(The Center Square) – Monday’s start of the new year will bring change, slight but needed says the state treasurer, to the retirement system for North Carolina’s teachers and employees.
Two bills originating in the House of Representatives that Democratic Gov. Roy Cooper signed in June will be enacted. The most notable is administrative and conforming changes to the retirement systems, particularly enabling the Retirement Systems Division “to negotiate recoupment of overpayments with plan beneficiaries,” a release says.
“One in 10 North Carolinians is on one of these pension plans,” Republican Treasurer Dale Folwell said. “Sometimes things happen resulting in an overpayment or an underpayment to beneficiaries. When I learn of an underpayment, those we owe are paid immediately. When an overpayment occurs, we want to work with the beneficiary to recoup the cost which we are required by law to do.
“Even under the best of circumstances, the retirement systems end up losing millions despite our efforts. Section 8 of House Bill 201 will give us an extra tool to help work out a reasonable schedule while still complying with the law.”
The legislation for the retirement systems, an income disability plan, and some related statutes were contained in House Bills 201 and 203. Each has a Jan. 1 effective date.
The North Carolina Retirement Systems is the ninth-largest public pension fund in the country. It’s also regarded as one of the best-funded in the nation, Folwell’s office said in a release.
The state Legislature website says 16 new laws, or portions within, are scheduled for enactment. The list includes driver’s permits and fees on registsration of electric vehicles.
