NC S701

Allows members of the Teachers' and State Employees' Retirement System (TSERS) and Local Governmental Employees' Retirement System (LGERS) to receive both their contributions and accumulated regular interest upon leaving the system for reasons other than death or retirement.

Removes the previous requirement that members must have attained at least five years of membership service or have involuntary termination to receive accumulated regular interest on their contributions.

Requires payment to be made no earlier than 60 days from the date of termination of service, upon submission of an application.

Applies the same changes to both TSERS (G.S. 135-5(f)) and LGERS (G.S. 128-27(f)).

Effective January 1, 2012.