GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
H 1
HOUSE BILL 278
Short Title: Update Savings Bond Payroll Savings Program. |
(Public) |
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Sponsors: |
Representative Hastings (Primary Sponsor). For a complete list of Sponsors, see Bill Information on the NCGA Web Site. |
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Referred to: |
Rules, Calendar, and Operations of the House. |
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March 10, 2011
A BILL TO BE ENTITLED
AN ACT to update the payroll savings program for savings bonds to reflect recent changes made by the united states treasury department.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 143-304 reads as rewritten:
"§ 143-304. Salary deductions and purchase of bonds authorized.
Upon the execution of such agreement by any State employee
with the State department, institution or agency where employed, the
department, institution or agency is authorized and empowered to deduct the sum
specified in said agreement from the weekly or monthly periodic salary
of such employee, and to show deduction on all pay rolls similar to withholding
tax, retirement, insurance, hospitalization, etc. Such sums shall be held
until sufficient moneys have accumulated to the credit of each individual
sufficient to purchase a bond, remitted by direct deposit to the United
States Treasury under the TreasuryDirect Electronic Payroll Savings Program, and
such sum shall be invested in United States savings bonds, for and on
behalf of such employee, and the bonds shall be delivered to the employee as
soon as practical. as provided by the United States Treasury Department.
Provided that no No coercion of any sort shall be exercised
to require any person to participate."
SECTION 2. G.S. 115C-343 reads as rewritten:
"§ 115C-343. Payroll savings plan for purchase of United States bonds.
(a) The State Board of Education may authorize any local school administrative school unit within the State to establish a voluntary payroll deduction plan for the purchase of United States Savings Bonds by the employees of such local school administrative unit, and to set up the necessary machinery for carrying out the purposes of this section.
(b) Any employee of any local school administrative school unit within the State may enter into a written agreement with the local board of education by which he is employed and which has adopted such payroll savings plan to authorize deductions from his salary of certain designated sums to be invested in United States Savings Bonds of the kind and type specified in such agreement.
(c) Upon execution
of such agreement by an employee of any local school administrative unit the
local board of education employing such person is authorized and empowered to
deduct the sum specified in said agreement from the weekly or monthly periodic
salary of such employee and to show deductions on all payrolls in a manner
similar to that in the weekly or monthly salary of such employee and to show
deductions on all payrolls in a manner similar to that in which withholding tax
and retirement are shown. Such sums shall be deposited monthly with a
depository authorized by the United States Treasury Department. The sums so
deposited shall be held by the depository until sufficient moneys have
accumulated to the credit of each individual sufficient to purchase a bond, remitted
by direct deposit to the United States Treasury under the TreasuryDirect
Electronic Payroll Savings Program, and such sums shall be invested in
United States Savings Bonds for and on behalf of such employee, as provided
by the United States Treasury Department. and the bonds shall be
delivered to the employee as soon as practicable: Provided, that no No
coercion shall be exercised to require any person to participate in such plan.
(d) Such agreement
may be canceled by the employee executing the same by giving written notice to
the superintendent of schools who is ex officio secretary to the local board of
education, not later than the fifteenth day of the month in which he desires
such agreement to be terminated; and the local board of education may cancel
any agreement herein provided for upon giving 10 days written notice to the
affected employee. Upon the termination of the agreement, the depository is
hereby authorized and directed to the United States Treasury Department
shall refund any amount of money held for such employee. employee
as provided by the TreasuryDirect Electronic Payroll Savings Program."
SECTION 3. This act is effective when it becomes law.