H.B. 1200 Summary

• Amends the Winston-Salem Firemen's Retirement Fund provisions regarding employee contribution calculations, effective July 1, 2012, changing from a formula-based deduction to an amount determined by the Trustees upon advice of the Association's actuary.

• Repeals Chapter 551 of the 1983 Session Laws establishing the New Bern Firemen's Supplemental Retirement Fund.

• Transfers all remaining funds from the New Bern Firemen's Supplemental Retirement Fund to the Board of Trustees of the Local Firemen's Relief Fund of the City of New Bern for administration under Article 84 of Chapter 58 of the General Statutes.

• Makes clarifying updates to the Winston-Salem retirement fund provisions including conforming amendments related to military service credits, qualified domestic relations orders, and Internal Revenue Code compliance requirements.