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NC H120
Bill
Status
2/14/2023
Primary Sponsor
Harry Warren
Click for details
AI Summary
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Limits vacation leave payout calculations used in determining average final compensation for government employee retirements to only unused vacation accrued in the 12-month period immediately before retirement.
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Applies to employees and teachers who start earning contributory retirement service in the North Carolina Retirement System on or after January 1, 2024.
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Amends G.S. 135-1(7a)a (Teachers' and State Employees' Retirement System) and G.S. 128-21(7a)a (Local Governmental Employees' Retirement System) with identical provisions.
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Allows employees hired before January 1, 2024 to continue using all accumulated unused vacation leave in retirement compensation calculations under existing rules.
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Effective upon enactment.
Legislative Description
Govt. Retirement/No Vacation Leave Spiking
Employment; Lgers; Local Government; Personnel; Public; Retirement; Salaries & Benefits; State Employees; Teachers; Tsers; Gover
Last Action
Ref to the Com on Pensions and Retirement, if favorable, State Personnel, if favorable, Rules, Calendar, and Operations of the House
2/15/2023