NC H277

Restructures the Supplemental Retirement Board of Trustees to consist of nine voting members appointed by the Governor (6), General Assembly (2), and State Treasurer ex officio, with three-year terms effective July 1, 2016, and limits members to two consecutive three-year terms or three consecutive terms of any length.

Authorizes the Department of State Treasurer to operate or contract for food and vending services at its offices, with net proceeds credited to the Division of Services for the Blind.

Permits indirect investments of retirement system assets through investment companies, collective trust funds, group trusts, and limited partnerships in addition to direct investments by the State Treasurer.

Increases the threshold for daily deposit of state funds from $250 to $5,000, allowing weekly deposits with adequate safekeeping requirements for smaller amounts.

Clarifies retirement eligibility definitions including unpaid volunteer service, authorizes monthly employer reporting requirements, and establishes mandatory distribution of retirement benefits by age 70½ with automatic payment provisions if members fail to complete applications.