NC H1055

Exempts Retirement System Boards of Trustees from administrative rulemaking requirements when adopting actuarial tables, assumptions, and contribution-based benefit cap factors after presentation of actuary recommendations.

Allows retirement system employers to disclose employee information to conduct retirement system business, with such information treated as confidential and not public records.

Establishes monthly pension spiking reports from retirement systems to employers identifying members likely to require additional employer contributions if they retire within 12 months, with reports treated as confidential.

Authorizes Department of State Treasurer to obtain criminal history records for employees, contractors, volunteers, and others with access to confidential health or financial information, with denial of employment for those who refuse consent.

Expands service purchase options for retirement system members, creating two tiers of pricing: members purchasing by December 31, 2018 use one calculation method, while purchases on or after January 1, 2019 use full actuarial liability calculations with a 5-year maximum service purchase limit.

Restricts Social Security adjustment option (Option 4) and survivor benefit adjustment option (Option 6) for TSERS and LGERS members to those retiring on or before December 1, 2018.

Allows local governments participating in State Health Plan as of April 1, 2016 to withdraw effective January 1, 2017, with all other participation elections becoming irrevocable.