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7/28/2021 SL 2018-22(HB 284) <br /> 8 <br /> (2) A member may elect to receive the special retirement allowance for life <br /> but is guaranteed that the sum of the special allowance payments will <br /> equal the total of the transferred amount. Under this payment option, if the <br /> member dies before receiving the total transferred amount, the special <br /> retirement allowance will continue to be paid to the member's designated <br /> beneficiary for the life of the beneficiary, if Option 2, 3 or 6 is selected. If <br /> Option 2, 3 or 6 is not selected, the member's designated beneficiary or <br /> the member's estate shall be paid any remaining balance of the transferred <br /> amount. <br /> The Board of Trustees shall report annually to the Joint Legislative Commission on <br /> Governmental Operations on the number of persons who made an election in the previous <br /> calendar year, with any recommendations it might make on amendment or repeal based on <br /> any identified problems. <br /> The General Assembly reserves the right to repeal or amend this subsection, but such <br /> repeal or amendment shall not affect any person who has already made the one-time election <br /> provided in this subsection." <br /> SECTION 2.(b) G.S. 128-27(m2) reads as rewritten: <br /> "(m2) Special Retirement Allowance. — At any time coincident with or following <br /> retirement, a member may make a one-time, irrevocable election to transfer any portion of <br /> the member's eligible accumulated contributions, not including any Roth after-tax <br /> contributions and the earnings thereon, from the Supplemental Retirement Income Plan of <br /> North Carolina or the North Carolina Public Employee Deferred Compensation Plan to this <br /> Retirement System and receive, in addition to the member's basic service, early or disability <br /> retirement allowance, a special retirement allowance which shall be based upon the <br /> member's transferred balance. <br /> A member who became a member of the Supplemental Retirement Income Plan prior to <br /> retirement and who remains a member of the Supplemental Retirement Income Plan may <br /> make a one-time, irrevocable election to transfer eligible balances, not including any Roth <br /> after-tax contributions and the earnings thereon, from any of the following plans to the <br /> Supplemental Retirement Income Plan, subject to the applicable requirements of the <br /> Supplemental Retirement Income Plan, and then through the Supplemental Retirement <br /> Income Plan to this Retirement System (i) a plan participating in the North Carolina Public <br /> School Teachers' and Professional Educators' Investment Plan; (ii) a plan described in <br /> section 403(b) of the Internal Revenue Code; (iii) a plan described in section 457(b) of the <br /> Internal Revenue Code that is maintained by a state, political subdivision of a state, or any <br /> agency or instrumentality of a state or political subdivision of a state; (iv) an individual <br /> retirement account or annuity described in section 408(a) or section 408(b) of the Internal <br /> Revenue Code that is eligible to be rolled over and would otherwise be includible in gross <br /> income; or (v) a tax-qualified plan described in section 401(a) or section 403(a) of the <br /> Internal Revenue Code. In addition, any transfer under this subsection may be paid in whole <br /> or in part with employer contributions paid directly to this Retirement System at the time of <br /> transfer. <br /> Notwithstanding anything to the contrary, a member may not transfer such amounts as <br /> will cause the member's retirement allowance under the System to exceed the amount <br /> allowable under G.S. 128-38.2(b). The Board of Trustees may establish a minimum amount <br /> that must be transferred if a transfer is elected. The member may elect a special retirement <br /> allowance with no postretirement increases or a special retirement allowance with annual <br /> postretirement increases equal to the annual increase in the U.S. Consumer Price Index. <br /> Postretirement increases on any other allowance will not apply to the special retirement <br /> allowance. The Board of Trustees shall provide educational materials to the members who <br /> apply for the transfer authorized by this section. Those materials shall describe the special <br /> retirement allowance and shall explain the relationship between the transferred balance and <br /> file:///C:/Users/bbartholomew/Documents/ATT 3 ABTRACT 9 14 2021 SL 2018-22(HB 284).html 3/13 <br />