NC S740

Modifies G.S. 115D-5(a) to allow community college boards flexibility in setting president salaries by separating state-paid and local-paid salary portions.

State Board of Community Colleges salary caps apply only to the state-paid portion of community college president salaries.

State Treasurer sets employer contribution rate on local-paid salary portions based on actuarial recommendations.

Establishes employer contribution rate of 12.29% for the local-paid portion of community college president salaries for fiscal year 2010-2011.

Effective July 1, 2010.