WeVote
Log In

Bill

Bill

HB 215

Appropriations - As introduced, appropriates $25 million to the legislature for planning and construction of a new parking garage that has at least 400 parking spaces, is attached to the Cordell Hull Building, and is used solely by legislative employees. - Amends TCA Title 3; Title 4; Title 8; Title 9 and Title 12.

114th Regular Session (2025-2026) Introduced by Tim Rudd

Requires the Charlotte Firefighters' Retirement System to obtain cyber/data-breach insurance and include cybersecurity incidents in its annual report to protect participants.

P2C, ref. to Finance, Ways, and Means Committee
#appropriations
0
WeVote Research Nonpartisan
Bill Summary · HB 215

HB 215 — Protect Charlotte Firefighters' Retirement System

Short title: Protect Charlotte Firefighters' Retirement System
Sponsor: Rep. Clampitt (first edition)
Jurisdiction: North Carolina (local legislation affecting the Charlotte Firefighters’ Retirement System)
Status (most recent action in provided materials): Passed first reading (2/27/2025); referred to Pensions & Retirement (then to State & Local Government, Rules if favorable)

Purpose / intent

The bill updates the statutory governance and reporting requirements for the Charlotte Firefighters’ Retirement System to reduce harm to plan participants and beneficiaries from data breaches and cybersecurity incidents. It clarifies administrative authority, requires cyber/data‑breach insurance coverage for the system’s benefit, and increases transparency about cyber incidents in the system’s annual reporting.

Key provisions

  • Authority to contract and operate (amendment to Section 36)

    • Reaffirms the Board of Trustees’ authority to employ professional services and purchase necessary property/equipment for system operations.
    • Clarifies payment responsibilities: all expenses for employment of services are borne by the System, except the actuary (actuary fees remain payable by the City of Charlotte).
    • Adds that the Board shall purchase and maintain insurance coverage “that is necessary for the proper operation of the System,” explicitly including data breach and cyber liability insurance for the benefit of the System and its participants/beneficiaries. All related premiums and fees are to be paid from System funds.

  • Annual reporting (amendment to Section 45)

    • Requires the System’s annual financial/actuarial report to the Charlotte City Council to include any instances of a data breach or other cybersecurity incident that impacted participants and beneficiaries, the cost of the incident, and the remedial/response steps taken.

  • Custody and fiduciary provisions (amendments to Sections 49 and 50)

    • Section 49 (Custody of System Assets): retains the Treasurer’s custodial and safekeeping duties, bond requirements, and authorization processes for fund disbursement (no substantive change to duties shown beyond conforming edits).
    • Section 50 (Investment/Reinvestment): reiterates fiduciary standards (act solely in the interest of participants and beneficiaries; prudence, due diligence, appropriate consideration of investment facts). (Text in the packet is truncated; core fiduciary duties are emphasized.)

Who is affected

  • Primary: Charlotte Firefighters’ Retirement System — Board of Trustees, Administrator, Treasurer.
  • Beneficiaries: Current and future plan participants and their beneficiaries (improved protections and reporting if cyber incidents occur).
  • Secondary: City of Charlotte (continues to pay actuary fees); insurers (markets for cyber liability); auditors and actuaries who prepare reports.

Fiscal and operational impact

  • Direct costs: The System will incur recurring costs for cyber/data‑breach insurance premiums and any additional professional services needed to comply with insurance requirements or reporting obligations. No dollar amounts are specified in the bill text.
  • Potential benefits: Reduced financial/litigation exposure following breaches, faster remediation, and improved participant notification and transparency.
  • Funding: Premiums and related expenses are to be paid from System funds (the bill does not appropriate city or state funds).

Procedural / timeline notes

  • Introduced and read first on 2/27/2025 (per bill packet); status recorded as “Passed first reading” and referred to the Pensions & Retirement Committee (if favorable, to State & Local Government and then Rules).
  • The bill text does not specify an effective date; if enacted, the effective date would follow the State’s standard practice (as provided in the enrolled act or session law).

If you want, I can:
- Extract and cite the exact amended statutory subsections with line references;
- Draft a one‑page explainer for plan members summarizing what they should expect if the bill becomes law; or
- Estimate likely insurance premium ranges based on plan size if you provide plan asset/participant counts.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.