Rep. Smith files bill in North Carolina House on state treasurer and retirement system changes

A new bill filed by State Rep. Smith seeks to implement administrative and technical changes affecting the Department of State Treasurer and various state retirement systems, according to the North Carolina State House.

The bill, filed as HB 476 on March 20 during the 2025 regular session, was formally listed with the short title: ‘DST Technical Corrections/Admin. Changes 2025.-AB’

The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.

In essence, this bill implements technical adjustments and administrative changes related to the Department of State Treasurer. It extends the provisional entry period for charter schools in the Teachers’ and State Employees’ Retirement System, allowing an additional two years of provisional participation beyond the initial year. The decision on reversing benefits forfeited due to felonious conduct is shifted from the State Treasurer to the Board of Trustees for various retirement systems. It also clarifies fee distribution for limited practice of out-of-state attorneys by specifying the transfer of collected fees. Additionally, the bill modifies rules for ABLE accounts by detailing the state’s claim process and notice requirements for designated beneficiaries. Various statutory references and provisions related to retirement systems, survivor benefits, and local government training related to statutory compliance are corrected or updated. The act becomes effective upon becoming law.

A related bill, SB 363, was also filed in the North Carolina Senate, introduced by Sen. W. Ted Alexander (and two others) on March 20, 2025.

Of the two sponsors of this bill, Smith proposed the most bills (16) during the 2025 regular session.

Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.

You can read more about the bills and other measures here.

Smith, a Republican, was elected to the North Carolina State House in 2019 to represent the state’s 16th House district, replacing previous state representative Bob Muller.