NC H359

Extends transfer benefit option to participants in the 403(b) Supplemental Retirement Plan, allowing members to transfer eligible balances from various retirement plans (403(b), 457(b), IRAs, 401(a), 403(a)) to receive a special retirement allowance.

Clarifies timing of Social Security offset for long-term disability benefits to apply "effective as of the first of the month following the month of initial entitlement."

Establishes a 415(m) Qualified Excess Benefit Arrangement (QEBA) effective January 1, 2014, to provide supplemental benefits to retirees whose payments exceed federal Internal Revenue Code section 415(b) limits; eligibility sunsets January 1, 2015.

Requires domestic relations orders dividing retirement interests to be submitted on system-designed template forms approved by the retirement systems.

Amends retroactive membership service provisions for Teachers' and State Employees' Retirement System and Local Governmental Employees' Retirement System to clarify reinstatement requirements and include settlement agreements as an option for purchasing service credits.