RALEIGH, WAKE COUNTY - The General Assembly is one vote away from finalizing changes to North Carolina's government retirement system in part to prevent the system from having to pay for some large pension spikes for high-income workers.
The Senate gave tentative approval Monday to a House bill which seeks to remedy how some government workers have their salaries manipulated in their final working years to get a larger pension. The pension system's share would be capped and any amount over would be paid by the agency where they worked.
The bill also returns to a five-year retirement vesting period for employees, teachers and court workers, down from ten. Those who leave earlier would get retirement contributions back with interest.
The bill needs one more Senate vote before heading to Gov. Pat McCrory's desk.