NC S359

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" as a group life insurance plan separate from the retirement system, with benefits ranging from $25,000 to $50,000 for in-service members based on compensation

Provides a fully contributory death benefit option for retired members who elect coverage within 60 days of retirement and pay continuous monthly premiums, with a $10,000 benefit after 24 months of coverage

Expands survivor's alternate benefit eligibility (effective July 1, 2025) to surviving spouses of members who completed at least five years of membership service, removing the previous requirement that members be age 50 or older

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