Bill Text: NC S1212 | 2010 | Regular Session | Chaptered
Bill Title: Local Gov't. Other Post-Employment Benefits
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2010-08-02 - Ch. SL 2010-175 [S1212 Detail]
Download: North_Carolina-2010-S1212-Chaptered.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
SESSION LAW 2010-175
SENATE BILL 1212
AN ACT to repeal the local government other post‑employment benefits (OPEB) Fund and to allow each unit of local government to establish a separate opeb trust fund that may then be invested by the department of state treasurer.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 159‑30(g) reads as rewritten:
"(g) A local
government, public authority, an entity eligible to participate in the Local
Government Employee's Retirement System, or a local school administrative unit
may make contributions to the a Local Government Other Post‑Employment
Benefits Fund Trust established in G.S. 147‑69.4.
pursuant to G.S. 159‑30.1."
SECTION 2. G.S. 159‑30.1(b) reads as rewritten:
"(b) Restrictions. – Monies in an irrevocable trust established under subsection (a) of this section may be appropriated only for the purposes for which the trust was established. Monies in the trust are not subject to the claims of creditors of the entity that established the trust. An entity that establishes a trust may not deposit money in the trust if the total amount held in trust would exceed the entity's actuarial liability, determined in accordance with the standards of the Governmental Accounting Standards Board, for the purposes for which the trust was established. A trust established pursuant to subsection (a) of this section shall be referred to as a Local Government Other Post‑Retirement Benefits Trust, and the assets of that trust may be invested as provided in G.S. 159‑30(c) or deposited with the State Treasurer for investment pursuant to G.S. 147‑69.2(b4)."
SECTION 3. G.S. 147‑69.2(a) reads as rewritten:
"(a) This section applies to funds held by the State Treasurer to the credit of each of the following:
…
(17g) The Funds
deposited with the State Treasurer by Local Government Other Post‑Employment
Benefits Fund. Trusts pursuant to G.S. 159‑30.1."
…."
SECTION 4. G.S. 147‑69.2(b4) reads as rewritten:
"(b4) In addition to the
investments authorized under subdivisions (b)(1) through (6) of this section,
the State Treasurer may invest funds deposited in the Local Government Other
Post‑Employment Benefits Fund pursuant to subdivision (17g) of
subsection (a) of this section in any of the investments authorized under
subdivisions (b)(6c) and (b)(8) of this section, notwithstanding the percentage
limitations imposed on the Retirement Systems' investments therein. Funds
deposited pursuant to this subsection by a Local Government Other Post‑Employment
Benefits Trust and interest or other investment income earned from those funds shall
be prorated and credited to the contributing trust on the basis of the amounts
contributed, figured according to sound accounting principles. For
investments from that Fund made under subdivisions (b)(6c) and (b)(8) of
this section, the State Treasurer may require a minimum deposit of up to one
hundred thousand dollars ($100,000) and may assess fees of up to 15 basis
points per annum as a condition of making the investment. The fee participation
pursuant to this subsection. Fees assessed by the State Treasurer may be
used to defray the costs of administering the Fund."
SECTION 5. G.S. 147‑69.4 is repealed.
SECTION 6. This act becomes effective July 1, 2010.
In the General Assembly read three times and ratified this the 7th day of July, 2010.
s/ Walter H. Dalton
President of the Senate
s/ Joe Hackney
Speaker of the House of Representatives
s/ Beverly E. Perdue
Governor
Approved 4:14 p.m. this 2nd day of August, 2010