SB 650 – State Pension/Retirement Health Benefit Fund Solvency
Primary Sponsors: Sen. Brent Jackson (R – Duplin), Sen. Dan Bishop (R – Mecklenburg)
This bill would establish the Unfunded Liability Solvency Reserve.
The Transfer of funds from the Reserve would need to meet all of the following requirements:
- The funds should only be used for transfers to the Health Benefit Fund or the Retirement System for the purpose of reducing the unfunded liabilities of those two funds.
- Transfers from the Reserve to the Health Benefit Fund and the Retirement System shall not supplant employer contributions otherwise designated for Health Benefit Fund or Retirement System.