House Bill 201 - Session Law 2023-105

Summary

• Makes administrative and conforming changes to North Carolina retirement systems for Teachers and State Employees, Local Governmental Employees, Legislative, and Consolidated Judicial Retirement Systems, plus the Disability Income Plan.

• Establishes a Group Life Insurance Plan creating a $10,000 lump-sum death benefit upon completion of 24 months of member contributions; if death occurs before 24 months, beneficiaries receive member's contributions plus interest.

• Transfers authority to review and approve extended short-term disability benefits from the Medical Board to the Retirement Systems Division of the Department of State Treasurer.

• Allows beneficiaries to change retirement benefit options and designated beneficiaries until the first retirement payment is received and processed, not just until the first check is cashed.

• Permits recovery of overpayments by the Retirement Systems Division through offsets of one-time payments and recurring monthly benefits at 8.5-25% reduction, with wage garnishment and setoff debt provisions when administrative error causes the overpayment.

• Effective Date: January 1, 2024