NC H264

Allows community college local boards of trustees to offer the "North Carolina Public School Teachers' and Professional Educators' Investment Plan" as a 403(b) supplemental retirement option to employees in addition to existing annuity and custodial account options under G.S. 115D-25.

Requires a qualified third-party administrator to manage annuity contracts, custodial accounts, and related administrative services including maintaining plan documents, reviewing withdrawal and loan requests, monitoring contribution limits, and ensuring IRS compliance.

Grants the Department of State Treasurer and Board of Trustees for North Carolina Supplemental Retirement Plans authority to oversee governance, determine investment options, and select service providers for the statewide 403(b) plan.

Permits existing vendors to continue serving participating employers only if they agree to share data with the State's 403(b) vendor for oversight purposes, or they must be directed to cease accepting new contributions and loans from the employer.

Becomes effective October 1, 2015.