Bill Summaries: S367 (2017-2018 Session)

Tracking:
  • Bill S 367 (2017-2018)
    Summary date: Mar 23 2017 - View summary

    Amends GS 135-8 to make contributions to the Pension Accumulation Fund include a rate percentum of the total annual compensation of all members of the Teachers' and State Employees' Retirement System (System) equal to the additional present value of future benefits related to cost-of-living adjustments or special annual leave bonuses granted in the current fiscal year divided by expected current fiscal year compensation. Provides for the interest assumption rate.

    States the General Assembly's intent to create a reserve and to appropriate funds to that reserve each time a cost-of-living adjustment is made or special leave is granted. Requires the reserve to be used to fund additional liability accrued by the System based on the present value of future benefits related to the cost-of-living adjustment or the special annual bonus leave granted.
    Employment and Retirement, Government, State Government, State Personnel
    GS 135

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