"New Year Ushers in Retirement Overhaul and Election Law Changes in North Carolina"

Starting with the new year, North Carolina's state teachers and employees will experience changes to their retirement system due to two bills signed by Governor Roy Cooper. These changes, particularly from House Bill 201, will allow the Retirement Systems Division to negotiate the recoupment of overpayments with plan beneficiaries. The North Carolina Retirement Systems, one of the largest and best-funded public pension funds in the country, will use this new legislation to address overpayments and underpayments more effectively. This is part of a broader legislative update that includes 16 new laws or sections coming into effect, including those related to driver’s permits and electric vehicle registration fees.