H201 - Retirement Administrative Changes Act of 2023. (SL 2023-105)

Overview: S.L. 2023-105 makes the following administrative changes:

• Changes the contributory death benefit for the Teachers' and State Employees' Retirement System (TSERS), the Local Governmental Employees' Retirement System (LGERS), the Legislative Retirement System (LRS), and the Consolidated Judicial Retirement System (CJRS).
• Makes changes to the second six months of short-term disability, to the review and approval of short-term disability benefits, and to the application for extended short-term disability benefits under the Disability Income Plan (DIP) of North Carolina.
• Allows the first retirement benefit check to be paid direct deposit rather than mailed.
• Clarifies assets of the retirement systems trust fund will be used for the exclusive benefit of persons entitled to benefits under the plan and in accordance with the Internal Revenue Code.
• Amends the survivors alternate benefit beneficiary default for TSERS, LGERS, and LRS.
• Amends the law pertaining to overpayment of funds when the overpayment is caused by administrative error.

The act became effective January 1, 2024.