GENERAL ASSEMBLY OF NORTH CAROLINA

1985 SESSION

 

 

CHAPTER 187

SENATE BILL 348

 

AN ACT TO CONSIDER THE EFFECTS OF UNENCUMBERED ACTUARIAL GAINS UPON EMPLOYER OR STATE CONTRIBUTIONS TO AND UNFUNDED ACCRUED LIABILITIES OF RETIREMENT AND PENSION PLANS ADMINISTERED BY THE STATE.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 120-111.3 is amended by adding a paragraph to read:

"Whenever a bill is considered by the Committee on Pensions and Retirement that proposes changes in the benefits of any State- administered retirement or pension plan to be financed by unencumbered actuarial experience gains generated either through a change in actuarial assumptions adopted by the plan for the previous budget year or through a continuation of the actuarial assumptions adopted by the plan for the previous budget year, the Committee shall give equal consideration to the effects that such unencumbered actuarial gains would have upon annual employer or State contributions to the plan and to the amount by which the plan's unfunded accrued liabilities, if any, might be reduced. If such unencumbered actuarial experience gains could be used to modify annual employer or State contributions to the plan resulting in a corresponding effect upon State appropriations, the Committee on Pensions and Retirement shall, upon a favorable report, refer the bill to the Committee on Appropriations of the same house before the bill is considered by that house."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 16th day of May, 1985.