NC S719

Changes required minimum age for retirement benefit distribution from 70½ to 72 years old across multiple North Carolina retirement systems (Teachers' and State Employees', Local Governmental Employees', Consolidated Judicial, and Legislative).

Requires stress testing of the Teachers' and State Employees' Retirement System showing 20-year employer contribution projections and analysis of various investment return scenarios, with results reported to General Assembly and Governor before each five-year actuarial review.

Expands Pension Solvency Fund eligibility to include rebates from supplemental voluntary insurance benefits administration, and clarifies health benefit trust fund use of excess balances for incurred claims, Retiree Health Benefit Fund transfers, and plan improvements.

Strengthens pension protection by prohibiting members convicted of felonies from purchasing forfeited service credits and clarifying that forfeited service cannot be used for eligibility in any reciprocal retirement system.

Makes technical updates including recodifying unclaimed property statutes, clarifying "duly acknowledged" to include electronic notarization, and exempting Retirement System Boards from certain administrative rulemaking requirements when adopting actuarial assumptions and contribution-based benefit cap factors.