H1020 - Retirement Administrative Changes Act of 2024. (SL 2024-8)

Overview: S.L. 2024-8 makes the following administrative and technical changes to the Teachers' and State Employees' Retirement System (TSERS), the Local Governmental Employees' Retirement System (LGERS), the Consolidated Judicial Retirement System (CJRS), the Legislative Retirement System (LRS) and related statutes:

• Clarifies that participation in the optional retirement program or a similar benefit plan offered by the University of North Carolina Health Care System, or the East Carolina University Health Care System, suspends the receipt of retirement allowance under TSERS.
• Prohibits a member of TSERS, LGERS, or CJRS from receiving a retirement allowance while also receiving severance pay or a lump sum severance.
• Modifies employer reporting requirements in TSERS and LGERS.
• Allows for a member of LRS who has applied and been approved for retirement but dies before receiving the first payment, to have their monthly benefit payable under their elections.
• Permits the Board of Trustees to allocate Legislative Enactment Implementation Arrangement funds for administrative or information technology purposes.
• Allows certain part-time employees, as well as part-time and full-time employees of a State agency or institution, to contribute to the 401(k) Supplemental Retirement Income Plan.
• Amends the required reporting dates for unclaimed property holders and allows unclaimed property holders to request for a waiver of due diligence in special circumstances.

This act has various effective dates. Please see the full summary for more detail.