NC H730

Authorizes the Department of State Treasurer to establish a centralized 403(b) retirement annuity plan called the "North Carolina Public School Teachers' and Professional Educators' Investment Plan" for employees of local school boards.

Allows local boards of education to offer this statewide plan as an alternative to individual 403(b) arrangements, with the goal of reducing administrative fees and providing enhanced services through a single selected vendor.

Requires a qualified third-party administrator to provide custodial and record-keeping services, including maintaining plan documents, reviewing withdrawal and loan requests, monitoring contribution limits, and ensuring compliance with Internal Revenue Code Section 403(b).

Designates the Department of State Treasurer and Board of Trustees for the North Carolina Supplemental Retirement Plans to oversee governance, select investment options, and choose the service provider for the statewide plan.

Becomes effective July 1, 2011.