A BILL TO BE ENTITLED
AN ACT to provide for the continued financial security of the teachers' and state employees' retirement system.
Whereas, the 2002‑2003 State budget did not include any employer contribution to the Teachers' and State Employees' Retirement System; and
Whereas, it is critical to the security of the Teachers' and State Employees' Retirement System and the retirees, both present and future, who depend upon it for their livelihood, that the Retirement System be provided with a reliable and consistent employer contribution rate; Now, therefore,
The General Assembly of North Carolina enacts:
SECTION 1.  Chapter 135 of the General Statutes is amended by adding a new section to read:
"§ 135-8.1. Continued stability of Retirement System.
In order to provide for the continued stability of the Retirement System, each biennial budget enacted by the General Assembly shall appropriate funds to the Retirement System in an amount sufficient to cover the sum of the following, as determined annually by the Board of Trustees:
(1)	The normal employer contribution rate; and
(2)	The accrued liability contribution rate, if any.
The appropriation shall be paid monthly as a percentage of compensation of members and shall be credited to the pension accumulation fund established in G.S. 135-8(a)."
SECTION 2.  This act becomes effective July 1, 2003.