NC H565

Reduces annual compensation limit for retirement benefit calculations from $200,000 to $160,000 effective July 1, 2017.

Changes unused sick and vacation accrual calculations from "days" to "hours" with specified maximums based on work schedule (720 vacation hours and 288 sick hours for 52-hour workweek; 320 vacation hours and 192 sick hours for 40-hour workweek).

Expands Board of Trustees from 11 to 13 members, including increasing Member representatives from 3 to 5 (one per civil service rank) and Retirees from 1 to 2; changes appointment method for public representatives from Resident Judge to Governor, Speaker of House, and President Pro Tempore of Senate.

Requires city contributions for vacant positions at approved budget rates and mandates that retirement system legal counsel be independent rather than provided by City Attorney.

Requires Charlotte City Council approval for all changes to the retirement system or procedures, and mandates that retirement system funds be kept in separate bank accounts from City operating accounts with no commingling of funds.