a member shall, if necessary, be reduced to the extent required by Section 415(b) and with respect to calendar years commencing prior to January 1, 2000, Section 415(e) of the Internal Revenue Code, as adjusted by the Secretary of the Treasury or his delegate pursuant to Section 415(d) of the Code. If a member is a participant under any qualified defined contributions plan that is required to be taken into account for the purposes of the limitation contained in Section 415 of the Internal Revenue Code, the annual benefit payable under this Article shall be reduced to the extent required by Section 415(e) prior to making any reduction under the defined contribution plan provided by the employer. However, with respect to a member who has benefits accrued under this Article but whose benefit had not commenced as of December 31, 1999, the combined plan limitation contained in Section 415(e) of the Internal Revenue Code shall not be applied to such member for calendar years commencing on or after January 1, 2000.
(c) On and after January
1, 1989, the retirement allowance of a member who has terminated employment
shall begin no later than the later of April 1 of the calendar year following
the calendar year that the member attains 70 ½ years of age or April 1 of the
calendar year following the calendar year in which the member terminates
employment. September 8, 2009, and for all Plan years to which the
minimum distribution rules of the Internal Revenue Code are applicable, with
respect to any member who has terminated employment, the Plan shall comply with
federal income tax minimum distribution rules by applying a reasonable and good
faith interpretation to Section 401(a)(9) of the Internal Revenue Code.
(d) This subsection applies
to distributions made on or after January 1, 1993. Notwithstanding and
rollovers from the Plan. The Plan does not have mandatory distributions within
the meaning of Section 401(a)(31) of the Internal Revenue Code. With respect to
distributions from the Plan and notwithstanding any other provision of the
Plan to the contrary that would otherwise limit a distributee's election under
this Article, a distributee (including, after December 31, 2006, a non‑spouse
beneficiary if that non‑spouse beneficiary elects a direct rollover only
to an inherited traditional or Roth IRA as permitted under applicable federal
law) may elect, at the time and in the manner prescribed by the Plan
administrator, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a
direct rollover. As used in this subsection, an "eligible retirement
plan" means an individual retirement account described in Section
408(a) of the Code, an individual retirement annuity described in Section
408(b) of the Code, an annuity plan described in Section 403(a) of the Code, on
and after January 1, 2009, a Roth IRA, or a qualified trust described in
Section 401(a) of the Code, that accepts the distributee's eligible rollover
distribution. Effective on and after January 1, 2002, an eligible retirement
plan also means an annuity contract described in Section 403(b) of the Code and
an eligible plan under Section 457(b) of the Code that is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately
account for amounts transferred into that plan from this Plan. As used in this
subsection, a "direct rollover" is a payment by the Plan to the
eligible retirement plan specified by the distributee. Provided, an
eligible rollover distribution is any distribution of all or any portion of the
balance to the credit of the distributee, except that an eligible rollover
distribution does shall not include: any distribution that is one
of a series of substantially equal periodic payments (not less frequently than
annually) made for the life (or life expectancy) of the distributee or the
joint lives (or joint life expectancies) of the distributee and the distributee's
designated beneficiary, or for a specified period of 10 years or more; any
distribution to the extent such distribution is required under section
401(a)(9) of the Code; and the portion of any distribution that is not
includible in gross income (determined without regard to the exclusion for net
realized appreciation with respect to employer securities). Effective as of
January 1, 2002, and notwithstanding the exclusion of any after‑tax
portion from such a rollover distribution in the preceding sentence, a
portion of a distribution shall not fail to be an eligible rollover
distribution merely because the portion consists of after‑tax employee
contributions which are not includible in gross income. However, such That
portion may be transferred only transferred, pursuant to applicable
federal law, to an individual retirement account or annuity described in
Section 408(a) or (b) of the Code, to a qualified defined benefit plan, or
to a qualified defined contribution plan described in Section 401(a) or
403(a) 401(a), 403(a), or 403(b) of the Code that agrees to
separately account for amounts so transferred, including separately accounting
for the portion of such distribution which is includible in gross income and
the portion of such distribution which is not so includible. Provided, an
eligible retirement plan is an individual retirement account described in
section 408(a) of the Code, an individual retirement annuity described in
section 408(b) of the Code, an annuity plan described in section 403(a) of the
Code, or a qualified trust described in section 401(a) of the Code, that
accepts the distributee's eligible rollover distribution. Effective on and after
January 1, 2002, an eligible retirement plan shall also mean an annuity
contract described in Section 403(b) of the Code and an eligible plan under
Section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from this Plan. The definition of
eligible retirement plan shall also apply in the case of a distribution to
surviving spouse, or to a spouse or former spouse who is the alternate payee
under a qualified domestic relations order, as defined in Section 414(p) of the
Internal Revenue Code, or a court‑ordered equitable distribution of
marital property, as provided under G.S. 50‑30. G.S. 50‑20.1.
Provided, a distributee includes an employee or former employee. Provided
further, a direct rollover is a payment by the Plan to the eligible retirement
plan specified by the distributee. Effective on and after January 1, 2007,
notwithstanding any other provision of this subsection, a nonspouse beneficiary
of a deceased member may elect, at the time and in the manner prescribed by the
administrator of the Board of Trustees of this Retirement System, to directly
roll over any portion of the beneficiary's distribution from the Retirement
System; however, such rollover shall conform with the provisions of section
402(c)(11) of the Code."
SECTION 4.(c) G.S. 135‑18.7 reads as rewritten:
"§ 135‑18.7. Internal Revenue Code compliance.
(a) Notwithstanding any other provisions of law to the contrary, compensation for any calendar year after 1988 in which employee or employer contributions are made and for which annual compensation is used for computing any benefit under this Article shall not exceed the higher of two hundred thousand dollars ($200,000) or the amount determined by the Commissioner of Internal Revenue as the limitation for calendar years after 1989; provided the imposition of the limitation shall not reduce a member's benefit below the amount determined as of December 31, 1988.
Effective January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this Article shall not exceed one hundred fifty thousand dollars ($150,000), as adjusted pursuant to section 401(a)(17)(B) of the Internal Revenue Code and any regulations issued under the Code. However, with respect to a person who became a member of the Retirement System prior to January 1, 1996, the imposition of this limitation on compensation shall not reduce the amount of compensation which may be taken into account for determining the benefits of that member under this Article below the amount of compensation which would have been recognized under the provisions of this Article in effect on July 1, 1993.
Effective January 1, 2002, the annual compensation of a person, who became a member of the Retirement System on or after January 1, 1996, taken into account for determining all benefits accruing under this Article for any plan year after December 31, 2001, shall not exceed two hundred thousand dollars ($200,000) or the amount otherwise set by the Internal Revenue Code or determined by the Commissioner of Internal Revenue as the limitation for calendar years after 2002.
All the provisions in this subsection have been enacted to make clear that the Plan shall not base contributions or Plan benefits on annual compensation in excess of the limits prescribed by Section 401(a)(17) of the Internal Revenue Code, as adjusted from time to time, subject to certain federal grandfathering rules.
(b) Notwithstanding any other provisions of law to the contrary, the annual benefit payable on behalf of a member shall, if necessary, be reduced to the extent required by Section 415(b) and with respect to calendar years commencing prior to January 1, 2000, Section 415(e) of the Internal Revenue Code, as adjusted by the Secretary of the Treasury or his delegate pursuant to Section 415(d) of the Code. If a member is a participant under any qualified defined contributions plan that is required to be taken into account for the purposes of the limitation contained in Section 415 of the Internal Revenue Code, the annual benefit payable under this Article shall be reduced to the extent required by Section 415(e) prior to making any reduction under the defined contribution plan provided by the employer. However, with respect to a member who has benefits accrued under this Article but whose benefit had not commenced as of December 31, 1999, the combined plan limitation contained in Section 415(e) of the Internal Revenue Code shall not be applied to such member for calendar years commencing on or after January 1, 2000.
(c) On and after January
1, 1989, the retirement allowance of a member who has terminated employment
shall begin no later than the later of April 1 of the calendar year following
the calendar year that the member attains 70 ½ years of age or April 1 of the
calendar year following the calendar year in which the member terminates
employment. September 8, 2009, and for all Plan years to which the
minimum distribution rules of the Internal Revenue Code are applicable, with
respect to any member who has terminated employment, the Plan shall comply with
federal income tax minimum distribution rules by applying a reasonable and good
faith interpretation to Section 401(a)(9) of the Internal Revenue Code.
(d) This subsection applies
to distributions made on or after January 1, 1993. Notwithstanding and
rollovers from the Plan. The Plan does not have mandatory distributions within
the meaning of Section 401(a)(31) of the Internal Revenue Code. With respect to
distributions from the Plan and notwithstanding any other provision of the
Plan to the contrary that would otherwise limit a distributee's election under
this Article, a distributee (including, after December 31, 2006, a non‑spouse
beneficiary if that non‑spouse beneficiary elects a direct rollover only
to an inherited traditional or Roth IRA as permitted under applicable federal
law) may elect, at the time and in the manner prescribed by the Plan
administrator, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a
direct rollover. As used in this subsection, an "eligible retirement
plan" means an individual retirement account described in Section
408(a) of the Code, an individual retirement annuity described in Section
408(b) of the Code, an annuity plan described in Section 403(a) of the Code, on
and after January 1, 2009, a Roth IRA, or a qualified trust described in
Section 401(a) of the Code, that accepts the distributee's eligible rollover
distribution. Effective on and after January 1, 2002, an eligible retirement
plan also means an annuity contract described in Section 403(b) of the Code and
an eligible plan under Section 457(b) of the Code that is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately account
for amounts transferred into that plan from this Plan. As used in this
subsection, a "direct rollover" is a payment by the Plan to the
eligible retirement plan specified by the distributee. Provided, an
eligible rollover distribution is any distribution of all or any portion of the
balance to the credit of the distributee, except that an eligible rollover
distribution does shall not include: any distribution that is one
of a series of substantially equal periodic payments (not less frequently than
annually) made for the life (or life expectancy) of the distributee or the
joint lives (or joint life expectancies) of the distributee and the distributee's
designated beneficiary, or for a specified period of 10 years or more; any
distribution to the extent such distribution is required under section
401(a)(9) of the Code; and the portion of any distribution that is not
includible in gross income (determined without regard to the exclusion for net
realized appreciation with respect to employer securities). Effective as of
January 1, 2002, and notwithstanding the exclusion of any after‑tax
portion from such a rollover distribution in the preceding sentence, a
portion of a distribution shall not fail to be an eligible rollover
distribution merely because the portion consists of after‑tax employee
contributions which are not includible in gross income. However, such That
portion may be transferred only transferred, pursuant to applicable
federal law, to an individual retirement account or annuity described in
Section 408(a) or (b) of the Code, to a qualified defined benefit plan,
or to a qualified defined contribution plan described in Section 401(a) or
403(a) 401(a), 403(a), or 403(b) of the Code that agrees to
separately account for amounts so transferred, including separately accounting
for the portion of such distribution which is includible in gross income and
the portion of such distribution which is not so includible. Provided, an
eligible retirement plan is an individual retirement account described in
section 408(a) of the Code, an individual retirement annuity described in
section 408(b) of the Code, an annuity plan described in section 403(a) of the
Code, or a qualified trust described in section 401(a) of the Code, that
accepts the distributee's eligible rollover distribution. Effective on and
after January 1, 2002, an eligible retirement plan shall also mean an annuity
contract described in Section 403(b) of the Code and an eligible plan under
Section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from this Plan. The definition of
eligible retirement plan shall also apply in the case of a distribution to
surviving spouse, or to a spouse or former spouse who is the alternate payee
under a qualified domestic relations order, as defined in Section 414(p) of the
Internal Revenue Code, or a court‑ordered equitable distribution of
marital property, as provided under G.S. 50‑30. G.S. 50‑20.1.
Provided, a distributee includes an employee or former employee. Provided
further, a direct rollover is a payment by the Plan to the eligible retirement
plan specified by the distributee. Effective on and after January 1, 2007,
notwithstanding any other provision of this subsection, a nonspouse beneficiary
of a deceased member may elect, at the time and in the manner prescribed by the
administrator of the Board of Trustees of this Retirement System, to directly
roll over any portion of the beneficiary's distribution from the Retirement
System; however, such rollover shall conform with the provisions of section
402(c)(11) of the Code."
SECTION 4.(d) G.S. 135‑74 reads as rewritten:
"§ 135‑74. Internal Revenue Code compliance.
(a) Notwithstanding any other provisions of law to the contrary, compensation for any calendar year after 1988 in which employee or employer contributions are made and for which annual compensation is used for computing any benefit under this Article shall not exceed the higher of two hundred thousand dollars ($200,000) or the amount determined by the Commissioner of Internal Revenue as the limitation for calendar years after 1989; provided the imposition of the limitation shall not reduce a member's benefit below the amount determined as of December 31, 1988.
All the provisions in this subsection have been enacted to make clear that the Plan shall not base contributions or Plan benefits on annual compensation in excess of the limits prescribed by Section 401(a)(17) of the Internal Revenue Code, as adjusted from time to time, subject to certain federal grandfathering rules.
Effective January 1, 1996, the annual compensation of a member taken into account for determining all benefits provided under this Article shall not exceed one hundred fifty thousand dollars ($150,000), as adjusted pursuant to section 401(a)(17)(B) of the Internal Revenue Code and any regulations issued under the Code. However, with respect to a person who became a member of the Retirement System prior to January 1, 1996, the imposition of this limitation on compensation shall not reduce the amount of compensation which may be taken into account for determining the benefits of that member under this Article below the amount of compensation which would have been recognized under the provisions of this Article in effect on July 1, 1993.
Effective January 1, 2002, the annual compensation of a person, who became a member of the Retirement System on or after January 1, 1996, taken into account for determining all benefits accruing under this Article for any plan year after December 31, 2001, shall not exceed two hundred thousand dollars ($200,000) or the amount otherwise set by the Internal Revenue Code or determined by the Commissioner of Internal Revenue as the limitation for calendar years after 2002.
(b) Notwithstanding any other provisions of law to the contrary, the annual benefit payable on behalf of a member shall, if necessary, be reduced to the extent required by Section 415(b) and with respect to calendar years commencing prior to January 1, 2000, Section 415(e) of the Internal Revenue Code, as adjusted by the Secretary of the Treasury or his delegate pursuant to Section 415(d) of the Code. If a member is a participant under any qualified defined contributions plan that is required to be taken into account for the purposes of the limitation contained in Section 415 of the Internal Revenue Code, the annual benefit payable under this Article shall be reduced to the extent required by Section 415(e) prior to making any reduction under the defined contribution plan provided by the employer. However, with respect to a member who has benefits accrued under this Article but whose benefit had not commenced as of December 31, 1999, the combined plan limitation contained in Section 415(e) of the Internal Revenue Code shall not be applied to such member for calendar years commencing on or after January 1, 2000.
(c) On and after January
1, 1989, the retirement allowance of a member who has terminated employment
shall begin no later than the later of April 1 of the calendar year following
the calendar year that the member attains 70 1/2 years of age or April 1 of the
calendar year following the calendar year in which the member terminates
employment. September 8, 2009, and for all Plan years to which the
minimum distribution rules of the Internal Revenue Code are applicable, with
respect to any member who has terminated employment, the Plan shall comply with
federal income tax minimum distribution rules by applying a reasonable and good
faith interpretation to Section 401(a)(9) of the Internal Revenue Code.
(d) This subsection applies
to distributions made on or after January 1, 1993. Notwithstanding and
rollovers from the Plan. The Plan does not have mandatory distributions within
the meaning of Section 401(a)(31) of the Internal Revenue Code. With respect to
distributions from the Plan and notwithstanding any other provision of the
Plan to the contrary that would otherwise limit a distributee's election under
this Article, a distributee (including, after December 31, 2006, a non‑spouse
beneficiary if that non‑spouse beneficiary elects a direct rollover only
to an inherited traditional or Roth IRA as permitted under applicable federal
law) may elect, at the time and in the manner prescribed by the Plan
administrator, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a
direct rollover. As used in this subsection, an "eligible retirement
plan" means an individual retirement account described in Section
408(a) of the Code, an individual retirement annuity described in Section
408(b) of the Code, an annuity plan described in Section 403(a) of the Code, on
and after January 1, 2009, a Roth IRA, or a qualified trust described in
Section 401(a) of the Code, that accepts the distributee's eligible rollover
distribution. Effective on and after January 1, 2002, an eligible retirement
plan also means an annuity contract described in Section 403(b) of the Code and
an eligible plan under Section 457(b) of the Code that is maintained by a
state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately
account for amounts transferred into that plan from this Plan. As used in this
subsection, a "direct rollover" is a payment by the Plan to the
eligible retirement plan specified by the distributee. Provided, an
eligible rollover distribution is any distribution of all or any portion of the
balance to the credit of the distributee, except that an eligible rollover
distribution does shall not include: any distribution that is one
of a series of substantially equal periodic payments (not less frequently than
annually) made for the life (or life expectancy) of the distributee or the
joint lives (or joint life expectancies) of the distributee and the distributee's
designated beneficiary, or for a specified period of 10 years or more; any
distribution to the extent such distribution is required under section
401(a)(9) of the Code; and the portion of any distribution that is not
includible in gross income (determined without regard to the exclusion for net
realized appreciation with respect to employer securities). Effective as of
January 1, 2002, and notwithstanding the exclusion of any after‑tax
portion from such a rollover distribution in the preceding sentence, a
portion of a distribution shall not fail to be an eligible rollover
distribution merely because the portion consists of after‑tax employee
contributions which are not includible in gross income. However, such That
portion may be transferred only transferred, pursuant to applicable
federal law, to an individual retirement account or annuity described in
Section 408(a) or (b) of the Code, to a qualified defined benefit plan,
or to a qualified defined contribution plan described in Section 401(a) or
403(a) 401(a), 403(a), or 403(b) of the Code that agrees to
separately account for amounts so transferred, including separately accounting
for the portion of such distribution which is includible in gross income and
the portion of such distribution which is not so includible. Provided, an
eligible retirement plan is an individual retirement account described in
section 408(a) of the Code, an individual retirement annuity described in
section 408(b) of the Code, an annuity plan described in section 403(a) of the
Code, or a qualified trust described in section 401(a) of the Code, that
accepts the distributee's eligible rollover distribution. Effective on and
after January 1, 2002, an eligible retirement plan shall also mean an annuity
contract described in Section 403(b) of the Code and an eligible plan under
Section 457(b) of the Code which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from this Plan. The definition of
eligible retirement plan shall also apply in the case of a distribution to
surviving spouse, or to a spouse or former spouse who is the alternate payee
under a qualified domestic relations order, as defined in Section 414(p) of the
Internal Revenue Code, or a court‑ordered equitable distribution of
marital property, as provided under G.S. 50‑30. G.S. 50‑20.1.
Provided, a distributee includes an employee or former employee. Provided
further, a direct rollover is a payment by the Plan to the eligible retirement
plan specified by the distributee. Effective on and after January 1, 2007,
notwithstanding any other provision of this subsection, a nonspouse beneficiary
of a deceased member may elect, at the time and in the manner prescribed by the
administrator of the Board of Trustees of this Retirement System, to directly
roll over any portion of the beneficiary's distribution from the Retirement
System; however, such rollover shall conform with the provisions of section
402(c)(11) of the Code."
SECTION 5. G.S. 120‑4.28 reads as rewritten:
"§ 120‑4.28. Survivor's alternate benefit.
The designated beneficiary of a member who dies in service before retirement but after age 60 and after completing five years of creditable service or after completing 12 years of creditable service is entitled to Option 2 prescribed by G.S. 120‑4.26.
In the event that a retirement allowance becomes payable to the one and only one beneficiary designated to receive a return of accumulated contributions pursuant to this subsection and that beneficiary dies before the total of the retirement allowances paid equals the amount of those accumulated contributions over the total of the retirement allowances paid to the beneficiary, the allowance shall be paid in a lump sum to the person or persons the member has designated as the contingent beneficiary for return of accumulated contributions, if the person or persons are living at the time the payment falls due, otherwise to the one and only one beneficiary's legal representative."
SECTION 6. G.S. 135‑1(25) reads as rewritten:
"(25) "Teacher"
shall mean (i) any teacher, helping teacher, teacher in a job‑sharing
position under G.S. 115C‑326.5 except for a beneficiary in that
position, librarian, principal, supervisor, superintendent of public schools or
any full‑time employee, city or county, superintendent of public
instruction, or any full‑time employee of the Department of Public
Instruction, president, dean or teacher, or any full‑time employee in any
educational institution supported by and under the control of the State:
State; (ii) who works at least 30 or more hours per week for at least nine
or more months per calendar year: Provided, that the term "teacher"
shall not include any part‑time, temporary, or substitute teacher or
employee except for a teacher in a job‑sharing position, and shall not
include those participating in an optional retirement program provided for in G.S. 135‑5.1
or G.S. 135‑5.4. In all cases of doubt, the Board of Trustees,
hereinbefore defined, shall determine whether any person is a teacher as
defined in this Chapter. On and after August 1, 2001, a person who is a
nonimmigrant alien and who otherwise meets the requirements of this subdivision
shall not be excluded from the definition of "teacher" solely because
the person holds a temporary or time‑limited visa. Notwithstanding the
foregoing, the term "teacher" shall not include any nonimmigrant
alien employed in elementary or secondary public schools (whether employed in a
full‑time, part‑time, temporary, permanent, or substitute teacher
position) and participating in an exchange visitor program designated by the
United States Department of State pursuant to 22 C.F.R. Part 62 or by the
United States Department of Homeland Security pursuant to 8 C.F.R. Part
214.2(q)."
SECTION 7.(a) G.S. 120‑4.9 reads as rewritten:
"§ 120‑4.9. Retirement system established.
A Retirement System is established and placed under the Board of Trustees of the Teachers' and State Employees' Retirement System for administrative purposes. This Retirement System is a governmental plan, within the meaning of Section 414(d) of the Internal Revenue Code. Therefore, the nondiscrimination rules of Sections 401(a)(5) and 401(a)(26) of the Code do not apply.
The Retirement System shall have all the power and privileges of a corporation and shall be known as the "Legislative Retirement System of North Carolina." By this name all of its business shall be transacted, all of its funds invested and all of its cash and securities and other property held. All direction and policies concerning the Legislative Retirement System shall be vested in the Legislative Services Commission.
Consistent with Section 401(a)(1) of the Internal Revenue Code, all member employee and employer contributions to this Retirement System shall be made to funds held in trust through trust instruments that have the purposes of distributing trust principal and income to retired members and their beneficiaries and of paying other definitely determinable benefits under this Chapter, after meeting the necessary expenses of administering this Retirement System. Neither the trust corpus nor income from this trust can be used for purposes other than the exclusive benefit of members or their beneficiaries, except that employer contributions made to the trust under a good faith mistake of fact may be returned to an employer, where the refund can occur within less than one year after the mistaken contribution was made, consistent with the rule adopted by the Board of Trustees. The Retirement System shall have a consolidated Plan document, consisting of relevant statutory provisions in this Chapter, associated regulations in the North Carolina Administrative Code, substantive and procedural information on the official forms used by the Retirement System, and policies and minutes of the Board of Trustees."
SECTION 7.(b) G.S. 128‑22 reads as rewritten:
"§ 128‑22. Name and date of establishment.
A Retirement System is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Article for employees of those counties, cities and towns or other eligible employers participating in the said Retirement System. Following the filing of the application as provided in G.S. 128‑23(c), the Board shall set a date, effective the first day of a calendar quarter, not more than 90 days thereafter, as of which date participation of the employer may begin, which date shall be known as the date of participation for such employer: Provided, that in the judgment of the Board of Trustees an adequate number of persons have indicated their intention to participate; otherwise at such later date as the Board of Trustees may set.
It This Retirement
System is a governmental plan, within the meaning of Section 414(d) of the
Internal Revenue Code. Therefore, the nondiscrimination rules of Sections
401(a)(5) and 401(a)(26) of the Code do not apply. This System shall have
the power and privileges of a corporation and shall be known as the "North
Carolina Local Governmental Employees' Retirement System," and by such
name all of its business shall be transacted, all of its funds invested, and
all of its cash and securities and other property held.
Consistent with Section 401(a)(1) of the Internal Revenue Code, all contributions from participating employers and participating employees to this Retirement System shall be made to funds held in trust through trust instruments that have the purposes of distributing trust principal and income to retired members and their beneficiaries and of paying other definitely determinable benefits under this Chapter, after meeting the necessary expenses of administering this Retirement System. Neither the trust corpus nor income from this trust can be used for purposes other than the exclusive benefit of members or their beneficiaries, except that employer contributions made to the trust under a good faith mistake of fact may be returned to an employer, where the refund can occur within less than one year after the mistaken contribution was made, consistent with the rule adopted by the Board of Trustees. The Retirement System shall have a consolidated Plan document, consisting of Article V, Section 6(2) of the North Carolina Constitution, relevant statutory provisions in this Chapter, associated regulations in the North Carolina Administrative Code, substantive and procedural information on the official forms used by the Retirement System, and policies and minutes of the Board of Trustees."
SECTION 7.(c) G.S. 135‑2 reads as rewritten:
"§ 135‑2. Name and date of establishment.
A Retirement System is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Chapter for teachers and State employees of the State of North Carolina. The Retirement System so created shall be established as of the first day of July, 1941.
It This Retirement
System is a governmental plan, within the meaning of Section 414(d) of the
Internal Revenue Code. Therefore, the nondiscrimination rules of Sections
401(a)(5) and 401(a)(26) of the Code do not apply. This System shall have
the power and privileges of a corporation and shall be known as the "Teachers'
and State Employees' Retirement System of North Carolina," and by such
name all of its business shall be transacted, all of its funds invested, and
all of its cash and securities and other property held.
Consistent with Section 401(a)(1) of the Internal Revenue Code, all contributions from participating employers and participating employees to this Retirement System shall be made to funds held in trust through trust instruments that have the purposes of distributing trust principal and income to retired members and their beneficiaries and of paying other definitely determinable benefits under this Chapter, after meeting the necessary expenses of administering this Retirement System. Neither the trust corpus nor income from this trust can be used for purposes other than the exclusive benefit of members or their beneficiaries, except that employer contributions made to the trust under a good faith mistake of fact may be returned to an employer, where the refund can occur within less than one year after the mistaken contribution was made, consistent with the rule adopted by the Board of Trustees. The Retirement System shall have a consolidated Plan document, consisting of Article V, Section 6(2) of the North Carolina Constitution, relevant statutory provisions in this Chapter; associated regulations in the North Carolina Administrative Code, substantive and procedural information on the official forms used by the Retirement System, and policies and minutes of the Board of Trustees."
SECTION 7.(d) G.S. 135‑54 reads as rewritten:
"§ 135‑54. Name and date of establishment.
A Retirement System is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this Article for justices and judges, district attorneys, public defenders, the Director of Indigent Defense Services, and clerks of superior court of the General Court of Justice of North Carolina, and their survivors. This Retirement System is a governmental plan, within the meaning of Section 414(d) of the Internal Revenue Code. Therefore, the nondiscrimination rules of Sections 401(a)(5) and 401(a)(26) of the Code do not apply. The Retirement System so created shall be established as of January 1, 1974.
The Retirement System shall have the power and privileges of a corporation and shall be known as the "Consolidated Judicial Retirement System of North Carolina," and by such name all of its business shall be transacted.
Consistent with Section 401(a)(1) of the Internal Revenue Code, all contributions from participating employers and participating employees to this Retirement System shall be made to funds held in trust through trust instruments that have the purposes of distributing trust principal and income to retired members and their beneficiaries and of paying other definitely determinable benefits under this Chapter, after meeting the necessary expenses of administering this Retirement System. Neither the trust corpus nor income from this trust can be used for purposes other than the exclusive benefit of members or their beneficiaries, except that employer contributions made to the trust under a good faith mistake of fact may be returned to an employer, where the refund can occur within less than one year after the mistaken contribution was made, consistent with the rule adopted by the Board of Trustees. The Retirement System shall have a consolidated Plan document, consisting of relevant statutory provisions in this Chapter, associated regulations in the North Carolina Administrative Code, substantive and procedural information on the official forms used by the Retirement System, and policies and minutes of the Board of Trustees."
SECTION 8. G.S. 135‑3(2) and G.S. 135‑3(5) are repealed.
SECTION 9.(a) G.S. 128‑28(f) reads as rewritten:
"(f) Voting Rights. – Each trustee shall be entitled to one vote in the Board. A majority of affirmative votes in attendance shall be necessary for a decision by the trustees at any meeting of said Board. A vote may only be taken if at least seven members of the Board are in attendance, in person or by telephone, for the meeting at which a vote on a decision is taken."
SECTION 9.(b) G.S. 135‑6 reads as rewritten:
"(e) Voting Rights. –
Each trustee shall be entitled to one vote in the Board. Four affirmative
votes shall be necessary for a decision by the trustees at any meeting of said
Board. A majority of affirmative votes by trustees in attendance shall
be necessary for a decision by the trustees at any meeting of the Board. A vote
may only be taken if at least seven members of the Board are in attendance, in
person or by telephone, for the meeting at which a vote on a decision is taken."
SECTION 10. G.S. 147‑69.2(a) reads as rewritten:
"§ 147‑69.2. Investments authorized for special funds held by State Treasurer.
(a) This section applies to funds held by the State Treasurer to the credit of each of the following:
…
(17c) Retiree Health Premium
Reserve Account.Benefit Fund."
SECTION 11. This act becomes effective July 1, 2012.
In the General Assembly read three times and ratified this the 26th day of June, 2012.
s/ Walter H. Dalton
President of the Senate
s/ Thom Tillis
Speaker of the House of Representatives
s/ Beverly E. Perdue
Governor
Approved 12:29 p.m. this 29th day of June, 2012
