NC H477

Recodifies and standardizes death benefit plan laws across four North Carolina retirement systems: Teachers' and State Employees', Local Governmental Employees', Consolidated Judicial, and Legislative Retirement Systems

Creates new Article 8 in Chapter 135 establishing the "Death Benefit Plan for State Employees and Retirees" with 12 new statutory sections consolidating previously scattered provisions

Establishes the North Carolina Teachers' and State Employees' Benefit Trust as a master trust for all participating death benefit plans, with assets protected from creditor claims and irrevocable employer contributions

Sets in-service death benefits at $25,000 minimum to $50,000 maximum based on compensation; retired members may elect a fully contributory death benefit of $10,000 (after 24 months of premium payments) or refund of premiums plus interest if death occurs earlier

Authorizes the Board of Trustees to deposit up to 0.04% of the State's employer contribution rate into a separate fund to ensure timely payment of line-of-duty death benefits under the Public Safety Employees' Death Benefits Act, effective July 1, 2025