NC H86

Increases the death benefit for Legislative Retirement System members who die while in service from $15,000 maximum to a flat $50,000 lump-sum payment after completing one year of creditable service.

Defines "in service" to include current service in the North Carolina General Assembly and service in the Uniformed Services beginning during a member's term of office, with continued coverage until first eligible to separate from involuntary military service.

Reorganizes death benefit statute to establish the North Carolina Teachers' and State Employees' Benefit Trust as a separate group life insurance plan, with benefit trust assets protected from creditor claims.

Appropriates $23,892 in recurring funds and $11,946 in nonrecurring funds for the 2020-2021 fiscal year, with the General Assembly contributing $35,838 to the Teachers' and State Employees' Benefit Trust by June 30, 2021.

Makes changes retroactively effective to January 1, 2020, applying to eligible deaths occurring on or after that date.