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House Bill 86: Increase In-Service Death Benefits/LRS — Committee: House Pensions and Retirement (March 8, 2021)

Summary

Committee staff bill analysis of House Bill 86, Increase In-Service Death Benefits/LRS, 2021-2022 General Assembly, dated March 8, 2021, for the House Pensions and Retirement committee. It analyzes the Proposed Committee Substitute H86-CSSHp-7, introduced by Reps. Howard, Moore, Reives and Carney and prepared by Jason Moran-Bates. The analysis says current law caps the death benefit for a serving Legislative Retirement System member at $15,000, and the substitute would raise it to a lump sum of $50,000 for a member with at least one year of creditable service. Section 2 would appropriate $23,892 in recurring funds and $11,946 in nonrecurring funds, all to be contributed to the Teachers' and State Employees' Benefit Trust no later than June 30, 2021, and Section 1 would be retroactive to January 1, 2020.

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“House Bill 86: Increase In-Service Death Benefits/LRS — Committee: House Pensions and Retirement (March 8, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2009-09-03-h86-smbc-4-csshp-7-v2-140180bc71/, SHA-256 29b78dac1a77aca0bb64ff97bbc255909c776a94d282a3ff394082fb4596ad21.

Full text

                                                     HOUSE BILL 86:
                                                     Increase In-Service Death Benefits/LRS.
      2021-2022 General Assembly
      Committee:     House Pensions and Retirement. If favorable, Date:          March 8, 2021
                     re-refer to Rules, Calendar, and Operations of
                     the House
      Introduced by: Reps. Howard, Moore, Reives, Carney            Prepared by: Jason Moran-Bates
      Analysis of:   PCS to First Edition                                        Committee Staff
                     H86-CSSHp-7

      OVERVIEW: The Proposed Committee Substitute to House Bill 86 would increase the death benefit
      payable to the survivor of a serving member of the Legislative Retirement System (LRS) to a lump sum
      of $50,000 and make several technical changes to G.S. 120 -4.27, the LRS death benefit statute. It would
      also make an appropriation to fund the increase in benefits.
      CURRENT LAW: Under current law, the maximum death benefit paid to the survivor of a member of
      the LRS who is currently in service is $15,000. The term "in service" means currently serving in the
      General Assembly or serving in (1) the military, (2) full-time National Guard duty, or (3) the
      commissioned corps of the Public Health Service.
      BILL ANALYSIS:
      Section 1 of the PCS would amend G.S. 120-4.27 to increase the death benefit payable to the survivor of
      a member with at least one year of creditable service to a lump sum of $50,000 if the member is in service
      at the time of death. It would also make technical changes to the portions of G.S. 120-4.27 that govern
      death benefits payable to the survivor of retired members of the LRS.
      Section 2 of the PCS would appropriate $23,892 in recurring funds and $11,946 in nonrecurring funds
      from the General Fund to the General Assembly to fund the increase in benefits. The General Assembly
      must contribute all of those funds to the Teachers' and State Employees' Benefit Trust no later than June
      30, 2021. Section 2 would also state it is the General Assembly's intent to adjust required employer salary–
      related contributions for the 2021-2022 fiscal year to reflect the provisions of this bill.
      EFFECTIVE DATE: Section 1 of the bill would be retroactively effective to January 1, 2020, and apply
      to eligible deaths occurring on or after that date. The remainder of the bill would be effective when it
      becomes law.


      ***Tawanda Artis of the Legislative Analysis Division substantially contributed to this summary.




                                                                                                                                                             Legislative Analysis
     Jeffrey Hudson
                                                                                                                                                                  Division
        Director                                       H86-SMBC-4(CSSHp-7)-v-2                                                                                 919-733-2578
This bill analysis was prepared by the nonpartisan legislative staff for the use of legislators in their deliberations and do es not constitute an official statement of legislative intent.

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