NC H183

Allows offset of overpaid or erroneous benefits paid to retirement system members against future benefits, returns of contributions, or other retirement allowances owed to the member, estate, or beneficiary.

Simplifies pension fund structure by consolidating four retirement funds into two funds (annuity savings fund and pension accumulation fund) for the Teachers' and State Employees' Retirement System and three funds for the Local Government Employees' Retirement System.

Replaces "normal contribution" and "accrued liability contribution" terminology with "actuarially determined employer contribution rate" to be calculated annually using standards approved by the American Academy of Actuaries.

Establishes North Carolina Teachers' and State Employees' Benefit Trust as master trust fund with irrevocable contributions for death and disability benefits, protecting assets from creditor claims.

Creates Legislative Enactment Implementation Arrangement (LEIA) effective October 1, 2017, allowing Board of Trustees to allocate up to 0.01% of required contributions for administrative costs of implementing legislative changes that produce cost savings, with funding to cease November 1, 2021.