Bill Summaries: S701 (2011-2012 Session)

Tracking:
  • Bill S 701 (2011-2012)
    Summary date: Jun 8 2011 - View summary

    Senate committee substitute makes the following changes to 1st edition. Amends GS 135-5(f) (teachers’ and state employees’ retirement system) and GS 128-27(f) (local governmental employees’ retirement system) to delete language specifying that payment of contributions and the accumulated interest is to be made at the London Interbank Offered Rate, and providing for a payment rate of 4% interest if the member is vested in the system as of January 1, 2012. Makes technical changes to make the language in the act gender neutral.
    Employment and Retirement, Local Government, State Government
  • Bill S 701 (2011-2012)
    Summary date: Apr 19 2011 - View summary

    Amends GS 135-5(f) to delete requirement that member of Teachers and State Employee’s Retirement System have five years of membership service in order to be paid accumulated interest if the member leaves the retirement system for reason other than death or retirement. Specifies that payment is at London Interbank Offered Rate, and if the member is vested in the system as of January 1, 2012, the rate paid must be at least 4%. Makes similar change to GS 128-27(f) concerning the Local Governmental Employees’ Retirement System. Effective January 1, 2012.
    Employment and Retirement, Local Government, State Government
    GS 128, GS 135

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