Retirement Administrative Changes Act of 2024.

HB 1020, the Retirement Administrative Changes Act of 2024, modifies rules for several North Carolina retirement systems to clarify how benefits are handled when retirees return to work or receive severance pay. The bill suspends retirement allowances for individuals who re-employ themselves in positions offering optional retirement plans and reinstates those payments once they stop contributing to the new plan. Additionally, it prevents members from receiving retirement benefits during any month they are paid severance, including lump sums calculated over a specific time period. The legislation also updates employer reporting requirements by introducing a penalty system for late contribution payments and outlining procedures for withholding state funds from employers in default. These changes apply to the Teachers' and State Employees' Retirement System, the Local Governmental Employees' Retirement System, and related judicial and legislative retirement systems.