North Carolina 2021-2022 Session Status: In Committee Bipartisan · 15 R · 13 D · 1 I cosponsors

HB 899 — North Carolina Work and Save.

Last action — Reptd Fav Com Substitute

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

This bill died with 2021-2022 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

510 added · 513 removed

Plain-language change summary

The recent amendment to Bill HB 899 includes the full title and details of the bill’s sponsors to improve transparency and accountability. This change ensures that the public knows who is supporting the bill, which can foster greater trust in the legislative process. Additionally, it maintains the definitions of 'covered employee' and 'covered employer,' keeping the focus on individuals and entities eligible for the retirement savings program without altering the original intent of providing retirement security to North Carolinians.

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GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2021 H 2 HOUSE BILL 899 Committee Substitute Favorable 6/22/21 Short Title:
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2021 H 1 HOUSE BILL 899 Short Title:
Representatives Hardister, Hanig, Warren, and Harris (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
May 10, 2021 A BILL TO BE ENTITLED ANACTTOCREATETHESMALLBUSINESS RETIREMENTSAVINGSPROGRAMAND TO APPROPRIATE FUNDS.
Commerce, if favorable, Appropriations, if favorable, Rules, Calendar, and Operations of the House May 10, 2021 A BILL TO BE ENTITLED ANACTTOCREATETHESMALLBUSINESS RETIREMENTSAVINGSPROGRAMAND TO APPROPRIATE FUNDS.
(2) Board.
*H899-v-1* General Assembly Of North Carolina Session 2021 (2) Board.
*H899-v-2* General Assembly Of North Carolina Session 2021 (3) Covered employee.
(3) Covered employee.
Any individual who is an employee of the federal government, the State or any other state, any county or municipal corporation, or any of the State's, any other state's, or the federal government's units or instrumentalities.
Any individual who is an employee of the federal government, the State or any other state, any country or municipal corporation, or any of the State's, any other state's, or the federal government's units or instrumentalities.
– All fees, costs, and expenses, including, but not limited, to administrative expenses, investment expenses, investment advice expenses, accounting costs, actuarial costs, legal costs, marketing expenses, education expenses, trading costs, insurance annuitization costs, and other miscellaneous costs.
– All fees, costs, and expenses, including, but not limited, to administrative expenses, investment expenses, investment advice expenses, accounting costs, actuarial costs, legal costs, marketing expenses, Page 2 House Bill 899-First Edition General Assembly Of North Carolina Session 2021 education expenses, trading costs, insurance annuitization costs, and other miscellaneous costs.
Page 2 House Bill 899-Second Edition General Assembly Of North Carolina Session 2021 (15) Traditional IRA.
(15) Traditional IRA.
House Bill 899-Second Edition Page 3 General Assembly Of North Carolina Session 2021 (2) In addition to the 10votingmembers, thePresident ProTempore of theSenate and the Speaker of the House of Representatives shall each appoint one nonvoting advisory member.
House Bill 899-First Edition Page 3 General Assembly Of North Carolina Session 2021 (2) In addition to the 10votingmembers, thePresident ProTempore of theSenate and the Speaker of the House of Representatives shall each appoint one nonvoting advisory member.
Of the initial five appointments made by the Governor, two shall be appointed for four-year terms, two shall be appointed for two-year terms, and one shall be appointed for a one-year term, with all terms to begin on October 1, 2021.
Of the initial appointments made by the Governor, the General Assembly upon the recommendation of the President Pro Tempore of the Senate, and the General Assembly upon the recommendation of the Speaker of the House of Representatives, one each shall be appointed for four-year terms to begin October 1, 2021, and one each shall be appointed for two-year terms to begin on October 1, 2021.
Of the initial two appointments made by the General Assembly upon the recommendation of the President Pro Tempore of the Senate, one shall be appointed for a four-year term and one shall be appointed for a two-year term, with both terms to begin on October 1, 2021.
Of the remaining appointments by the Governor, two shall be for a term of one year to begin on October 1, 2021.
Of the initial two appointments made by the General Assembly upon the recommendation of the Speaker of the House of Representatives, one shall be appointed for a four-year term and one shall be appointed for a two-year term, with both terms to begin on October 1, 2021.
(1) Design, develop, implement, maintain, govern, and promulgate rules with respect to a payroll deduction retirement savings program for covered employers and, to that end, may conduct market, legal, and feasibility analyses.
(1) Design, develop, implement, maintain, govern, and promulgate rules with respect to a payroll deduction retirement savings program for covered employers that do not provide a retirement program and, to that end, may conduct market, legal, and feasibility analyses.
(5) Retain trustees, record keepers, investment managers, investment advisors, and other administrative, professional, expert advisors and service providers, none of whom shall be members of the Board and all of whom shall serve at the pleasure of the Board, and determine their duties and compensation.
(5) Retain trustees, recordkeepers, investment managers, investment advisors, and other administrative, professional, expert advisors and service providers, none of whom shall be members of the Board and all of whom shall serve at the pleasure of the Board, and determine their duties and compensation.
To arrange for collective, common, and pooled investment of assets of the Program and Trust, including investments in conjunction with Page 4 House Bill 899-Second Edition General Assembly Of North Carolina Session 2021 other funds with which these assets are permitted by law to be collectively invested, with a view to achieving economies of scale and other efficiencies designed to minimize costs for the Program and its participants, to promote portability of benefits.
To arrange for collective, common, and pooled investment of assets of the Program and Trust, including investments in conjunction with other funds with which these assets are permitted by law to be collectively invested, with a view to achieving economies of scale and Page 4 House Bill 899-First Edition General Assembly Of North Carolina Session 2021 other efficiencies designed to minimize costs for the Program and its participants, to promote portability of benefits.
(12) Invest and reinvest its funds in the Administrative Fund in accordance with applicable State and federal laws.
(12) Invest and reinvest its funds in accordance with applicable State and federal laws.
Services of private and public financial institutions, depositories, consultants, actuaries, counsel, auditors, investment advisers, investment administrators, investment management firms, other House Bill 899-Second Edition Page 5 General Assembly Of North Carolina Session 2021 investment firms, third-party administrators, other professionals and service providers, and State public retirement systems.
Services of private and public financial institutions, depositories, consultants, actuaries, counsel, auditors, investment advisers, investment administrators, investment management firms, other investment firms, third-party administrators, other professionals and service providers, and State public retirement systems.
b.
House Bill 899-First Edition Page 5 General Assembly Of North Carolina Session 2021 b.
(b) In addition to the applicable prohibitions contained in Article 4 of Chapter 138A of the General Statutes, a Board member, executive director, and other staff of the Board shall not do any of the following:
(b) In addition to the applicable prohibitions contained in Article 4 of Chapter 138A of the General Statutes, a Board member, program administrator, and other staff of the Board shall not do any of the following:
Page 6 House Bill 899-Second Edition General Assembly Of North Carolina Session 2021 (2) Borrow any Program-related funds or deposits or use any such funds or deposits in any manner, for himself or herself or as an agent or partner of others.
(2) Borrow any Program-related funds or deposits or use any such funds or deposits in any manner, for himself or herself or as an agent or partner of others.
(3) Become an endorser, surety, or obligor on investments made under the Program.
Page 6 House Bill 899-First Edition General Assembly Of North Carolina Session 2021 (3) Become an endorser, surety, or obligor on investments made under the Program.
(3) Provide that the standard package shall be a Roth IRA with a target date fund investment, and a contribution rate that begins at five percent (5%) of salary or wages;
(3) Provide that the standard package shall be a Roth IRA with a target date fund investment, and a contribution rate that begins at five percent (5%) of salary or wages, provided that the covered employee can choose to stop participation altogether, to use a traditional IRA and a different investment from among the options available, and to contribute at a higher or lower contribution rate, subject to the IRA contribution dollar limits applicable under the Internal Revenue Code;
provided, however, that the covered employee can choose to stop participation altogether, to use a traditional IRA and a different investment from among the options available, and to contribute at a higher or lower contribution rate, subject to the IRA contribution dollar limits applicable under the Internal Revenue Code.
provided, however, that Program participants may choose a different investment from among those currently available in the Program.
Any such increases shall apply to participants, as determined by the Board, by default or only if initiated by affirmative participant election included as part of the standard package, in either case subject to the IRA contribution limits applicable under the Internal Revenue Code.
Any such increases shall apply to participants, as determined by the Board, by default or only if initiated by affirmative participant election including as part of the standard package, in either case subject to the IRA contribution limits applicable under the Internal Revenue Code.
House Bill 899-Second Edition Page 7 General Assembly Of North Carolina Session 2021 (11) Allow portability of benefits, including the ability to make tax-free rollovers or transfers from accounts under the Program to other non-program retirement accounts or to tax-qualified plans that accept such rollovers or transfers provided any rollover is initiated by the employee.
(11) Allow portability of benefits, including the ability to make tax-free rollovers or transfers from accounts under the Program to other non-program retirement House Bill 899-First Edition Page 7 General Assembly Of North Carolina Session 2021 accounts or to tax-qualified plans that accept such rollovers or transfers provided any rollover is initiated by the employee.
Page 8 House Bill 899-Second Edition General Assembly Of North Carolina Session 2021 (4) Conductoutreachtoindividuals,employers,otherstakeholders,andthepublic regarding the Program.
(4) Conductoutreachtoindividuals,employers,otherstakeholders,andthepublic regarding the Program.
Specify the contents, frequency, timing, and means of required disclosures from the Program to covered employees, participants, other individuals eligible to participate in the Program, covered employers, and other interested parties.
Specify the contents, frequency, timing, and means of Page 8 House Bill 899-First Edition General Assembly Of North Carolina Session 2021 required disclosures from the Program to covered employees, participants, other individuals eligible to participate in the Program, covered employers, and other interested parties.
(a) A covered employer or other employer is not and shall not be liable for or bear responsibility for any of the following:
A covered employer or other employer is not and shall not be liable for or bear responsibility for all of the following:
(3) The administration, investment, investment returns, or investment performance of the Program, including, without limitation, anyinterest rate or House Bill 899-Second Edition Page 9 General Assembly Of North Carolina Session 2021 other rate of return on anycontribution or account balance, provided theyplay no role.
(3) The administration, investment, investment returns, or investment performance of the Program, including, without limitation, anyinterest rate or other rate of return on anycontribution or account balance, provided theyplay no role.
(5) Individuals' awareness of or compliance with the conditions and other provisions of the tax laws that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner.
House Bill 899-First Edition Page 9 General Assembly Of North Carolina Session 2021 (5) Individuals' awareness of or compliance with the conditions and other provisions of the tax laws that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner.
(b) No covered employer or other employer shall be, or shall be considered to be, a fiduciary in relation to the Program or Trust or any other arrangement under the Program.
(7) No covered employer or other employer shall be, or shall be considered to be, a fiduciary in relation to the Program or Trust or any other arrangement under the Program.
The State, the Board, each member of the Board, and the Program:
The State, the Board, each member of the Board, and the Program shall have:
(1) Shall have no responsibilityfor compliance byindividuals with the conditions and other provisions of the Internal Revenue Code that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner.
(1) No responsibility for compliance by individuals with the conditions and other provisions of the Internal Revenue Code that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner.
(2) Shall have no duty, responsibility, or liability to any party for the payment of any benefits under the Program, regardless of whether sufficient funds are available under the Program to pay such benefits.
(2) Noduty,responsibility,orliabilitytoanypartyforthepaymentofanybenefits under the Program, regardless of whether sufficient funds are available under the Program to pay such benefits.
(4) Shall have no liability or responsibility for any loss, deficiency, failure to realize any gain, or any other adverse consequences, incurred by any person as a result of participating in the Program.
(4) Are not and shall not be liable or responsible for any loss, deficiency, failure to realize anygain, or anyother adverse consequences, incurred byanyperson as a result of participating in the Program.
or (2) To the extent that the individual who provides the information or is the subject of the information expressly agrees in writing to the disclosure of the information.
or (2) Unless the individual who provides the information or is the subject of the information expressly agrees in writing to the disclosure of the information.
Page 10 House Bill 899-Second Edition General Assembly Of North Carolina Session 2021 (4) Any gifts, donations, or grants made to the State for deposit in the Administrative Fund.
(4) Any gifts, donations, or grants made to the State for deposit in the Administrative Fund.
(a) The Board shall cause an accurate account of all ofthe Program's, Trust's, and Board's activities, operations, receipts, and expenditures to be maintained.
Page 10 House Bill 899-First Edition General Assembly Of North Carolina Session 2021 (a) The Board shall cause an accurate account of all ofthe Program's, Trust's, and Board's activities, operations, receipts, and expenditures to be maintained.
(b) Each year, a full audit of the books and accounts of the Board pertaining to those activities, operations, receipts and expenditures, personnel, services, or facilities shall be conducted by a certified public accountant and shall include, but not be limited to, direct and indirectcostsattributabletotheuseofoutsideconsultants,independentcontractors,and anyother persons who are not State employees for the administration of the Program.
(b) Each year, a full audit of the books and accounts of the Board pertaining to those activities, operations, receipts and expenditures, personnel, services, or facilities shall be conducted by a certified public accountant and shall include, but not be limited to, direct and indirectcostsattributabletotheuseofoutsideconsultants,independentcontractors,andanyother persons who are not State employees for the administration of the Program.
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(1) That a portion or aspect of the Program is preempted by ERISA, in which event the Board shall not implement that portion or aspect of the Program but shall proceed to implement the remainder of the Program to the extent practicable;
(1) That a portion or aspect of the Program is preempted by ERISA, the Board shall not implement that portion or aspect of the Program but shall proceed to implement the remainder of the Program to the extent practicable;
or (2) That some but not all of the Payroll Deduction IRA Arrangements or other arrangements under the Program are or would be employee benefit plans under ERISA, in which event the Board shall proceed to implement the Program with respect to the other arrangements under the Program to the extent practicable." SECTION 2.
or (2) That some but not all of the Payroll Deduction IRA Arrangements or other arrangements under the Program are or would be employee benefit plans under ERISA, the Board shall proceed to implement the Program with respect to the other arrangements under the Program to the extent practicable." SECTION 2.
House Bill 899-Second Edition Page 11
House Bill 899-First Edition Page 11
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How this bill changes current law

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Compared against the N.C. General Statutes as published AI-generated reading aid — verify against the official bill.

The bill creates the North Carolina Small Business Retirement Savings Program and establishes a governing board for its administration, allowing the provision of retirement savings accounts for employees of qualifying employers.

  • G.S. 138-5

    Members of the Board shall serve without compensation and shall receive per diem, subsistence, and travel allowances as provided in G.S. 138-5 and G.S. 138-6 as applicable.

    This ensures that members of the newly established retirement savings program board receive per diem and travel allowances under existing law.

  • G.S. 138-6

    Members of the Board shall serve without compensation and shall receive per diem, subsistence, and travel allowances as provided in G.S. 138-5 and G.S. 138-6 as applicable.

    This provision clarifies that members will be compensated for related travel and subsistence under the existing rules.

Action History

  1. Reptd Fav Com Substitute

  2. Re-ref Com On Appropriations

  3. Passed 1st Reading

  4. Ref to the Com on Commerce, if favorable, Appropriations, if favorable, Rules, Calendar, and Operations of the House

  5. Filed

Sponsors

Sponsorship breakdown

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3 sponsors · 48 co-sponsors · 128 not signed on

Sponsors (3)

Co-sponsors (48)

Not signed on (128)

128 members have not signed on to this bill.

Show all 128 →

"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
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Frequently asked questions

Who sponsors HB 899?
HB 899 is sponsored by Sarah Stevens (Republican), R. Smith, K. Smith, Terry M. Brown Jr. (Democratic), Becky Carney (Democratic), Elmore, Faircloth, Fisher, Gailliard, Hardister, Hanig, Harry Warren (Republican), Harris, Adcock, Alexander, Autry, Amber M. Baker (Democratic), Mary Belk (Democratic), Hugh Blackwell (Republican), Bradford, William D. Brisson (Republican), Garrison, Edward C. Goodwin (Republican), Graham, Pricey Harrison (Democratic), Zack Hawkins (Democratic), Hunt, Hunter, Hurtado, Insko, Keith Kidwell (Republican), Carolyn G. Logan (Democratic), Nasif Majeed (U), Jeffrey C. McNeely (Republican), Moore, Erin Paré (Republican), Ray Pickett (Republican), Garland E. Pierce (Democratic), Larry W. Potts (Republican), Amos L. Quick, III (Democratic), Robert T. Reives, II (Democratic), Saine, Mitchell S. Setzer (Republican), Szoka, Brian Turner (Democratic), Steve Tyson (Republican), Diane Wheatley (Republican), David Willis (Republican), Jake Johnson (Republican), Cecil Brockman (Democratic), and Eric Ager (Democratic).
What is the current status of HB 899?
This bill died with 2021-2022 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.
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