Bill > S359

This bill is a comprehensive rewrite and standardization of death benefit plans across multiple retirement systems in North Carolina, including the Teachers' and State Employees' Retirement System, the Local Governmental Employees' Retirement System, the Consolidated Judicial Retirement System, and the Legislative Retirement System. The bill reorganizes existing laws into a more structured format, creates a new North Carolina Teachers' and State Employees' Benefit Trust to manage death benefit funds, and establishes consistent rules for death benefits across different retirement systems. Key provisions include standardizing eligibility requirements for death benefits for both in-service and retired members, creating a fully contributory death benefit option for retirees, and ensuring that death benefit funds are kept separate and cannot be commingled. The bill also includes provisions for a survivor's alternate benefit and creates a separate fund to ensure timely payment of line of duty death benefits. The changes aim to clarify and simplify the administration of death benefits, provide more consistent rules across different retirement systems, and ensure sufficient funding for death benefits. Most provisions will become effective when the bill becomes law, with some specific provisions set to take effect on July 1, 2025.

Labor and Employment

https://www.ncleg.gov/BillLookUp/2025/S359