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NC S367

Bill

Official Source

Status

Introduced

3/23/2017

Primary Sponsor

Ralph Hise

Click for details

Origin

Senate

2017-2018 Session

AI Summary

  • Amends G.S. 135-8 to require the Teachers' and State Employees' Retirement System (TSERS) Pension Accumulation Fund to include contributions accounting for the present value of future benefits related to cost-of-living adjustments (COLAs) and special annual leave bonuses granted in the current fiscal year.

  • Calculates additional present value of future benefits using an interest assumption rate equal to the rate adopted under G.S. 135-6(o) minus 2 percent.

  • Directs the General Assembly to create and maintain a reserve to be funded each time a COLA is granted or special bonus leave is issued, with funds used to cover the additional liability accrued by TSERS.

  • Makes the act effective upon enactment.

Legislative Description

Account for Impact Future Benefits/TSERS

Last Action

Re-ref to Pensions and Retirement and Aging. If fav, re-ref to Rules and Operations of the Senate

4/27/2017

Committee Referrals

Pensions & Retirement & Aging4/27/2017
Appropriations on Pensions, Compensation, and Benefits4/10/2017
Rules and Operations of the Senate3/27/2017

Full Bill Text

No bill text available