A BILL TO BE ENTITLED
AN ACT to authorize the use of funds for the retirement systems division's service audit project and for the establishment of four programmer positions for the retirement systems division's newly implemented ORBIT system.
The General Assembly of North Carolina enacts:
SECTION 1.  The Boards of Trustees of the Teachers' and State Employees' Retirement System and the Local Governmental Employees' Retirement System may authorize the Department of State Treasurer, Retirement Systems Division, to use the sum of one million two hundred thousand dollars ($1,200,000) for the 2008‑2009 fiscal year from the Trust Funds of the Teachers' and State Employees' Retirement System and the Local Governmental Employees' Retirement System on a proportionate basis to provide a second year of funding for the Division's Service Audit Project, a systematic review of members' service accounts to ensure the accuracy of record on 200,000 high priority accounts.
SECTION 2.  The Boards of Trustees of the Teachers' and State Employees' Retirement System and the Local Governmental Employees' Retirement System may authorize the Department of State Treasurer, Retirement Systems Division, to use the sum of three hundred forty‑three thousand four hundred sixty‑eight dollars ($343,468) for the 2008‑2009 fiscal year from the Trust Funds of the Teachers' and State Employees' Retirement System and the Local Governmental Employees' Retirement System on a proportionate basis to establish four new programmer positions for the ORBIT (Online Retirement Benefits through Integrated Technology) system.
SECTION 3.  This act becomes effective July 1, 2008.