NC S350

Establishes a special separation allowance for career firefighters and career rescue squad workers employed by North Carolina local governments participating in the Local Governmental Employees' Retirement System or equivalent plans.

Provides an annual separation allowance equal to 0.575% of base compensation for each year of creditable service, paid upon retirement on a basic service retirement.

Eligibility requires either 30+ years of creditable service or age 55+ with 5+ years of service, at least 5 years of continuous service as a firefighter or rescue worker, and not yet eligible for unreduced Social Security benefits.

Payments cease upon the retiree's death, upon becoming eligible for unreduced Social Security benefits, or upon reemployment by any employer in any capacity.

Effective July 1, 2011.