S719: Retirement Tech./Protect./& Other Changes. Latest Version

GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2019

SESSION LAW 2020-48
SENATE BILL 719

AN ACT TO MAKE TECHNICAL CHANGES TO THE STATUTES GOVERNING THE
TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL

GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED
JUDICIAL RETIREMENT SYSTEM, THE LEGISLATIVE RETIREMENT SYSTEM,
THE SUPPLEMENTAL RETIREMENT INCOME PLAN, THE ACHIEVING A BETTER
LIFE EXPERIENCE (ABLE) PROGRAM TRUST, THE NORTH CAROLINA
NATIONAL GUARD PENSION FUND, THE NORTH CAROLINA PUBLIC SCHOOL
TEACHERS' AND PROFESSIONAL EDUCATORS' INVESTMENT PLAN, AND THE
NORTH CAROLINA STATE HEALTH PLAN FOR TEACHERS AND STATE

EMPLOYEES; TO REQUIRE STRESS TESTING FOR THE TEACHERS' AND STATE
EMPLOYEES' RETIREMENT SYSTEM, AS RECOMMENDED BY THE PEW
FOUNDATION; TO MAKE AMENDMENTS RELATED TO THE PENSION
SOLVENCY FUND; TO MAKE CHANGES TO THE UNCLAIMED PROPERTY
STATUTES; TO MAKE CERTAIN CHANGES TO PRESERVE THE INTEGRITY OF
ANDCLARIFYTHEPOLICYOBJECTIVESOFTHEGENERALASSEMBLYFORTHE
TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL

GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED
JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT
SYSTEM; AND TO AMEND THE SEPARATE INSURANCE BENEFITS PLAN
OFFERINGS.

The General Assembly of North Carolina enacts:

PART I-A. TECHNICAL CHANGES
SECTION 1.1.(a) G.S. 128-21 is amended by adding a new subdivision to read:
"(8a) "Duly acknowledged" means notarized, including electronic notarization, or
verified through an identity authentication service approved by the
Department of State Treasurer."
SECTION 1.1.(b) G.S. 135-1 is amended by adding a new subdivision to read:

"(8a) "Duly acknowledged" means notarized, including electronic notarization, or
verified through an identity authentication service approved by the
Department of State Treasurer."
SECTION 1.2.(a) G.S. 135-5(m4) reads as rewritten:
"(m4) A member who has contributions in this System and is not eligible for a retirement
benefit as set forth in G.S. 135-5(a) shall be paid his or her contributions in a lump sum as
provided in G.S. 135-5(f) by April 1 of the calendar year following the later of the calendar year

in which the member (i) attains 70 and one-half 72 years of age or (ii) has ceased to be a teacher
or State employee except by death. If such the member fails, following reasonable notification,
to complete a refund application by such the required date, then the requirement that a refund
application be completed shall be waived and the refund shall be paid without a refund
application as a single lump-sum payment with applicable required North Carolina and federal
income taxes withheld. For purposes of this subsection, a member shall not be considered to have

*S719-v-4*ceased to be a teacher or State employee if the member is actively contributing to the
Consolidated Judicial Retirement System, Local Governmental Employees' Retirement System,
or Legislative Retirement System. A lump-sum refund shall not be paid under this subsection if
the member is actively contributing to the Consolidated Judicial Retirement System, Local
Governmental Employees' Retirement System, or Legislative Retirement System.
A member who has contributions in this System and is eligible for a retirement benefit as set
forth in G.S. 135-5(a)shall begin to receiveamonthlybenefit nolaterthanApril 1 ofthecalendar

year following the later of the calendar year in which the member (i) attains 70 and one-half 72
years of age or (ii) has ceased to be a teacher or State employee except by death. If such the
member fails, following reasonable notification, to complete the retirement process as set forth
under Chapter 135 of the General Statutes by such required beginning date, then the requirement
that a retirement application and an election of payment plan form be completed shall be waived
and the retirement allowance shall be paid as a single life annuity. The single life annuity shall
be calculated and processed in accordance with G.S. 135-5.this section.

For purposes of this subsection, a member shall not be considered to have ceased to be a
teacher or State employee if the member is actively contributing to the Consolidated Judicial
Retirement System, Local Governmental Employees' Retirement System, or Legislative
Retirement System. A retirement benefit or lump-sum refund shall not be paid under this
subsectionifthemember isactivelycontributingto theConsolidatedJudicialRetirementSystem,
Local Governmental Employees' Retirement System, or Legislative Retirement System."

SECTION 1.2.(b) G.S. 128-27(m3) reads as rewritten:
"(m3) A member who has contributions in this System and is not eligible for a retirement
benefit as set forth in G.S. 128-27(b21) G.S. 128-27(a) or G.S. 128-27(a1) shall be paid his or
her contributions in a lump sum as provided in G.S. 128-27(f) by April 1 of the calendar year
following the later of the calendar year in which the member (i) attains 70 and one-half 72 years
of age or (ii) has ceased to be an employee except by death. If such the member fails, following
reasonable notification, to complete a refund application by such the required date, then the

requirement that a refund application be completed shall be waived and the refund shall be paid
without a refund application as a single lump-sum payment with applicable required North
Carolina and federal income taxes withheld. For purposes of this subsection, a member shall not
be considered to have ceased to be an employee if the member is actively contributing to the
Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System,
or Legislative Retirement System. A lump-sum refund shall not be paid under this subsection if
the member is actively contributing to the Teachers' and State Employees' Retirement System,

Consolidated Judicial Retirement System, or Legislative Retirement System.
A member who has contributions in this System and is eligible for a retirement benefit as set
forth in G.S. 128-27(21) G.S. 128-27(a) or G.S. 128-27(a1) shall begin to receive a monthly
benefit no later than April 1 of the calendar year following the later of the calendar year in which
the member (i) attains 70 and one-half 72 years of age or (ii) has ceased to be an employee except
by death. If such the member fails, following reasonable notification, to complete the retirement

process as set forth under Chapter 128 of the General Statutes by such the required beginning
date, then the requirement that a retirement application and an election of payment plan form be
completed shall be waived and the retirement allowance shall be paid as a single life annuity.
The single life annuity shall be calculated and processed in accordance with
G.S. 128-27(b21).this section.
For purposes of this subsection, a member shall not be considered to have ceased to be an
employee if the member is actively contributing to the Teachers' and State Employees'

Retirement System, ConsolidatedJudicial RetirementSystem, or LegislativeRetirementSystem.
A retirement benefit or lump-sum refund shall not be paid under this subsection if the member is
actively contributing to the Teachers' and State Employees' Retirement System, Consolidated
Judicial Retirement System, or Legislative Retirement System."

Page 2 Session Law 2020-48 Senate Bill 719 SECTION 1.2.(c) G.S. 135-74(c1) reads as rewritten:
"(c1) A member who has contributions in this System and is not eligible for a retirement
benefit as set forth in G.S. 135-58(a6) G.S. 135-57 shall be paid his or her contributions in a lump
sum as provided in G.S. 135-62 byApril 1 of the calendar year following the later of the calendar
year in which the member (i) attains 70 and one-half 72 years of age or (ii) has ceased to be a
judge, district attorney, public defender, the Director of Indigent Defense Services, or clerk of
superior court as provided in G.S. 135-53, except by death. If such the member fails, following

reasonable notification, to complete a refund application by such the required date, then the
requirement that a refund application be completed shall be waived and the refund shall be paid
without a refund application as a single lump-sum payment with applicable required North
Carolina and federal income taxes withheld. For purposes of this subsection, a member shall not
be considered to have ceased to be a judge, district attorney, public defender, the Director of
Indigent Defense Services, or clerk of superior court as provided in G.S. 135-53 if the member
is actively contributing to the Teachers' and State Employees' Retirement System, Local

Governmental Employees' Retirement System, or Consolidated Judicial Retirement System. A
lump-sum refund shall not be paid under this subsection if the member is actively contributing
to the Teachers' and State Employees' Retirement System, Local Governmental Employees'
Retirement System, or Consolidated Judicial Retirement System.
A member who has contributions in this System and is eligible for a retirement benefit as set
forth in G.S. 120-4.21 G.S. 135-57 shall begin to receive a monthly benefit no later than April 1

of the calendar year following the later of the calendar year in which the member (i) attains 70
and one-half 72 years of age or (ii) has ceased to be a judge, district attorney, public defender,
the Director of Indigent Defense Services, or clerk of superior court as provided in G.S. 135-53,
except by death. If such the member fails, following reasonable notification, to complete the
retirement process as set forth under Chapter 120 135 of the General Statutes by such required
beginning date, then the requirement that a retirement application and an election of payment
plan form be completed shall be waived and the retirement allowance shall be paid as a single

life annuity. The single life annuity shall be calculated and processed in accordance with G.S.
120-4.21.G.S. 135-58.
For purposes of this subsection, a member shall not be considered to have ceased to be a
judge, district attorney, public defender, the Director of Indigent Defense Services, or clerk of
superior court as provided in G.S. 135-53 if the member is actively contributing to the Teachers'
and State Employees' Retirement System, Local Governmental Employees' Retirement System,
or Consolidated Judicial Retirement System. A retirement benefit or lump-sum refund shall not

be paid under this subsection if the member is actively contributing to the Teachers' and State
Employees' Retirement System, Local Governmental Employees' Retirement System, or
Consolidated Judicial Retirement System.Legislative Retirement System."
SECTION 1.2.(d) G.S. 120-4.31(c1) reads as rewritten:
"(c1) A member who has contributions in this System and is not eligible for a retirement
benefit as set forth in G.S. 120-4.21 shall be paid his or her contributions in a lump sum as

provided in G.S. 120-4.25 by April 1 of the calendar year following the later of the calendar year
in which the member (i) attains 70 and one-half 72 years of age or (ii) has ceased to be a member
of the General Assembly, except by death. If such the member fails, following reasonable
notification, to complete a refund application bysuch the required date, then the requirement that
a refund application be completed shall be waived and the refund shall be paid without a refund
application as a single lump-sum payment with applicable required North Carolina and federal
income taxes withheld. For purposes of this subsection, a member shall not be considered to have

ceased to be a member of the General Assembly if the member is actively contributing to the
Teachers' and State Employees'Retirement System, Local Governmental Employees'Retirement
System, or Consolidated Judicial Retirement System. A lump-sum refund shall not be paid under
this subsection if the member is actively contributing to the Teachers' and State Employees'

Senate Bill 719 Session Law 2020-48 Page 3Retirement System, Local Governmental Employees' Retirement System, or Consolidated
Judicial Retirement System.
A member who has contributions in this System and is eligible for a retirement benefit as set
forthinG.S. 120-4.21shallbegintoreceiveamonthlybenefitnolaterthanApril1ofthecalendar
year following the later of the calendar year in which the member (i) attains 70 and one-half 72
years of age or (ii) has ceased to be a member of the General Assembly, except by death. If such
the member fails, following reasonable notification, to complete the retirement process as set

forth under Chapter 120 of the General Statutes by such the required beginning date, then the
requirement that a retirement application and an election of payment plan form be completed
shall be waived and the retirement allowance shall be paid as a single life annuity. The single life
annuity shall be calculated and processed in accordance with G.S. 120-4.21.
For purposes of this subsection, a member shall not be considered to have ceased to be a
member of the General Assembly if the member is actively contributing to the Teachers' and
State Employees' Retirement System, Local Governmental Employees' Retirement System, or

Consolidated Judicial Retirement System. A retirement benefit or lump-sum refund shall not be
paid under this subsection if the member is actively contributing to the Teachers' and State
Employees' Retirement System, Local Governmental Employees' Retirement System, or
Consolidated Judicial Retirement System."
SECTION 1.2.(e) This section becomes effective January 1, 2021, and applies to
members on or after that date. If a member attains age 70 and one-half years of age on or before

December 31, 2019, then the statute that is in effect on the day the member attains age 70 and
one-half years of age will be applicable to that member.
SECTION 1.3.(a) G.S. 135-90(b) reads as rewritten:
"(b) The purpose of the Article is to attract and hold qualified employees and officials of
the State of North Carolina and its political subdivisions by permitting them to participate in a
profit sharing or salary reduction form of deferred compensation which will provide
supplemental retirement income payments upon retirement, disability, termination, hardship, and

death as allowed under section 401(k), or any other relevant section, of the Internal Revenue
Code of 1954 as amended. As used in this Article, the term "profit" means the excess revenue
overexpenditures priorto theexpenditureofthe amount whichmaybeoptionallymade available
for employees to be placed in trust by the State and its political subdivisions on behalf of the
employees and officials covered by this Article."
SECTION 1.3.(b) G.S. 135-92 reads as rewritten:
"§ 135-92. Membership.

(a) The membership eligibilityof the Supplemental Retirement Income Plan shall consist
of any of the following individuals who voluntarily elect to enroll:enroll in the Plan:
(1) Members of the Teachers' and State Employees' Retirement System;
andSystem.
(2) Members of the Consolidated Judicial Retirement System; andSystem.
(3) Members of the Legislative Retirement System; andSystem.

(4) Members of the Local Governmental Employees' Retirement System;
andSystem.
(5) Law enforcement officers as defined under G.S. 143-166.30 and G.S.
143-166.50; andG.S. 143-166.50.
(6) Participants in the Optional Retirement Program provided for under G.S.
135-5.1; andG.S. 135-5.1.
(7) Members of retirement and pension plans sponsored by political subdivisions

of the State so long as such plans are qualified under Section 401(a) of the
Internal Revenue Code of 1986 as amended from time to time.amended.
(8) Individuals required under the Internal Revenue Code to be eligible for
participation in the Plan.

Page 4 Session Law 2020-48 Senate Bill 719 (b) The membership of any person in the Supplemental Retirement Income Plan shall
cease upon:upon any of the following:
(1) The withdrawal of a member's accumulated account; oraccount.
(2) RetirementundertheprovisionsoftheSupplementalIncomeRetirement Plan;
orPlan.
(3) Death."
SECTION 1.3.(c) G.S. 135-94(a)(3) reads as rewritten:

"(3) The Department of State Treasurer and Board of Trustees shall provide
members with alternative payment options, including survivors' options, for
the distribution of benefits from the Plan upon retirement, disability,
termination, hardship, and death."
SECTION 1.4.(a) G.S. 147-86.70(b) reads as rewritten:
"(b) Definitions. – The following definitions apply in this section:
(1) ABLE account. – An account established and owned by an eligible individual

and maintained under this Article. A parent, sibling, guardian, or agent under
a power of attorney may act on behalf of an account owner.
(2) Account owner. – The person who enters into an ABLE savings agreement
pursuant to the provisions of this Article. The account owner must be the
designated beneficiary.
(3) Board. – The ABLE Program Board of Trustees established in

G.S. 147-86.72.
(4) Repealed by Session Laws 2016-56, s. 9(c), effective June 30, 2016.
(5) Designated beneficiary. – The eligible individual who established and owns
an ABLE account.
(6) Disability certification. – Defined in 26 U.S.C. § 529A(e)(2).
(7) Eligible individual. – Defined in 26 U.S.C. § 529A(e)(1).
(8) Federal ABLE Act. – Division B of the Tax Increase Prevention Act of 2014,

P.L. 113-295, the Achieving a Better Life Experience Act of 2014.
(9) Member of the family. – A brother, sister, stepbrother, or stepsister.
(10) Qualified disability expense. – Defined in 26 U.S.C. § 529A(e)(5).
(11) Reserved for future codification purposes.
(12) Reserved for future codification purposes.
(13) Sibling. – A brother, sister, stepbrother, or stepsister."
SECTION 1.4.(b) G.S. 147-86.71(b) reads as rewritten:

"(b) Accounts. – The following provisions apply to an ABLE account:
(1) An account owner or contributor may establish an account by making an
initial contribution to the ABLE Program Trust, signing an application form
approved bythe Board or its designee, and naming the designated beneficiary.
If the contributor is not the account owner, the account owner or the account
owner's parent, sibling, guardian, trustee, or agent shall also sign the

application form.
(2) Anyperson maymake contributions to an account after the account is opened.
(3) Contributions to an account shall be made only in U.S. Dollars.
(4) Contributions to an account shall not exceed maximum contribution limits
applicable to program accounts in accordance with the federal ABLE Act.
(5) An account owner may change the designated beneficiary of an account to an
eligible individual who is a member of the family sibling of the former

designated beneficiary. At the direction of an account owner, all or a portion
of an account may be transferred to another account of which the designated
beneficiary is a member of the family sibling of the designated beneficiary of

Senate Bill 719 Session Law 2020-48 Page 5 the transferee account if the transferee account was created pursuant to this
section or in accordance with the federal ABLE Act."
SECTION 1.4.(c) G.S. 147-86.71(d)(9) reads as rewritten:
"(9) A parent, sibling, trustee, or guardian appointed as a signatory of an ABLE
account does not have or acquire any beneficial interest in the account and
administers the account for the benefit of the designated beneficiary."
SECTION 1.4.(d) This section is effective when it becomes law and applies to

actions taken on behalf of an ABLE account owner on or after that date.

PART I-B. ADDITIONAL TECHNICAL CHANGES
SECTION 1.5.(a) G.S. 135-48.8(a) reads as rewritten:
"(a) The State of North Carolina deems it to be in the public interest for individual North
Carolina firefighters, rescue squad workers, and members of the National Guard, and certain of
theirdependents,whoarenoteligibleforanyother typeofcomprehensive grouphealthinsurance

or other comprehensive group health benefits, and who have been without any form of group
health insurance or other comprehensive group health benefit coverage for at least six
consecutive months, to be given the opportunity to participate in the benefits provided by the
State Health Plan for Teachers and State Employees. Coverage under the Plan shall be voluntary
for eligible firefighters, rescue squad workers, and members of the National Guard who elect
participation in the Plan for themselves and their eligible dependents."

SECTION 1.5.(b) G.S. 135-48.40(d)(13) reads as rewritten:
"(13) The following persons, their eligible spouses, and eligible dependent children,
provided that the person seeking coverage as a subscriber (i) is not eligible for
another comprehensive group health benefit plan and (ii) has been without
coverage under a comprehensive group health benefit plan for at least six
consecutive months:
a. Firefighters.

b. Rescue squad workers.
c. Persons receiving a pension from the North Carolina Firefighters' and
Rescue Squad Workers' Pension Fund.
d. Members of the North Carolina National Guard.
e. Retirees of the North Carolina National Guard with 20 years of
service.
For the purposes of this subdivision, Medicare benefits, Civilian Health and

Medical Program of the Uniformed Services (CHAMPUS) benefits, and other
Uniformed Services benefits shall be considered comprehensive group health
benefit plans. The Plan may require certification of persons seeking coverage
under this subdivision. Nothing in this section shall be construed to either (i)
permit a person to enroll or (ii) require the Plan to enroll a person in the Plan
when that enrollment may jeopardize the Plan's preferential tax exempt status

as a governmental plan under the Internal Revenue Code."
SECTION 1.6. G.S. 135-66 reads as rewritten:
"§ 135-66. Administration; management of funds.funds; method of financing.
(a) The State Treasurer shall be the custodian of the assets of this Retirement System and
shallinvesttheminaccordancewiththeprovisionsofG.S. 147-69.2and147-69.3.G.S. 147-69.3.
(b) The assets of this Retirement System shall include employers' contributions held with
the Pension Accumulation Fund established under G.S. 135-8 and employees' contributions held

in the Annuity Savings Fund similarly established under G.S. 135-8.
(c) The Board of Trustees shall have performed an annual actuarial valuation of the
System and shall have the financial responsibility for maintaining the System on a generally
accepted actuarial basis.

Page 6 Session Law 2020-48 Senate Bill 719 (d) An actuarially determined employer contribution shall be calculated annually by the
actuary using assumptions and a cost method approved by the Actuarial Standards Board of the
American Academy of Actuaries and selected by the Board of Trustees.
(e) Notwithstanding Chapter 150B of the General Statutes, the Board of Trustees may
adopt a contribution policy that would recommend a contribution not less than the actuarially
determined employer contribution.
(f) The recommended employer contribution rate by the Board of Trustees each year

shall not be less than the actuarially determined employer contribution."
SECTION 1.7.(a) G.S. 127A-40(f) reads as rewritten:
"(f) The Board of Trustees of the Teachers'and State Employees' Retirement System shall
administer the provisions of this section. The Secretary of Public Safety shall determine the
eligibility of North Carolina National Guard members for the benefits provided in this section
and shall certify those eligible to the Board of Trustees. In addition, the Department of Public
Safety shall, on and after July 1, 1983, provide the Board of Trustees with an annual census

population, by age and the number of years of creditable service, for all former members of the
North Carolina National Guard in receipt of a pension as well as for all active members of the
North Carolina National Guard who are not in receipt of a pension and who have seven and more
years of creditable service. The Department of Public Safety shall also provide the Board of
Trustees an annual census population of all former members of the North Carolina National
Guard who are not in receipt of a pension and who have 15 and more years of creditable service.

The Department of State Treasurer shall make pension payments to those persons certified from
the North Carolina National Guard Pension Fund, which shall include general fund
appropriations made to the Department of State Treasurer. The Board of Trustees shall have
performed an annual actuarial valuation of the fund and shall have the financial responsibilityfor
maintaining the fund on a generally accepted actuarial basis. The Department of Public Safety
shall provide the Department of State Treasurer with whatever assistance is required by the State
Treasurer in carrying out the State Treasurer's and the Board of Trustees' financial

responsibilities.Fund."
SECTION 1.7.(b) Article 3 of Chapter 127 of the General Statutes is amended by
adding a new section to read:
"§ 127A-41. North Carolina National Guard Pension Fund.
(a) As used in this section, the term "Board of Trustees" means the Board of Trustees of
the Teachers' and State Employees' Retirement System.
(b) The North Carolina National Guard Pension Fund shall include general fund

appropriations made to the Department of State Treasurer and held with the Pension
Accumulation Fund of the Teachers' and State Employees' Retirement System.
(c) The Board of Trustees shall have performed an annual actuarial valuation of the Fund
and shall have the financial responsibility for maintaining the Fund on a generally accepted
actuarial basis.
(d) An actuarially determined employer contribution shall be calculated annually by the

actuary using assumptions and a cost method approved by the Actuarial Standards Board of the
American Academy of Actuaries and selected by the Board of Trustees.
(e) Notwithstanding Chapter 150B of the General Statutes, the Board of Trustees may
adopt a contribution policy that would recommend a contribution not less than the actuarially
determined employer contribution.
(f) The recommended employer contribution rate by the Board of Trustees each year
shall not be less than the actuarially determined employer contribution.

(g) TheDepartment ofPublicSafetyshall providethe Department of StateTreasurerwith
any assistance required by the State Treasurer in carrying out the financial responsibilities of the
State Treasurer or the Board of Trustees."
SECTION 1.8.(a) G.S. 135-8 is amended by adding a new subsection to read:

Senate Bill 719 Session Law 2020-48 Page 7 "(f1) Felony Forfeiture Impact on Contribution-Based Benefit Cap. – If an employer made
contributions on account of a retiree subject to the contribution-based benefit cap under
G.S. 135-8(f)(2)f. and that retiree later forfeits retirement benefits under G.S. 128-38.4,
128-38.3A, 135-18.10A, 135-18.30, 135-75.1, or 135-75.1A, then the Retirement Systems
Division may provide a credit to the employer. This credit shall be calculated in an amount
reflecting the impact of the forfeiture on the amount due under G.S. 135-4(jj)."
SECTION 1.8.(b) G.S. 128-30 is amended by adding a new subsection to read:

"(g1) Felony Forfeiture Impact on Contribution-Based Benefit Cap. – If an employer made
contributions on account of a retiree subject to the contribution-based benefit cap under
G.S. 135-8(f)(2)f. and that retiree later forfeits retirement benefits under G.S. 128-38.4,
128-38.3A, 135-18.10A, 135-18.30, 135-75.1, or 135-75.1A, then the Retirement Systems
Division may provide a credit to the employer. This credit shall be calculated in an amount
reflecting the impact of the forfeiture on the amount due under G.S. 128-26(y)."
SECTION 1.9.(a) Article 1 of Chapter 135 of the General Statutes is amended by

adding a new section to read:
"§ 135-5.5. Inactive employers.
(a) An employer shall be considered an inactive employer if all of the following criteria
are met:
(1) The employer has no employees that qualify for membership in any System
under this Chapter.

(2) The employer has made no employer contributions for at least one month.
(3) The employer makes a request in writing to the Retirement Systems Division
of the Department of State Treasurer to be made inactive.
(4) The Retirement Systems Division of the State Treasurer has reviewed the
employer request to become inactive and has granted that request. The
Retirement Systems Division shall provide written notification to the
requesting employer of any decisions made under this section.

(b) Not later than April 30 of each calendar year, the Retirement Systems Division of the
Department of State Treasurer shall make a report to the Board on all employers who were
determined to be inactive employers in that preceding calendar year."
SECTION 1.9.(b) Article 3 of Chapter 128 of the General Statutes is amended by
adding a new section to read:
"§ 128-23.1. Inactive employers.
(a) An employer shall be considered an inactive employer if all of the following criteria

are met:
(1) TheemployerhasnoemployeesthatqualifyformembershipintheRetirement
System.
(2) The employer has made no employer contributions for at least one month.
(3) The employer makes a request in writing to the Retirement Systems Division
of the Department of State Treasurer to be made inactive.

(4) The Retirement Systems Division of the State Treasurer has reviewed the
employer request to become inactive and has granted that request. The
Retirement Systems Division shall provide written notification to the
requesting employer of any decisions made under this section.
(b) Not later than April 30 of each calendar year, the Retirement Systems Division of the
Department of State Treasurer shall make a report to the Board on all employers who were
determined to be inactive employers in that preceding calendar year."

SECTION 1.10.(a) G.S. 159-33.1 reads as rewritten:
"§ 159-33.1. Semiannual reports of financial information.
The finance officer of each unit and public authority shall submit to the secretary on January
1 and July 1 of each year (or such year, or other dates as the secretary may prescribe) prescribe,

Page 8 Session Law 2020-48 Senate Bill 719a statement of financial information concerning the unit or public authority. The secretary may
prescribe the information to be included in the statement and may prescribe the form of the
statement; provided, however, the secretary shall prescribe that the finance officer of each city
and county shall include in the statement the total revenues received from building inspections,
by type, source, and the total expenditures paid from all revenues received, by type.object."
SECTION 1.10.(b) This section becomes effective June 30, 2020.
SECTION 1.11. G.S. 135-18.1(a) reads as rewritten:

"(a) Any person who is a member of the Teachers' and State Employees' Retirement
System of North Carolina on July 1, 1951, and who was previously a member of the North
Carolina Governmental Employees' Retirement System, hereafter in this section referred to as
thelocal system, shall be entitled to transferto this RetirementSystem his credits formembership
and prior service in the local system as of the date of termination of membership in the local
system, notwithstanding that his membership in the local system may have been terminated prior
to July 1, 1951: Provided, such member shall deposit in this Retirement System prior to January

1, 1952, the full amount of any accumulated contributions standing to his credit in, or previously
withdrawn from, the local system and shall apply to the Board of Trustees of this Retirement
System for a transfer of credit from the local system. Any Prior to retirement, any person who
was a member of the North Carolina Governmental Employees' Retirement System and who
becomes a member of this Retirement System on or after July 1, 1951, shall be entitled prior to
his retirement to transfer to this Retirement System his or her credits for membership and prior

serviceinthelocalsystem:Provided,theactualtransferofemploymentis madewhilehis account
in the local system is active and such person shall request the local system to transfer his
accumulated contributions, interest, and service credits to this Retirement System; provided
further, with respect to any person who becomes a member of this Retirement System after July
1, 1969, the local system agrees to transfer to this Retirement System the amount of reserve held
in the local system as a result of previous contributions of the employer on behalf of the
transferring employee. For the purposes of this section, the term "local system" means the North

Carolina Governmental Employees' Retirement System."
SECTION 1.12.(a) G.S. 135-5.2 is repealed.
SECTION 1.12.(b) G.S. 135-13 is repealed.
SECTION 1.12.(c) G.S. 135-14 is repealed.
SECTION 1.12.(d) G.S. 135-14.1 is repealed.
SECTION 1.12.(e) G.S. 135-16 is repealed.
SECTION 1.12.(f) G.S. 135-18.3 is repealed.

SECTION 1.12.(g) G.S. 135-18.5 is repealed.
SECTION 1.13. G.S. 135-16.1 reads as rewritten:
"§ 135-16.1. Blind or visually impaired employees.vendors.
(a) On July 1, 1971, all blind or visually impaired employees employed by the
Department of Health and Human Services shall be enrolled as members of the Teachers' and
State Employees' Retirement System. All such employees shall be given full credit for all service

theretoforeasemployees oftheDepartmentofHealthandHumanServices.Allretiredemployees
drawing or receiving benefits from and under the private retirement plan purportedly created on
December 6, 1966, by the Bureau of Employment for the Blind Division pursuant to a trust
agreement purportedly entered into with a private banking institution as trustee shall continue to
be paid by the Teachers' and State Employees' Retirement System benefits in the same amount
which they purportedly were entitled to under the private retirement plan and trust agreement,
except that such retired persons shall be eligible for such annual cost-of-living increases as may

be provided for retirement members of the Teachers' and State Employees' Retirement System
under the provisions of this Article.

Senate Bill 719 Session Law 2020-48 Page 9 (b) Upon the enrollment of the employees in the Teachers' and State Employees'
Retirement System, the purported private retirement plan and trust agreement hereinabove
referred to shall be dissolved and terminated.
(c) Notwithstanding the foregoing, blind persons Persons licensed by the State and
operating vending facilities under contract with the Department of Health and Human Services,
Division of Services for the Blind and its successors, hereinafter referred to as licensed vendors,
sowhoarelicensed on and afterOctober1,1983,shall not bemembersoftheRetirement System.

All licensed vendors in service or who are members of the Retirement System before October 1,
1983, shall make an irrevocable election to do one of the following:
(1) Continue contributing membership service as if an employee under the same
conditions and requirements as are otherwise provided, and have the rights of
a member to all benefits and a retirement allowance;
(2) Receive a return of accumulated contributions with cessation of contributing
membership service, under G.S. 135-5(f), and in any event with regular

interest regardless of membership service; or
(3) Terminatecontributingmembershipserviceandbeentitledalternativelyto the
benefits and allowances provided under G.S. 135-3(8) or 135-5(a)."
SECTION 1.14. G.S. 128-23(b) reads as rewritten:
"(b) Pursuant to the favorable vote of a majorityof the employees of the county, the board
of commissioners of any county may, by resolution legally adopted and approved by the Board

of Trustees, elect to have its employees become eligible to participate in the Retirement System.
Each county is authorized to make appropriations for these purposes and to fund them by levy of
propertytaxes pursuant to G.S. 153-65 as authorized by Article 7 of Chapter 153A of the General
Statutes and by the allocation of other revenues whose use is not otherwise restricted by law."
SECTION 1.15. G.S. 115D-25.4 is amended by adding a new subsection to read:
"(c) The administrative costs of the North Carolina Public School Teachers' and
Professional Educators' Investment Plan maybe charged to members or deducted from members'

accounts in accordance with nondiscriminatory procedures established by the Department of
State Treasurer and Board of Trustees."
SECTION 1.16.(a) G.S. 135-6.1 is amended by adding a new subsection to read:
"(e1) The Retirement Systems Division of the Department of State Treasurer may disclose
toemployersand formeremployersthatmadeacontributionforan employeeorformeremployee
to the Retirement System any information that is not public under this section regarding that
employee necessary to conduct the business of the Retirement System. Employers and former

employers in receipt of this information shall treat the information as confidential, and this
information shall not be a public record."
SECTION 1.16.(b) G.S. 135-8(f)(2)f. reads as rewritten:
"f. Each employer shall transmit to the Retirement System on account of
each member who retires on or after January 1, 2015, having earned
his or her last month of membership service as an employee of that

employer the lump sum payment, as calculated under G.S. 135 4(jj)
for inclusion in the Pension Accumulation Fund, that would have been
necessary in order for the retirement system to restore the member's
retirement allowance to the pre cap amount. Employers are not
required to make contributions on account of any retiree who became
a member on or after January 1, 2015, and who earned at least five
years of membership service in the Retirement System after January

1, 2015. The retirement allowance of a member with a final average
compensation of more than one hundred thousand dollars ($100,000),
as hereinafter indexed, shall not be subject to the contribution based
benefit cap if the compensation was earned from multiple

Page 10 Session Law 2020-48 Senate Bill 719 simultaneous employers, unless an employer's share of the average
final compensation exceeds one hundred thousand dollars ($100,000).
An employer is not required to make contributions on account of any
retiree whose final average compensation exceeds one hundred
thousand dollars ($100,000), as hereinafter indexed, based upon
compensation earned from multiple simultaneous employers, unless
that employer's share of the average final compensation exceeds one

hundred thousand dollars ($100,000), as provided and indexed under
G.S. 135-5(a3).
Under such rules as the Board of Trustees shall adopt, the
Retirement System shall report monthly to each employer a list of
those members for whom the employer made a contribution to the
Retirement System in the preceding month that are most likely to
require an additional employer contribution should they elect to retire

in the following 12 months, if applicable. Reports received under this
section shall not be public records. Employers or former employers in
receipt of a report under this section shall treat the report, and the
information contained within that report, as confidential and as though
it were still held by the Retirement System under G.S. 135-6.1."
SECTION 1.16.(c) G.S. 135-8(j) reads as rewritten:

"(j) Pension Spiking Report. – Upon receipt of a report from the Retirement System
generated pursuant to G.S. 135-8(f)(2)f., containing a list of employees for whom the employer
made a contribution to the North Carolina Teachers' and State Employees' Retirement System
that is likelyto require an additional employer contribution should the employee elect to retire in
the following 12 months, the employer's chief financial officer shall transmit a copy of the report
tothechiefexecutiveoftheemployer,aswellastothegoverningbodyoftheemployer,including
any board which exercises financial oversight of the employer, if applicable.the employer has a

governing body. Reports received under this section shall not be public records. Employers or
former employers in receipt of a report under this section shall treat the report, and the
information contained within that report, as confidential and as though it were still held by the
Retirement System under G.S. 135-6.1."
SECTION 1.16.(d) G.S. 128-33.1 is amended by adding a new subsection to read:
"(e1) The Retirement Systems Division of the Department of State Treasurer may disclose
to employers or former employers that made a contribution for an employee or former employee

to the Retirement System any information not public under this section regarding that employee
necessary to conduct the business of the Retirement System. Employers and former employers
in receipt of this information shall treat the information as confidential and this information shall
not be a public record."
SECTION 1.16.(e) G.S. 128-30(g)(2)b. reads as rewritten:
"b. Each employer shall transmit to the Retirement System on account of

each member who retires on or after January 1, 2015, having earned
his or her last month of membership service as an employee of that
employer the lump sum payment, as calculated under G.S. 128-26(y)
for inclusion in the Pension Accumulation Fund, that would have been
necessary in order for the retirement system to restore the member's
retirement allowance to the pre-cap amount. Employers are not
required to make contributions on account of any retiree who became

a member on or after January 1, 2015, and who earned at least five
years of membership service in the Retirement System after January
1, 2015. The retirement allowance of a member with a final average
compensation of more than one hundred thousand dollars ($100,000),

Senate Bill 719 Session Law 2020-48 Page 11 as hereinafter indexed, shall not be subject to the contribution-based
benefit cap if the compensation was earned from multiple
simultaneous employers, unless an employer's share of the average
final compensation exceeds one hundred thousand dollars ($100,000).
An employer is not required to make contributions on account of any
retiree whose final average compensation exceeds one hundred
thousand dollars ($100,000), as hereinafter indexed, based upon

compensation earned from multiple simultaneous employers, unless
that employer's share of the average final compensation exceeds one
hundred thousand dollars ($100,000), as provided and indexed under
G.S. 128-27(a3).
Under such rules as the Board of Trustees shall adopt, the
Retirement System shall report monthly to each employer a list of
those members for whom the employer made a contribution to the

Retirement System in the preceding month that are most likely to
require an additional employer contribution should they elect to retire
in the following 12 months, if applicable. Reports received under this
section shall not be public records. Employers or former employers in
receipt of a report under this section shall treat the report, and the
information contained within that report, as confidential and as though

it were still held by the Retirement System under G.S. 128-33.1."
SECTION 1.16.(f) G.S. 128-30(j) reads as rewritten:
"(j) Pension Spiking Report. – Upon receipt of a report from the Retirement System
generated pursuant to G.S. 128-30(g)(2)b., containing alist ofemployees forwhomthe employer
made a contribution to the North Carolina Local Governmental Employees' Retirement System
that is likelyto require an additional employer contribution should the employee elect to retire in
the following 12 months, the employer's chief financial officer shall transmit a copy of the report

to the governing bodyof the employer, if applicable.the employer has a governing body. Reports
received under this section shall not be public records. Employers and former employers in
receipt of a report under this section shall treat the report, and the information contained within
that report, as confidential and as though it were still held by the Retirement System under
G.S. 128-33.1."
SECTION 1.17. G.S. 135-48.47 reads as rewritten:
"§ 135-48.47. Participation in State Health Plan by local government employees and

dependents.

(d) Local governmentsparticipatinginthePlanasofApril1,2016,mayelectto withdraw
from participating in the Plan effective January 1, 2017. Notice of withdrawal must be given by
the local government to the Plan no later than September 15, 2016.
(e) Except as permitted under subsection (d) of this section, a local government unit's

election to participate in the Plan is irrevocable."
SECTION 1.18. G.S. 147-69.7(b)(1)f. reads as rewritten:
"f. With respect to the Retirement Systems defined in G.S. 147-69.2(d)
G.S. 147-69.2(b)(8) and any other pension plans, the adequacy of
funding for the Retirement Systems based on reasonable actuarial
factors."
SECTION 1.19. G.S. 1-359(d) reads as rewritten:

"(d) In addition to the intercept authority under G.S. 135-8(f) and G.S. 128-30(g), when
the Teachers' and State Employees' Retirement System of North Carolina, the Disability Income
Plan of North Carolina, or the North Carolina Local Government Employees' Retirement System
prevails in a civil action against a participating employer, as defined under G.S. 35-1 G.S. 135-1

Page 12 Session Law 2020-48 Senate Bill 719or G.S. 128-21, to collect monies owed, the Teachers' and State Employees' Retirement System
of North Carolina, the Disability Income Plan of North Carolina, or the North Carolina Local
Government Employees' Retirement System may attach or garnish the employer's credit card
receipts or other third-party payments in payment of the amount owed in the manner provided
bysubsection (a) of this section. Direct receipt bythe Teachers' and State Employees' Retirement
System of North Carolina, the Disability Income Plan of North Carolina, or the North Carolina
Local Government Employees' Retirement System is a sufficient discharge for the amount paid

by a credit card company, clearinghouse, or third-party payment processor."

PART II-A. CHANGES TO REQUIRE STRESS TESTING OF THE RETIREMENT
SYSTEM, AS RECOMMENDED BY THE PEW FOUNDATION
SECTION 2.1.(a) G.S. 135-6(n) reads as rewritten:
"(n) In 1943, and at least once in each five-year period thereafter, the actuary shall make
complete an actuarial investigation into experience review of the mortality, service and

compensation experience of the members and beneficiaries of the Retirement System, and shall
make a valuation of the assets and liabilities of the funds of the System, and taking into account
the result of such investigation and valuation, the Board of Trustees shall:shall do all of the
following:
(1) Adopt for the Retirement System such mortality, service and other tables as
shall be deemed necessary; andnecessary.

(2) Certify the rates of contributions payable by the State of North Carolina on
account of new entrants at various ages."
SECTION 2.1.(b) G.S. 135-6 is amended by adding two new subsections to read:
"(n1) Prior to undertaking each quinquennial actuarial experience review, as required by
this section, the Board of Trustees shall provide the General Assemblyand the Governor a report
that includes all of the following, as these items apply to the Retirement System:
(1) A description of, and the process used to determine, the investment return

assumption utilized by the Board of Trustees when determining the
contribution rates.
(1a) An estimate of the range of likely employer contributions over 20 years based
on analysis that simulates the volatility of annual investment returns above
and below the expected rate, applying methodology determined by the
actuary.
(2) Projections of assets, liabilities, pension debt, service costs, employee

contributions, employer contributions, net amortization, benefit payments,
payroll, and funded ratio for the Retirement System for each of the next 30
years based upon the then-current actuarial assumptions, including the
assumed rate of return.
(3) Projections of assets, liabilities, pension debt, service costs, employee
contributions, employer contributions, net amortization, benefit payments,

payroll, and funded ratio for the Retirement System assuming that investment
returns are two and four percentage points lower than the assumed rate of
return and that the State makes employer contributions meeting all of the
following:
a. The contributions are based upon the then-current funding policy for
the Retirement System.
b. The contributions are held constant at the levels calculated for

subdivision (2) of this subsection.
c. Thecontributionsneverexceedfifteenpercent(15%)ofprojectedtotal
revenue available for appropriation by the General Assembly.

Senate Bill 719 Session Law 2020-48 Page 13 (4) Estimates for assets, liabilities, pension debt, service costs, employee
contributions, employer contributions, net amortization, benefit payments,
payroll, and funded ratio for the Retirement System, if there is a one-year loss
on planned investments of twentypercent (20%) followed bya 20-year period
of investment returns two percentage points below plan assumptions, with the
following assumptions regarding contributions:
a. The contributions are based upon the then-current funding policy for

the Retirement System.
b. The contributions are held constant at the levels calculated for
subdivision (2) of this subsection.
c. Thecontributionsneverexceedfifteenpercent(15%)ofprojectedtotal
revenue available for appropriation by the General Assembly.
(5) The estimated actuarially accrued liability, the total plan normal cost for all
benefit tiers if multiple tiers exist, and the employer normal cost for all benefit

tiers if multiple tiers exist, calculated using all of the following:
a. A discount rate equal to the assumed rate of return. If the discount rate
used by the Retirement System is different from the investment return
assumption, then the report shall provide a calculation of actuarially
accrued liability based upon a discount rate that is two percent (2%)
and four percent (4%) above and below the long-term rate of return

actually used by the Board of Trustees.
b. The 10-year average of the yield of 30-year treasury notes.
(6) A description of the amortization period for any unfunded liabilities utilized
by the Board of Trustees when determining the contribution rates.
(7) A calculation of the contribution rates based on an amortization period equal
to the estimated average remaining service periods of employees covered by
the contributions.

(8) A description of the interest assumption rate utilized by the Board of Trustees
for reporting liabilities and the process used to determine that assumption.
(9) The market value of the assets controlled by the Board of Trustees and an
explanation of how the actuarial value assigned to those assets differs from
the market value of those assets.
(10) An assessment of how the changes of assumptions adopted by the Board of
Trustees in the experience review affect any of the other results in the report.

(11) Any additional information deemed useful by the Board of Trustees or the
Investment AdvisoryCommittee under G.S. 147-69.2 to evaluate or adjust the
investment policystatement orto evaluateadherenceto orrisk associated with
statutory constraints on investments.
(12) Any additional information deemed useful bythe Board to evaluate current or
prospective funding or contribution policies.

(n2) With regards to payment for the administration of subsections (n), (n1), and (o) of this
section, the Retirement Systems Division of the Department of State Treasurer may increase
receipts from the retirement assets of the corresponding retirement system or may pay the costs
directly from the retirement assets."

PART II-B. AMENDMENTS RELATED TO THE PENSION SOLVENCY FUND
SECTION 2.2.(a) G.S. 143C-4-10(c) is amended by adding a new subdivision to

read:
"(3) Any funds, in an amount directed by the State Treasurer to be transferred, that
meet all of the following criteria:

Page 14 Session Law 2020-48 Senate Bill 719 a. The funds are the result of rebates received by the Department of State
Treasurer from a company administering supplemental voluntary
insurance benefits authorized under G.S. 120-4.32(b), 128-38.3(b),
135-18.8(b), or 135-75(b).
b. The funds are not owed to a company administering, or individuals
participating in, supplemental voluntary insurance benefits.
c. As determined by the Board of Trustees of the Retirement System, the

funds are not to be needed to pay future administrative costs of the
supplemental voluntary insurance benefits."
SECTION 2.2.(b) G.S. 135-48.5(a) reads as rewritten:
"(a) There are hereby established two health benefit trust funds, to be known as the Public
Employee Health Benefit Fund and the Health Benefit Reserve Fund for the payment of hospital
and medical benefits. As used in this section, the term "health benefit trust funds" refers to the
fund type described under G.S. 143C-1-3(a)(10).

All premiums, fees, charges, rebates, refunds or any other receipts including, but not limited
to, earnings on investments, occurring or arising in connection with health benefits programs
established by this Article, shall be deposited into the Public Employee Health Benefit Fund.
Disbursements from the Fund shall include any and all amounts required to pay the benefits and
administrative costs of such programs as may be determined by the Executive Administrator and
Board of Trustees.

Anyunencumberedbalancein excessofprepaidpremiumsorchargesinthePublicEmployee
Health Benefit Fund at the end of each fiscal year shall be used first, in the following order:
(1) First, to provide an actuarially determined Health Benefit Reserve Fund for
incurred but unpresented claims, second, claims.
(2) Second, an amount determined by the State Treasurer, subject to approval by
the Board of Trustees, that does not exceed twenty-five percent (25%) of any
unencumbered balanceremainingafterprovidingforincurredbut unpresented

claims may be transferred to the Retiree Health Benefit Fund, established
under G.S. 135-7(f). Upon the direction and approval of, and in the amount
specifiedby, theStateTreasurer,theOfficeofStateBudgetManagement shall
transfer the amount in accordance with this subdivision.
(3) Third, to reduce the premiums required in providing the benefits of the health
benefits programs, and third programs.
(4) Fourth, to improve the plan, as may be provided by the General

Assembly.State Treasurer, subject to approval by the Board of Trustees.
The balance in the Health Benefits Reserve Fund may be transferred from time to time to the
PublicEmployeeHealth Benefit Fundto provideforanydeficiencyoccurringtherein. ThePublic
Employee Health Benefit Fund and the Health Benefit Reserve Fund shall be deposited with the
State Treasurer and invested as provided in G.S. 147-69.2 and 147-69.3.G.S. 147-69.3."
SECTION 2.2.(c) G.S. 143C-4-10 is amended by adding a new subsection to read:

"(g) Funds Do Not Revert. – No portion of the Fund shall be transferred to the General
Fund, and any appropriation made to the Fund shall not revert."
SECTION 2.2.(d) This section becomes effective July 1, 2020.

PART III. UNCLAIMED REAL AND PERSONAL PROPERTY CHANGES
SECTION 3.1.(a) The title of Article 1 of Chapter 116B of the General Statutes is
renamed to be "General."

SECTION 3.1.(b) G.S. 116B-1 is recodified as G.S. 116B-2.1.
SECTION 3.1.(c) G.S. 116B-2 is recodified as G.S. 116B-2.2.

Senate Bill 719 Session Law 2020-48 Page 15 SECTION 3.1.(d) G.S. 116B-2.1, as recodified by subsection (b) of this section,
through G.S. 116B-8, are recodified into a new Article 1A of Chapter 116B of the General
Statutes to be named "Escheats."
SECTION 3.1.(e) G.S. 116B-2.2, as recodified by subsection (c) of this section,
reads as rewritten:
"§ 116B-2.2. Unclaimed real and personal property escheats to the Escheat Fund.
Whenever the owner of anyreal or personal propertysituated or located within this State dies

intestate,ordiestestatebutdidnotdisposeofallrealorpersonalpropertybywill,withoutleaving
surviving any heirs, as defined in G.S. 29-2(3), to inherit said property under the laws of this
State, such real and personal property shall escheat. The State Treasurer shall have the right to
institute a civil action in the superior court of any county in which such real or personal property
is situated, against any administrator, executor, and unknown heirs or unknown claimants as
party defendants, which unknown heirs or unknown claimants may be served with summons and
notice of such action by publication as is now provided by the laws of this State. If an

administrator or executor has been appointed, he shall make a determination that there are no
known heirs or unknown claimants and shall inform the State Treasurer of that determination.
The superior court in which such civil action is instituted shall have the authority to enter a
judgment therein declaring the real and personal property unclaimed as having escheated, and
the real propertymaybe sold accordingto the provisions of G.S. 116B-1. G.S. 116-2.1. A default
final judgment may be entered by the clerk of the superior court in such cases when no answer is

filed by the administrator, executor, unknown heirs or unknown claimants to the complaint, or if
any answer is filed, the allegations of the complaint are either admitted or not denied by such
party defendants, and no claim is made in the answer to the propertyleft bysaid deceased person.
The funds derived from such sale shall be paid into the Escheat Fund where said funds, together
with all other escheated funds, shall be held without liability for profit or interest, subject to any
just claims therefor."
SECTION 3.1.(f) G.S. 116B-3 reads as rewritten:

"§ 116B-3. Unclaimed personalty on settlements of decedents' estates to the Escheat Fund.
All sums of money or other personal estate of whatever kind which shall remain in the hands
of any administrator, executor, administrator c.t.a., or personal representative when the
administration of an estate of a person dying intestate, or partially intestate, without leaving any
knownheirs to inherit same,is readyto be closed, unrecovered orunclaimed bysuit,bycreditors,
heirs, or others entitled thereto, shall, prior to the closing of the administration of the estate, be
paid or delivered by such administrator or executor to the State Treasurer as an escheat and shall

be included in the disbursements in the final account of such estate. In such cases as above
described, the State Treasurer is authorized to demand, sue for, recover, and collect such
unclaimed moneys or other personal estate of whatever kind from any administrator or executor
after the estate is readyto be closed, or from the clerk of the superior court if the unclaimed assets
have been paid over to him, and the State Treasurer shall hold the same without liabilityfor profit
or interest, subject to any just claims therefor. The provisions of this section and G.S. 116B-2

G.S. 116B-2.2 shall apply to the estate of a person missing for 30 days or more and the State
Treasurer may bring an action to have a receiver appointed in such case under the provisions of
Chapter 28C, Estates of Missing Persons."
SECTION 3.1.(g) G.S. 29-12 reads as rewritten:
"§ 29-12. Escheats.
If there is no person entitled to take under G.S. 29-14 or G.S. 29-15, or if in case of an
intestate born out of wedlock, there is no one entitled to take under G.S. 29-21 or G.S. 29-22, the

net estate shall escheat as provided in G.S. 116B-2.G.S. 116B-2.2."
SECTION 3.2. Article 1 of Chapter 116B of the General Statutes is amended by
adding a new section to read:
"§ 116B-1.1. Policy and interpretation.

Page 16 Session Law 2020-48 Senate Bill 719 The policy of the State is to recover and transfer property to rightful owners in a manner that
is consistent with the interest of the rightful owners. Where the rightful owner cannot be
appropriatelydetermined, it isthepolicyof theStatethat all benefits realizedfrom anyunclaimed
or abandoned property shall accrue to the benefit of higher education for the residents of the
State. This Chapter shall be liberally interpreted in a manner that fulfills these purposes."
SECTION 3.3. G.S. 116B-64 reads as rewritten:
"§ 116B-64. Income Loss, income, or gain accruing after payment or delivery.

If property other than money is delivered to the Treasurer under this Chapter, the owner is
entitled to receive from the Treasurer any income or gain realized or accruing on the property at
or before liquidation or conversion of the property into money. If the property is interest-bearing
or pays dividends, the interest or dividends shall be paid until the date on which the amount of
thedeposits, accounts, orfunds, ortheshares must beremitted ordeliveredto theTreasurerunder
G.S. 116B-61. Otherwise, when propertyis delivered or paid to the Treasurer, the Treasurer shall
hold the property without liability for income loss, income, or gain."

SECTION 3.4. G.S. 116B-75(b) reads as rewritten:
"(b) The Treasurer may order a person required to report, pay, or deliver property under
this Chapter, or an officer or employee of the person, or a person having possession, custody,
care, or control of records relevant to the matter under inquiry, or any other person having
knowledge of the property or records, to (i) appear before the Treasurer, at a time and place
named in the order, and to (ii) produce the records and to reports and records, (iii) make the

requiredpayments,(iv)maketherequireddeliveryofproperty, and(v)givesuchtestimonyunder
oath or affirmation relevant to the inquiry. For purposes of this subsection, the Treasurer may
administer oaths or affirmations. If a person refuses to obey an order of the Treasurer, the
Treasurer may apply to the Superior Court of Wake County for an order requiring the person to
obey the order of the Treasurer. Failure to comply with the court order is punishable for
contempt."
SECTION 3.5.(a) G.S. 116B-60(a) reads as rewritten:

"(a) A holder of property presumed abandoned shall make file a report to in an electronic
format prescribed by the Treasurer concerning the property. Holders reporting 50 or more
property owner records shall file the report in an electronic format prescribed by the Treasurer.
Holders reporting less than 50 property owner records may file the report electronically. Holders
reporting electronically may shall file an electronic certification and verification in order to
comply with subsection (f) of this section."
SECTION3.5.(b) ThissectionbecomeseffectiveJuly1, 2021, and applies to reports

filed on or after that date.
SECTION 3.6. G.S. 116B-60(b1) reads as rewritten:
"(b1) Amounts With the exception of property subject to G.S. 116B-53(c)(4),
116B-53(c)(5), and 116B-53(c)(5a), amounts due an apparent owner less than fifty dollars
($50.00) may be reported in an aggregate amount without furnishing any of the information
required by subsection (b) of this section."

SECTION 3.7.(a) G.S. 116B-63 reads as rewritten:
"§ 116B-63. Custody by State; recovery by holder; defense of holder.
(a) In this section, payment or delivery is made in "good faith" if:if all of the following
apply:
(1) Payment or delivery was made in a reasonable attempt to comply with this
Chapter;Chapter.
(2) The holder was not then in breach of a fiduciary obligation with respect to the

property and had a reasonable basis for believing, based on the facts then
known, that the property was presumed abandoned; andabandoned.
(3) There is no showing that the records under which the payment or deliverywas
made did not meet reasonable commercial standards of practice.

Senate Bill 719 Session Law 2020-48 Page 17 (b) Upon payment or deliveryof propertyto the Treasurer, the State assumes custodyand
responsibility for the safekeeping of the property. A holder who pays or delivers property to the
Treasurer in good faith is relieved of all liability arising thereafter with respect to the property.
(c) A holder who has paid money to the Treasurer pursuant to this Chapter may
subsequently make payment to a person reasonably appearing to the holder to be entitled to
payment. Upon a filing with the Treasurer by the holder on a form prescribed by the Treasurer
of proof of payment and proof that the payee was entitled to the payment, the Treasurer shall

promptly reimburse the holder for the payment without imposing a fee or other charge. If
reimbursement is sought for a payment made on a negotiable instrument, including a traveler's
check or money order, the holder must be reimbursed upon filing proof with the Treasurer that
the instrument was duly presented and that payment was made to a person who reasonably
appeared to be entitled to payment. The holder must be reimbursed for payment made even if the
payment was made to a person whose claim was barred under G.S. 116B-71(a).
(d) A holder who has delivered property other than money to the Treasurer pursuant to

this Chapter may reclaim the property if it is still in the possession of the Treasurer, without
payinganyfeeorothercharge,uponfilingproofthattheapparentownerhas claimedtheproperty
from the holder.
(d1) A holder who has in good faith paid or delivered property to the Treasurer in error
may request a refund from the Treasurer. Upon a filing with the Treasurer by the holder of proof
of the error on a form prescribed by the Treasurer, the Treasurer may refund the holder.

(e) The Treasurer may accept a holder's affidavit as sufficient proof of the holder's right
to recover money and property under this section.
(f) If a holder pays or delivers property to the Treasurer in good faith and thereafter
another person claims the property from the holder or another state claims the moneyor property
underitslawsrelatingto escheatorabandonedorunclaimedproperty,theTreasurer,uponwritten
notice of the claim, shall defend the holder against the claim and indemnify the holder against
any liability on the claim resulting from payment or delivery of the property to the Treasurer."

SECTION3.7.(b) Thissectioniseffectivewhenitbecomeslawandapplies tofilings
made on or after that date.

PART IV. PENSION PROTECTION CHANGES
SECTION 4.1.(a) G.S. 135-6(l) reads as rewritten:
"(l) Duties of Actuary. – The Board of Trustees shall designate an actuary who shall be
the technical adviser of the Board of Trustees on matters regarding the operation of the funds

created by the provisions of this Chapter and shall perform such other duties as are required in
connection therewith. For purposes of the annual valuation of System assets, the The experience
studies, and studies and all other actuarial calculations required by this Chapter, and all the
assumptions used by the System's actuary, including mortality tables, interest rates, annuity
factors, the contribution-based benefit cap factor, and employer contribution rates, shall be set
out in theactuary's periodic reports reports, annual valuations ofSystem assets, orothermaterials

provided to the Board of Trustees. These Notwithstanding Article 2A of Chapter 150B of the
General Statutes, these materials, once accepted by the Board, shall be considered part of the
Plan documentation governing this Retirement System; similarly, the System and shall be
effective the first day of the month following adoption unless a different date is specified in the
adopting resolution. The effective date shall not retroactively affect a contribution rate. The
Board's minutes relative to all actuarial assumptions used by the System shall also be considered
part of the Plan documentation governing this Retirement System, with the result of precluding

any employer discretion in the determination of benefits payable hereunder, consistent with
Section 401(a)(25) of the Internal Revenue Code."
SECTION 4.1.(b) G.S. 128-28(m) reads as rewritten:

Page 18 Session Law 2020-48 Senate Bill 719 "(m) Duties of Actuary. – The Board of Trustees shall designate an actuary who shall be
the technical adviser of the Board of Trustees on matters regarding the operation of the funds
created by the provisions of this Chapter and shall perform such other duties as are required in
connection therewith. For purposes of the annual valuation of System assets, the The experience
studies, and studies and all other actuarial calculations required by this Chapter, and all the
assumptions used by the System's actuary, including mortality tables, interest rates, annuity
factors, the contribution-based benefit cap factor, and employer contribution rates, shall be set

out in theactuary's periodic reports reports, annual valuations ofSystem assets, orothermaterials
provided to the Board of Trustees. These Notwithstanding Article 2A of Chapter 150B of the
General Statutes, these materials, once accepted by the Board, shall be considered part of the
Plan documentation governing this Retirement System; similarly, the System and shall be
effective the first day of the month following adoption unless a different date is specified in the
adopting resolution. The effective date shall not retroactively affect a contribution rate. The
Board's minutes relative to all actuarial assumptions used by the System shall also be considered

part of the Plan documentation governing this Retirement System, with the result of precluding
any employer discretion in the determination of benefits payable hereunder, consistent with
Section 401(a)(25) of the Internal Revenue Code."
SECTION 4.1.(c) G.S. 150B-1(d) reads as rewritten:
"(d) Exemptions from Rule Making. – Article 2A of this Chapter does not apply to the
following:


(30) The Retirement System Boards of Trustees established under G.S. 128-28 and
G.S. 135-6 when adopting actuarial tables, assumptions, and
contribution-based benefit cap factors after presentation of recommendations
from the actuary. This exemption includes, but is not limited to, the following
actuarial tables, assumptions, methods, and factors:
a. Joint and survivor tables.

b. Reserve transfer tables.
c. Interest rate assumptions.
d. Salary increase assumptions.
e. Mortality assumptions.
f. Separation and retirement assumptions.
g. Asset smoothing methods.
h. Actuarial cost methods.

i. Contribution-based benefit cap factors.
j. Required contribution rates.
k. Amortization policies."
SECTION 4.1.(d) This section is effective when it becomes law, and subsection (c)
applies to actuarial tables, assumptions, and contribution-based benefit cap factors adopted or
changed on or after that date.

SECTION 4.2.(a) G.S. 135-6(n), as amended by Section 2.1(a) of this act, reads as
rewritten:
"(n) In 1943, and at least once in each five-year period thereafter, the actuary shall
complete an actuarial experience review of the mortality, service and compensation experience
of the members and beneficiaries of the Retirement System, and System and shall make a
valuation of the assets and liabilities of the funds of the System, and taking System. Taking into
account the result of such the actuarial investigation and valuation, the Board of Trustees shall

do all of the following:
(1) Adopt for the Retirement System such any necessary mortality, service and
service, or other tables as shall be deemed necessary.tables and any necessary
contribution-based benefit cap factors for the Retirement System.

Senate Bill 719 Session Law 2020-48 Page 19 (2) Certify the rates of contributions payable by the State of North Carolina on
account of new entrants at various ages.
In order to pay for the administration of this section, the Retirement Systems Division of the
Department of State Treasurer mayincrease receipts from the retirement assets of the Retirement
System or may pay the costs directly from the retirement assets."
SECTION 4.2.(b) G.S. 135-6(o) reads as rewritten:
"(o) On the basis of such the tables and interest assumption rate as adopted by the Board

of Trustees shall adopt, Trustees, the actuary shall make an annual valuation of the assets and
liabilities of the funds of the System created by this Chapter. The annual valuation shall include
a supplementary section that provides an analysis of assets on a market basis using the 30-year
treasury rate as of December 31 of the year of the valuation as the discount rate. In order to pay
forthe administration ofthis section,theRetirement Systems Division oftheDepartment ofState
Treasurer may increase receipts from the retirement assets of the Retirement System or may pay
the costs directly from the retirement assets."

SECTION 4.2.(c) G.S. 128-28(o) reads as rewritten:
"(o) In the year 1945, and at least once in each five-year period thereafter, the actuaryshall
make an actuarial investigation into the mortality, service and compensation experience of the
members and beneficiaries of the Retirement System, and System and shall make a valuation of
the assets and liabilities of the funds of the System, and taking System. Taking into account the
result of such investigation and valuation, the Board of Trustees shall:shall do all of the

following:
(1) Adopt for the Retirement System such any necessary mortality, service and
service, or other tables as shall be deemed necessary; andtables and any
necessary contribution-based benefit cap factors for the Retirement System.
(2) Certifythe rates of contributions payable bythe participating units on account
of new entrants at various ages.
In order to pay for the administration of this section, the Retirement Systems Division of the

Department of State Treasurer mayincrease receipts from the retirement assets of the Retirement
System or may pay the costs directly from the retirement assets."
SECTION 4.2.(d) G.S. 128-28(p) reads as rewritten:
"(p) On the basis of such the tables and interest assumption rate as adopted by the Board
of Trustees shall adopt, Trustees, the actuary shall make an annual valuation of the assets and
liabilities of the funds of the System created by this Chapter. The annual valuation shall include
a supplementary section that provides an analysis of assets on a market basis using the 30-year

treasury rate as of December 31 of the year of the valuation as the discount rate. In order to pay
forthe administration ofthis section,theRetirement Systems Division oftheDepartment ofState
Treasurer may increase receipts from the retirement assets of the Retirement System or may pay
the costs directly from the retirement assets."
SECTION 4.2.(e) This section is effective when it becomes law and applies to
actuarial investigations and calculations made on or after that date.

SECTION 4.3.(a) G.S. 135-18.10A(b) is repealed.
SECTION 4.3.(b) G.S. 128-38.4A(b) is repealed.
SECTION 4.3.(c) G.S. 135-75.1A(b) is repealed.
SECTION 4.3.(d) G.S. 120-4.33A(b) is repealed.
SECTION 4.4.(a) G.S. 135-4(gg) reads as rewritten:
"(gg) If a member who is an elected government official and has not vested in this System
on July 1, 2007, is convicted of an offense listed in G.S. 135-18.10 for acts committed after July

1, 2007, then that member shall forfeit all benefits under this System, except for a return of
member contributions plus interest. If a member who is an elected government official and has
vested in this System on July1, 2007, is convicted of an offense listed in G.S. 135-18.10 for acts
committed after July 1, 2007, then that member is not entitled to any creditable service that

Page 20 Session Law 2020-48 Senate Bill 719accrued after July 1, 2007. 2007, regardless of whether that creditable service was earned by
virtue of membership in the System, accrued by conversion of sick leave at the point of the
member's retirement, accrued by transfer of service from another retirement system, purchased
bythe member in accordance with this Chapter, or accrued byanyother means. No member shall
forfeit any benefit or creditable service earned from a position not as an elected government
official. For purposes of this subsection, creditable service attributable to the conversion of sick
leave accrues in this System on the date of retirement, service transferred to this System from

another system accrues in this System on the effective date of the transfer, and purchased service
accrues in this System on the date of the purchase."
SECTION 4.4.(b) G.S. 135-4(ii) reads as rewritten:
"(ii) If a member who is in service and has not vested in this System on December 1, 2012,
is convicted of an offense listed in G.S. 135-18.10A for acts committed after December 1, 2012,
then that member shall forfeit all benefits under this System, except for a return of member
contributions plus interest. If a member who is in service and has vested in this System on

December 1, 2012, is convicted of an offense listed in G.S. 135-18.10A for acts committed after
December 1, 2012, then that member is not entitled to any creditable service that accrued after
December 1, 2012.2012, regardless of whether that creditable service was earned by virtue of
membership in the System, accrued by conversion of sick leave at the point of the member's
retirement, accrued by transfer of service from another retirement system, purchased by the
member in accordance with this Chapter, or accrued by any other means. For purposes of this

subsection, creditable service attributable to the conversion of sick leave accrues in this System
on the date of retirement, service transferred to this System from another system accrues in this
System on the effective date of the transfer, and purchased service accrues in this System on the
date of the purchase."
SECTION 4.4.(c) G.S. 128-26(w) reads as rewritten:
"(w) If a member who is an elected government official and has not vested in this System
on July 1, 2007, is convicted of an offense listed in G.S. 128-38.4 for acts committed after July

1, 2007, then that member shall forfeit all benefits under this System, except for a return of
member contributions plus interest. If a member who is an elected government official and has
vested in this System on July 1, 2007, is convicted of an offense listed in G.S. 128-38.4 for acts
committed after July 1, 2007, then that member is not entitled to any creditable service that
accrued after July 1, 2007. 2007, regardless of whether that creditable service was earned by
virtue of membership in the System, accrued by conversion of sick leave at the point of the
member's retirement, accrued by transfer of service from another retirement system, purchased

by the member in accordance with this Article, or accrued by any other means. No member shall
forfeit any benefit or creditable service earned from a position not as an elected government
official. For purposes of this subsection, creditable service attributable to the conversion of sick
leave accrues in this System on the date of retirement, service transferred to this System from
another system accrues in this System on the effective date of the transfer, and purchased service
accrues in this System on the date of the purchase."

SECTION 4.4.(d) G.S. 128-26(x) reads as rewritten:
"(x) If a member who is in service and has not vested in this System on December 1, 2012,
is convicted of an offense listed in G.S. 128-38.4A for acts committed after December 1, 2012,
then that member shall forfeit all benefits under this System, except for a return of member
contributions plus interest. If a member who is in service and has vested in this System on
December 1, 2012, is convicted of an offense listed in G.S. 128-38.4A for acts committed after
December 1, 2012, then that member is not entitled to any creditable service that accrued after

December 1, 2012.2012, regardless of whether that creditable service was earned by virtue of
membership in the System, accrued by conversion of sick leave at the point of the member's
retirement, accrued by transfer of service from another retirement system, purchased by the
member in accordance with this Article, or accrued by any other means. For purposes of this

Senate Bill 719 Session Law 2020-48 Page 21subsection, creditable service attributable to the conversion of sick leave accrues in this System
on the date of retirement, service transferred to this System from another system accrues in this
System on the effective date of the transfer, and purchased service accrues in this System on the
date of the purchase."
SECTION 4.4.(e) G.S. 135-56(g) reads as rewritten:
"(g) If a member who has not vested in this System on July 1, 2007, is convicted of an
offense listed in G.S. 135-75.1 for acts committed after July 1, 2007, then that member shall

forfeit all benefits under this System. If a member who has vested in this System on July1, 2007,
is convicted of an offense listed in G.S. 135-75.1 for acts committed after July 1, 2007, then that
member is not entitled to any creditable service that accrued after July 1, 2007. 2007, regardless
of whether that creditable service was earned by virtue of membership in the System, accrued by
conversion of sick leave at the point of the member's retirement, accrued by transfer of service
from another retirement system, purchased by the member in accordance with this Chapter, or
accrued by any other means. No member shall forfeit any benefit or creditable service earned

from a position not as a justice, judge, district attorney, or clerk of superior court. For purposes
of this subsection, creditable service attributable to the conversion of sick leave accrues in this
System on the date of retirement, service transferred to this System from another system accrues
in this System on the effective date of the transfer, and purchased service accrues in this System
on the date of the purchase."
SECTION 4.4.(f) G.S. 135-56(j) reads as rewritten:

"(j) If a member who is in service and has not vested in this System on December 1, 2012,
is convicted of an offense listed in G.S. 135-75.1A for acts committed after December 1, 2012,
then that member shall forfeit all benefits under this System, except for a return of member
contributions plus interest. If a member who is in service and has vested in this System on
December 1, 2012, is convicted of an offense listed in G.S. 135-75.1A for acts committed after
December 1, 2012, then that member is not entitled to any creditable service that accrued after
December 1, 2012.2012, regardless of whether that creditable service was earned by virtue of

membership in the System, accrued by conversion of sick leave at the point of the member's
retirement, accrued by transfer of service from another retirement system, purchased by the
member in accordance with this Chapter, or accrued by any other means. For purposes of this
subsection, creditable service attributable to the conversion of sick leave accrues in this System
on the date of retirement, service transferred to this System from another system accrues in this
System on the effective date of the transfer, and purchased service accrues in this System on the
date of the purchase."

SECTION 4.4.(g) G.S. 120-4.12(f) reads as rewritten:
"(f) If a member who has not vested in this System on July 1, 2007, is convicted of an
offense listed in G.S. 120-4.33 for acts committed after July 1, 2007, then that member shall
forfeit all benefits under this System. If a member who has vested in this System on July1, 2007,
is convicted of an offense listed in G.S. 120-4.33 for acts committed after July 1, 2007, then that
member is not entitled to any creditable service that accrued after July 1, 2007. 2007, regardless

of whether that creditable service was earned by virtue of membership in the System, accrued by
conversion of sick leave at the point of the member's retirement, accrued by transfer of service
from another retirement system, purchased by the member in accordance with this Article, or
accrued by any other means. No member shall forfeit any benefit or creditable service earned
from a position not as a member of the General Assembly. For purposes of this subsection,
creditable service attributable to the conversion of sick leave accrues in this System on the date
of retirement, service transferred to this System from another system accrues in this System on

the effective date of the transfer, and purchased service accrues in this System on the date of the
purchase."
SECTION 4.4.(h) G.S. 120-4.12(g) reads as rewritten:

Page 22 Session Law 2020-48 Senate Bill 719 "(g) If a member who is a present member of the General Assembly and who has not
vested in this System on December 1, 2012, is convicted of an offense listed in G.S. 120-4.33A
for acts committed after December 1, 2012, then that member shall forfeit all benefits under this
System, except for a return of member contributions plus interest. If a member who is a present
member of the General Assembly and has vested in this System on December 1, 2012, is
convicted of an offenselistedin G.S. 120-4.33A foracts committedafter December 1, 2012,then
that member is not entitled to any creditable service that accrued after December 1, 2012.2012,

regardless of whether that creditable service was earned by virtue of membership in the System,
accrued by conversion of sick leave at the point of the member's retirement, accrued by transfer
of service from another retirement system, purchased by the member in accordance with this
Article, or accrued by any other means. For purposes of this subsection, creditable service
attributable to the conversion of sick leave accrues in this System on the date of retirement,
service transferred to this System from another system accrues in this System on the effective
date of the transfer, and purchased service accrues in this System on the date of the purchase."

SECTION 4.5.(a) G.S. 135-18.10B reads as rewritten:
"§ 135-18.10B. Prohibition on purchase of forfeited service.
Any member whose retirement benefits have been forfeited under G.S. 135-18.10 or
G.S. 135-18.10A is prohibited from subsequently purchasing or repurchasing either those
forfeited benefits or any creditable membership service associated with those forfeited
benefits.benefits and that service may not be used for the purposes of eligibility for benefits in

any retirement system that provides reciprocal benefits."
SECTION 4.5.(b) G.S. 128-38.4B reads as rewritten:
"§ 128-38.4B. Prohibition on purchase of forfeited service.
Any member whose retirement benefits have been forfeited under G.S. 128-38.4 or
G.S. 128-38.4Aisprohibitedfromsubsequentlypurchasingorrepurchasingeitherthoseforfeited
benefits or any creditable membership service associated with those forfeited benefits.benefits
and that service may not be used for the purposes of eligibility for benefits in any retirement

system that provides reciprocal benefits."
SECTION 4.5.(c) G.S. 135-75.1B reads as rewritten:
"§ 135-75.1B. Prohibition on purchase of forfeited service.
Any member whose retirement benefits have been forfeited under G.S. 135-75.1 or
G.S. 135-75.1Aisprohibitedfromsubsequentlypurchasingorrepurchasingeitherthoseforfeited
benefits or any creditable membership service associated with those forfeited benefits.benefits
and that service may not be used for the purposes of eligibility for benefits in any retirement

system that provides reciprocal benefits."
SECTION 4.5.(d) G.S. 120-4.33B reads as rewritten:
"§ 120-4.33B. Prohibition on purchase of forfeited service.
Any member whose retirement benefits have been forfeited under G.S. 120-4.3 or
G.S. 120-4.3A is prohibited from subsequently purchasing or repurchasing either those forfeited
benefits or any creditable membership service associated with those forfeited benefits.benefits

and that service may not be used for the purposes of eligibility for benefits in any retirement
system that provides reciprocal benefits."

PART V. AMEND THE SEPARATE INSURANCE BENEFITS PLAN OFFERINGS
SECTION 5.1. G.S. 143-166.60(d)(1) is repealed.

PART VI. SEVERABILITY

SECTION 6.1. If any provision of this act or its application is held invalid, the
invalidity does not affect other provisions or applications of this act that can be given effect
without the invalid provisions or application, and to this end the provisions of this act are
severable.

Senate Bill 719 Session Law 2020-48 Page 23PART VII. EFFECTIVE DATE
SECTION 7.1. Except as provided otherwise, this act is effective when it becomes
law.
In the General Assembly read three times and ratified this the 17 day of June, 2020.

s/ Philip E. Berger
President Pro Tempore of the Senate

s/ Tim Moore
Speaker of the House of Representatives

s/ Roy Cooper

Governor

Approved 9:59 a.m. this 26 day of June, 2020

Page 24 Session Law 2020-48 Senate Bill 719