H2066 - Special Retirement Allowances

• Allows members of the Teachers' and State Employees' Retirement System and Local Governmental Employees' Retirement System to make a one-time election to transfer accumulated contributions from supplemental retirement plans to receive a special retirement allowance.

• Permits transfers from the Supplemental Retirement Income Plan of North Carolina or the North Carolina Public Employee Deferred Compensation Plan, excluding Roth contributions and earnings.

• Provides members the option to elect special retirement allowances with no post-retirement increases or with annual increases equal to U.S. Consumer Price Index changes.

• Establishes two guaranteed payment options: payments guaranteed for a specified number of months, or payments guaranteed to equal the total transferred amount, with benefits continuing to designated beneficiaries.

• Becomes effective July 1, 2010 for certain provisions and January 1, 2011 for others; allows Boards of Trustees to assess administrative fees not exceeding actual administrative costs.