North Carolina 2017-2018 Session Status: In Committee 2 R cosponsors

SB 467 — North Carolina Retirement Reform.

Last action — Withdrawn From Com

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2017-2018 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

22 added · 23 removed

Plain-language change summary

The latest version of Senate Bill 467 includes the addition of the bill's title and sponsors, while removing some initial formatting details from the previous version. These changes clarify the source of the bill and make it easier to understand who is advocating for it. This is important because clear identification of sponsors can enhance transparency in the legislative process and help the public follow the conversation around the bill.

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FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA Mar 29, 2017 S.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2017 S 1 SENATE BILL 467 Short Title:
467 SESSION 2017 PRINCIPAL CLERK S D SENATE BILL DRS15118-MR-68R (03/09) Short Title:
Senators Wells, Rabon, and Rabin (Primary Sponsors).
Senators Wells, Rabon, Rabin (Primary Sponsors);
Brock and Sanderson.
A BILL TO BE ENTITLED AN ACT TO REFORM THE NORTH CAROLINA RETIREMENT SYSTEM BY PROVIDING THAT CERTAIN PERSONS HIRED BY THE STATE BEGINNING JULY 1, 2018, SHALL PARTICIPATE IN THE NORTH CAROLINA 401(K) PLAN OR NORTH CAROLINA 457 PLAN RATHER THAN THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM;
Rules and Operations of the Senate March 30, 2017 A BILL TO BE ENTITLED AN ACT TO REFORM THE NORTH CAROLINA RETIREMENT SYSTEM BY PROVIDING THAT CERTAIN PERSONS HIRED BY THE STATE BEGINNING JULY 1, 2018, SHALL PARTICIPATE IN THE NORTH CAROLINA 401(K) PLAN OR NORTH CAROLINA 457 PLAN RATHER THAN THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM OR THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM;
*DRS15118-MR-68R* General Assembly Of North Carolina Session 2017 c.
*S467-v-1* General Assembly Of North Carolina Session 2017 c.
Page 2 DRS15118-MR-68R [v.16] (03/17) General Assembly Of North Carolina Session 2017 (d) Any automatic adjustment in employee contribution rates made by the Board of Trustees may be phased in over the course of no more than three years.
Page 2 Senate Bill 467-First Edition General Assembly Of North Carolina Session 2017 (d) Any automatic adjustment in employee contribution rates made by the Board of Trustees may be phased in over the course of no more than three years.
The Board may exempt from automatic monthly distributions accounts with balances below a threshold set by the Board." SECTION 1.(b) It is the intent of the General Assembly for the 2018-2019 fiscal year to provide for a one hundred percent (100%) match by the State on the first six percent (6%) in contributions made by (i) persons hired by the State on or after July 1, 2018, and who are required to participate in the North Carolina 401(k) Plan or the North Carolina 457 Plan DRS15118-MR-68R [v.16] (03/17) Page 3 General Assembly Of North Carolina Session 2017 rather than the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, or the Optional Retirement Program established under G.S.
The Board may exempt from automatic monthly distributions accounts with balances below a threshold set by the Board." SECTION 1.(b) It is the intent of the General Assembly for the 2018-2019 fiscal year to provide for a one hundred percent (100%) match by the State on the first six percent (6%) in contributions made by (i) persons hired by the State on or after July 1, 2018, and who are required to participate in the North Carolina 401(k) Plan or the North Carolina 457 Plan Senate Bill 467-First Edition Page 3 General Assembly Of North Carolina Session 2017 rather than the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, or the Optional Retirement Program established under G.S.
(iii) a plan described in section 457(b) of the Internal Revenue Code that is maintained by a state, Page 4 DRS15118-MR-68R [v.16] (03/17) General Assembly Of North Carolina Session 2017 political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state;
(iii) a plan described in section 457(b) of the Internal Revenue Code that is maintained by a state, Page 4 Senate Bill 467-First Edition General Assembly Of North Carolina Session 2017 political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state;
If the member's designated beneficiary dies before receiving payments for DRS15118-MR-68R [v.16] (03/17) Page 5 General Assembly Of North Carolina Session 2017 the specified number of months, any remaining payments will be paid to the member's estate.
If the member's designated beneficiary dies before receiving payments for Senate Bill 467-First Edition Page 5 General Assembly Of North Carolina Session 2017 the specified number of months, any remaining payments will be paid to the member's estate.
Page 6 DRS15118-MR-68R [v.16] (03/17) General Assembly Of North Carolina Session 2017 (1) Members of the Teachers' and State Employees' Retirement System;
Page 6 Senate Bill 467-First Edition General Assembly Of North Carolina Session 2017 (1) Members of the Teachers' and State Employees' Retirement System;
DRS15118-MR-68R [v.16] (03/17) Page 7 General Assembly Of North Carolina Session 2017 (c) The Department of State Treasurer and Board of Trustees shall establish maximum annual additions that may be made to a member's account and provide for multiple plan reductions in accordance with the Internal Revenue Code of 1954 as amended.
Senate Bill 467-First Edition Page 7 General Assembly Of North Carolina Session 2017 (c) The Department of State Treasurer and Board of Trustees shall establish maximum annual additions that may be made to a member's account and provide for multiple plan reductions in accordance with the Internal Revenue Code of 1954 as amended.
128-24 who earned membership service prior to July 1, 2018, and did not withdraw that service." Page 8 DRS15118-MR-68R [v.16] (03/17) General Assembly Of North Carolina Session 2017 SECTION 2.(c) G.S.
128-24 who earned membership service prior to July 1, 2018, and did not withdraw that service." Page 8 Senate Bill 467-First Edition General Assembly Of North Carolina Session 2017 SECTION 2.(c) G.S.
and for(iv) the Director of Indigent Defense Services who is serving on July 1, 2008, and those who become Director of Indigent Defense Services after that date.date and who earned membership service prior to July 1, 2018, and did not withdraw that service." DRS15118-MR-68R [v.16] (03/17) Page 9 General Assembly Of North Carolina Session 2017 SECTION 2.(g) G.S.
and for(iv) the Director of Indigent Defense Services who is serving on July 1, 2008, and those who become Director of Indigent Defense Services after that date.date and who earned membership service prior to July 1, 2018, and did not withdraw that service." Senate Bill 467-First Edition Page 9 General Assembly Of North Carolina Session 2017 SECTION 2.(g) G.S.
Page 10 DRS15118-MR-68R [v.16] (03/17) General Assembly Of North Carolina Session 2017 (5) Employees of The University of North Carolina Health Care System, subject to rules for eligibility and participation as may be adopted by the Board of Governors in the Optional Retirement Program plan document.
Page 10 Senate Bill 467-First Edition General Assembly Of North Carolina Session 2017 (5) Employees of The University of North Carolina Health Care System, subject to rules for eligibility and participation as may be adopted by the Board of Governors in the Optional Retirement Program plan document.
Consistent with Section 401(a) of the Internal Revenue Code, no part of the corpus or income of the Optional Retirement Program, or any trust established under that Program, may be (within the taxable year or thereafter) used for purposes other than for the exclusive benefit of participants and their beneficiaries, except that contributions made under a DRS15118-MR-68R [v.16] (03/17) Page 11 General Assembly Of North Carolina Session 2017 good faith mistake of fact may be returned, consistent with the rules adopted by the University.
Consistent with Section 401(a) of the Internal Revenue Code, no part of the corpus or income of the Optional Retirement Program, or any trust established under that Program, may be (within the taxable year or thereafter) used for purposes other than for the exclusive benefit of participants and their beneficiaries, except that contributions made under a Senate Bill 467-First Edition Page 11 General Assembly Of North Carolina Session 2017 good faith mistake of fact may be returned, consistent with the rules adopted by the University.
SECTION 2.(k) No later than December 31, 2017, the Department of State Treasurer shall submit a report to the chairs of the Senate Committee on Appropriations on Pensions, Compensation, and Benefits, the chairs of the House Pensions and Retirement Page 12 DRS15118-MR-68R [v.16] (03/17) General Assembly Of North Carolina Session 2017 Committee, and the Fiscal Research Division regarding local government employees in North Carolina who do not participate in Social Security.
SECTION 2.(k) No later than December 31, 2017, the Department of State Treasurer shall submit a report to the chairs of the Senate Committee on Appropriations on Pensions, Compensation, and Benefits, the chairs of the House Pensions and Retirement Page 12 Senate Bill 467-First Edition General Assembly Of North Carolina Session 2017 Committee, and the Fiscal Research Division regarding local government employees in North Carolina who do not participate in Social Security.
…." DRS15118-MR-68R [v.16] (03/17) Page 13 General Assembly Of North Carolina Session 2017 SECTION 4.(c) G.S.
…." Senate Bill 467-First Edition Page 13 General Assembly Of North Carolina Session 2017 SECTION 4.(c) G.S.
Page 14 DRS15118-MR-68R [v.16] (03/17) General Assembly Of North Carolina Session 2017 … (b) Partially Contributory Coverage.
Page 14 Senate Bill 467-First Edition General Assembly Of North Carolina Session 2017 … (b) Partially Contributory Coverage.
DRS15118-MR-68R [v.16] (03/17) Page 15
Senate Bill 467-First Edition Page 15
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Action History

  1. Withdrawn From Com

  2. Re-ref to Pensions and Retirement and Aging. If fav, re-ref to Rules and Operations of the Senate

  3. Withdrawn From Com

  4. Re-ref to Appropriations on Pensions, Compensation, and Benefits. If fav, re-ref to Rules and Operations of the Senate

  5. Passed 1st Reading

  6. Ref To Com On Rules and Operations of the Senate

  7. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 3 co-sponsors · 174 not signed on

Sponsors (2)

Co-sponsors (3)

Not signed on (174)

174 members have not signed on to this bill.

Show all 174 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance labor education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 467?
SB 467 is sponsored by Wells, Norman W. Sanderson (Republican), Bill Rabon (Republican), Rabin, and Brock.
What is the current status of SB 467?
This bill died with 2017-2018 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 467?
Track SB 467 free on One Click Politics — get push/email alerts when it moves.

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