S886 - Retirement Amendments. (SL 2016-108)

Overview: S.L. 2016-108 does the following:

• Honors firefighter Captain Bradley Long, who was killed in the line of duty.
• Adds language providing survivorship benefits for a member killed in the line of duty for the NC Firefighters' and Rescue Squad Workers' Pension Fund (FRSWPF).
• Clarifies the retirement information that is subject to the Public Records Law.
• Allows certain forms to be transmitted electronically to Teachers' and State Employees' Retirement System (TSERS) members and Local Governmental Employees' Retirement System (LGERS) members.
• Allows letters of credit issued by a Federal Home Loan Bank to be used to collateralize deposits.
• Requires the LGERS Board of Trustees to develop a State Contribution Rate Stabilization Policy for the FRSWPF.
• Amends the law pertaining to the Retirement System for Teachers and State Employees to: (i) add the Director of the Office of State Human Resources as an ex officio member of the TSERS Board of Trustees, replacing a representative of higher education; (ii) provide for the TSERS and LGERS that the State Treasurer is the ex officio chair of the Board and has authority to appoint the director of the Retirement System; and (iii) require the annual valuation to TSERS and LGERS Board to include a section providing an analysis of assets on a market basis using the 30- year treasury rate as the discount rate.
• Makes references to the Supplemental Retirement Board of Trustees consistent across statutes and provides that the 403(b) uses the same procurement procedures as the 401(k) and 457 plans; and amends the reporting of earnings requirements under the Disability Income Plan.

This act became effective July 22, 2016, except for the provision that pertains to the survivorship benefits for a FRSWPF member killed in the line of duty. The aforementioned provision has various effective dates. Please see the full summary for more detail.