North Carolina HB 79: Carolina Beach Navigable Waters.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
H 1
HOUSE BILL 79

Short Title: North Carolina Work and Save. (Public)
Sponsors: Representatives Lowery, McNeely, and Warren (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
Referred to: Appropriations, if favorable, Rules, Calendar, and Operations of the House
February 11, 2025
*H79-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO CREATE THE SMALL BUSINESS RETIREMENT SAVINGS PROGRAM AND 2
TO APPROPRIATE FUNDS. 3
Whereas, the General Assembly finds that too many North Carolina citizens have no 4
or inadequate savings for retirement, and an estimated 1.7 million North Carolina working 5
families, including employees, independent contractors, and the self-employed, have no access 6
to an employer-sponsored retirement plan or program or any other easy way to save at work; and 7
Whereas, it is the policy of the State to assist the North Carolina private-sector 8
workforce, including in particular moderate- and lower-income working households, to 9
voluntarily save for retirement, including by facilitating saving in individual retirement accounts 10
(IRAs) as well as by encouraging employers to adopt retirement savings and other retirement 11
plans for employees in the State; and 12
Whereas, more adequate, portable, low-cost, and consumer-protective retirement 13
saving by North Carolina households will enhance their retirement security and ultimately reduce 14
the pressure on State public assistance programs for retirees and other elderly citizens and the 15
potential burden on North Carolina taxpayers to finance such programs; and 16
Whereas, the General Assembly intends to establish a North Carolina Work and Save 17
Program that will use the services of competent and qualified private-sector entities selected by 18
the North Carolina Small Business Retirement Savings Program Board to administer the Program 19
and manage the funds on behalf of the Program participants; and 20
Whereas, the North Carolina Department of State Treasurer manages the State's 21
finances, including pensions, healthcare, investments, and unclaimed property; Now, therefore, 22
The General Assembly of North Carolina enacts: 23
SECTION 1. Article 10 of Chapter 143B of the General Statutes is amended by 24
adding a new Part to read: 25
"Part 2K. North Carolina Small Business Retirement Savings Program. 26
"§ 143B-437.120. Title. 27
This Part shall be known as the "North Carolina Small Business Retirement Savings 28
Program" or "North Carolina Work and Save." 29
"§ 143B-437.121. Definitions. 30
The following definitions apply in this Part: 31
(1) Administrative Fund. – The North Carolina Small Business Retirement 32
Savings Administrative Fund established in G.S. 143B-437.130. 33
(2) Board. – The North Carolina Small Business Retirement Savings Program 34
Board. 35

General Assembly Of North Carolina Session 2025
Page 2 House Bill 79-First Edition
(3) Covered employee. – An individual who is employed by a covered employer, 1
who has wages or other compensation that is allocable to the State, and who 2
is at least 18 years of age. A covered employee does not include any of the 3
following: 4
a. Any employee covered under the federal Railway Labor Act (45 5
U.S.C. § 151). 6
b. Any employee on whose behalf an employer makes contributions to a 7
Taft-Hartley multiemployer pension trust fund. 8
c. Any individual who is an employee of the federal government, the 9
State or any other state, any county or municipal corporation, or any 10
of the State's, any other state's, or the federal government's units or 11
instrumentalities. 12
(4) Covered employer. – A person or entity engaged in a business, industry, 13
profession, trade, or other enterprise in the State, whether for profit or not for 14
profit, excluding the federal government, the State, any county, any 15
municipality, or any political subdivision of the State, and provided that 16
covered employer does not include an employer that maintains a specified 17
tax-favored retirement plan for its employees or has done so effective in form 18
and operation at any time within the current or two preceding calendar years. 19
If an employer does not maintain a specified tax-favored retirement plan for a 20
portion of a calendar year ending on or after the effective date of this Article 21
and adopts such a plan effective for the remainder of that calendar year, the 22
employer is exempt from covered employer status for that remainder of the 23
year. 24
(4a) Department. – The North Carolina Department of Commerce. 25
(5) ERISA. – The Employee Retirement Income Security Act of 1974, as 26
amended (29 U.S.C. § 1001 et seq.). 27
(6) Internal Revenue Code. – The Internal Revenue Code of 1986, as amended 28
(Title 26 of the United States Code). 29
(7) IRA. – A traditional or Roth individual retirement account or individual 30
retirement annuity. 31
(8) Participant. – An individual who is contributing to an I