{"data":{"id":"us-nc/n.c.-gen.-stat.-135-48.12","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 135-48.12","heading":"Committee on Actuarial Valuation of Retired Employees' Health Benefits.","body":"(a)\tThere is established the Committee on Actuarial Valuation of Retired Employees' Health Benefits. The Committee shall be responsible for collecting data and reviewing assumptions for the sole purpose of conducting required actuarial valuations of State supported retired employees' health benefits under other post-employment benefit accounting standards set forth by the Governmental Accounting Standards Board of the Financial Accounting Foundation.\n(b)\tThe Committee on Actuarial Valuation of Retired Employees' Health Benefits shall consist of five members serving ex officio, as follows:\n(1)\tThe State Budget Officer, who shall serve as the Chair;\n(2)\tRepealed by Session Laws 2013-373, s. 1, effective October 1, 2013.\n(3)\tThe State Controller;\n(4)\tThe State Treasurer; and\n(5)\tThe Executive Administrator for the State Health Plan for Teachers and State Employees.\n(c)\tA majority of the members of the Committee then serving shall constitute a quorum.\n(d)\tEach member shall be entitled to one vote on the Committee. Three affirmative votes shall be necessary for a decision by the members at any meeting of the Committee.\n(e)\tThe Committee shall keep in convenient form such data as is necessary for actuarial valuation of retired employees' health benefits under accounting standards set forth by the Governmental Accounting Standards Board of the Financial Accounting Foundation. The Department of State Treasurer, Retirement Systems Division, the State Health Plan for Teachers and State Employees, and any other State agency, department, or university institution, local public school agency, or local community college institution shall provide any necessary data upon request of the Committee for the purpose of conducting its responsibilities.\n(f)\tThe Committee shall designate either the actuary under contract with the Department of State Treasurer, Retirement Systems Division, or the actuary under contract with the State Health Plan for Teachers and State Employees as the technical adviser to the Committee on matters regarding the actuarial valuation of retired employees' health benefits created by the provisions of this Chapter. The technical advisor shall perform such actuarial valuation and other duties as are required under this Chapter.\n(g)\tThe Committee shall secure an annual calendar-year actuarial valuation of retired employees' health benefits under accounting standards set forth by the Governmental Accounting Standards Board of the Financial Accounting Foundation.\n(h)\tThe Committee shall keep a record of all of its proceedings which shall be open to public inspection.\n(i)\tThe Committee shall adopt a funding policy and shall include information about the State's contribution policy, including the basis for determining contributions in the annual actuarial valuation. (2007-467, s. 1; 2007-323, s. 28.22A(o); 2008-168, ss. 1(a), (c), (f); 2011-85, ss. 2.4(b), 2.10; 2013-373, s. 1; 2017-125, s. 3.)","path":["Chapter 135. Retirement System for Teachers and State Employees; Social Security; State Health Plan for Teachers and State Employees.","Article 3B. State Health Plan for Teachers and State Employees.","Part 1. General Provisions."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_135/GS_135-48.12.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:21:42Z","sha256":"a6b543ab8c8e4b2e44aaee4cf07512a582d12d7ac94d4803c682ef4c5cd03618","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-135-48.11","next":"us-nc/n.c.-gen.-stat.-135-48.13"},"notice":"GroundRules: Original legal text. Not legal advice."}