H.B. 1058 Summary

• Makes technical corrections and conforming changes to North Carolina retirement system laws governing Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, Consolidated Judicial Retirement System, and related benefit programs.

• Allows members with five or more years of service to purchase up to five years of creditable service for prior General Assembly service effective January 1, 2023, by lump sum payment to the Annuity Savings Fund, with employers authorized to pay all or part of the cost.

• Changes the eligibility date for discretionary one-time pension supplements from July 1 to September 1, with benefits paid in October based on Consumer Price Index ratios and Board of Trustees determination of sufficient investment gains.

• Clarifies that authorized representatives (not limited to parents, siblings, guardians, or agents under power of attorney) may act on behalf of ABLE account owners in accordance with federal ABLE Act and regulations.

• Becomes effective July 1, 2022.