HB 215

Amends Section 36 of Title VI of SL 1987-506, as amended, (concerning the Charlotte Firefighters' Retirement System [System]) as follows. Requires that the administrator appointed by the Board of Trustees (Board) to be domiciled in the State or otherwise subject to the relevant banking and insurance laws of the State. Requires the Board to maintain insurance for the System (currently, has discretion to do so) and expands the types of required coverage to include data breach and cyber liability insurance for the benefit of the system, its participants, and their beneficiaries. Requires the Auditor’s annual report under Section 45 to also include instances of data breaches or other cybersecurity incidents impacting participants and participants' beneficiaries, the cost of the incident, and the steps taken in response to the incident. Requires the Treasurer of the System to now, in Section 49, deposit funds paid into the System into a bank or banks otherwise subject to the banking and insurance laws of the State. Allows the Board, under Section 50, to now use a portion of its income to purchase data breach and liability insurance and to make a participant or beneficiary whole who was a victim of a System data breach or cybersecurity incident.