Legislation

Section 11 of Session Law 2024-29, as amended by Section 3 of Session Law 2024-42, increases the Firefighters’ & Rescue Squad Workers’ Pension Fund monthly benefit amount from $170 to $175 and increases the monthly contribution requirement from $10 to $15 per month. For members younger than 35, the cost to purchase prior service also increases from $10 to $15 to coincide with the new member contribution rate. Member contributions associated with the 2024 calendar year may be paid at the $10 monthly rate until March 31, 2025.

Effective Jan. 1, 2025.

Part VII allows part-time employees to participate in the NC 401(k) plan, as long as their employer has one or more employees who are otherwise eligible for participation in the NC 401(k) plan. This section also allows the employer to remain in compliance with the NC 401(k) plan if they make additional contributions on behalf of full-time employees, but do not make additional contributions for part-time employees.

Effective January 1, 2025.

Part III requires employers to submit both the Contribution Summary Report and the contribution payments associated with that report prior to the required deadline set in statute and Administrative Rule, which is currently no later than the fifth State government working day of the month succeeding the month for which the contributions are required.

Effective January 1, 2025.
 

Section 12 allows flexibility for members who retired on or after April 1, 2024, but before October 1, 2024, to become reemployed with a participating employer in the Retirement System they retired from if the position of reemployment is "needed due to the state of emergency related to Hurricane Helene or associated Hurricane Helene recovery efforts." 

The flexibility includes a reduced time frame for the retiree's required separation from service, removal of the reemployment violation for returning to work during the "waiting period," and an exemption of earnings from the reemployment from the retiree's earnings restriction for a limited time period. The provisions apply to work performed from September 25, 2024, until expiration of the statewide emergency declaration. 

The law also includes an exemption pertaining to Law Enforcement Officers' or retirement Law Enforcement Officers' Special Separation Allowances, not administered by the Department of State Treasurer.