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GENERAL ASSEMBLY OF NORTH CAROLINA H.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2019 H 1 HOUSE BILL 1069 Short Title:
1069 May 12, 2020 SESSION 2019 HOUSE PRINCIPAL CLERK H D HOUSE BILL DRH40553-MRp-167 Short Title:
Representative C.
Representatives C.
Smith.
Smith and McNeill (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
A BILL TO BE ENTITLED AN ACT TO MAKE TECHNICAL CHANGES TO THE STATUTES GOVERNING THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, THE LEGISLATIVE RETIREMENT SYSTEM, THE SUPPLEMENTAL RETIREMENT INCOME PLAN, AND THE ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) PROGRAM TRUST.
Pensions and Retirement, if favorable, Rules, Calendar, and Operations of the House May 12, 2020 A BILL TO BE ENTITLED AN ACT TO MAKE TECHNICAL CHANGES TO THE STATUTES GOVERNING THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, THE LEGISLATIVE RETIREMENT SYSTEM, THE SUPPLEMENTAL RETIREMENT INCOME PLAN, AND THE ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) PROGRAM TRUST.
135-5(a)shall begin to receive amonthlybenefit no laterthanApril 1ofthecalendar year following the later of the calendar year in which the member (i) attains 70 and one-half 72 years of age or (ii) has ceased to be a teacher or State employee except by death.
135-5(a)shall begin to receiveamonthlybenefit nolaterthanApril 1 ofthecalendar year following the later of the calendar year in which the member (i) attains 70 and one-half 72 *H1069-v-1* General Assembly Of North Carolina Session 2019 years of age or (ii) has ceased to be a teacher or State employee except by death.
If such the member fails, following reasonable notification, to complete the retirement process as set forth *DRH40553-MRp-167* General Assembly Of North Carolina Session 2019 under Chapter 135 of the General Statutes by such required beginning date, then the requirement that a retirement application and an election of payment plan form be completed shall be waived and the retirement allowance shall be paid as a single life annuity.
If such the member fails, following reasonable notification, to complete the retirement process as set forth under Chapter 135 of the General Statutes by such required beginning date, then the requirement that a retirement application and an election of payment plan form be completed shall be waived and the retirement allowance shall be paid as a single life annuity.
For purposes of this subsection, a member shall not be considered to have ceased to be an employee if the member is actively contributing to the Teachers' and State Employees' Retirement System, ConsolidatedJudicial RetirementSystem, or LegislativeRetirementSystem.
For purposes of this subsection, a member shall not be considered to have ceased to be an employee if the member is actively contributing to the Teachers' and State Employees' Retirement System, ConsolidatedJudicial RetirementSystem, or LegislativeRetirement System.
If such the member fails, following reasonable notification, to complete a refund application by such the required date, then the requirement that a refund application be completed shall be waived and the refund shall be paid without a refund application as a single lump-sum payment with applicable required North Page 2 DRH40553-MRp-167 General Assembly Of North Carolina Session 2019 Carolina and federal income taxes withheld.
If such the member fails, following reasonable notification, to complete a refund application by such the required date, then the Page 2 House Bill 1069-First Edition General Assembly Of North Carolina Session 2019 requirement that a refund application be completed shall be waived and the refund shall be paid without a refund application as a single lump-sum payment with applicable required North Carolina and federal income taxes withheld.
If such the member fails, following reasonable notification, to complete the retirement process as set forth under Chapter 120 of the General Statutes by such the required beginning date, then the requirement that a retirement application and an election of payment plan form be completed DRH40553-MRp-167 Page 3 General Assembly Of North Carolina Session 2019 shall be waived and the retirement allowance shall be paid as a single life annuity.
If such the member fails, following reasonable notification, to complete the retirement process as set forth under Chapter 120 of the General Statutes by such the required beginning date, then the House Bill 1069-First Edition Page 3 General Assembly Of North Carolina Session 2019 requirement that a retirement application and an election of payment plan form be completed shall be waived and the retirement allowance shall be paid as a single life annuity.
As used in this Article, the term "profit" means the excess revenue overexpenditures priorto theexpenditure ofthe amount whichmaybeoptionallymade available for employees to be placed in trust by the State and its political subdivisions on behalf of the employees and officials covered by this Article." SECTION 3.(b) G.S.
As used in this Article, the term "profit" means the excess revenue overexpenditures priorto theexpenditureofthe amount whichmaybeoptionallymade available for employees to be placed in trust by the State and its political subdivisions on behalf of the employees and officials covered by this Article." SECTION 3.(b) G.S.
"(3) The Department of State Treasurer and Board of Trustees shall provide members with alternative payment options, including survivors' options, for Page 4 DRH40553-MRp-167 General Assembly Of North Carolina Session 2019 the distribution of benefits from the Plan upon retirement, disability, termination, hardship, and death." SECTION 4.(a) G.S.
Page 4 House Bill 1069-First Edition General Assembly Of North Carolina Session 2019 "(3) The Department of State Treasurer and Board of Trustees shall provide members with alternative payment options, including survivors' options, for the distribution of benefits from the Plan upon retirement, disability, termination, hardship, and death." SECTION 4.(a) G.S.
SECTION 5.
House Bill 1069-First Edition Page 5 General Assembly Of North Carolina Session 2019 SECTION 5.
DRH40553-MRp-167 Page 5
Page 6 House Bill 1069-First Edition
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