NC H1196

Success Institute, a charter school in Iredell County, is authorized to revoke its decision to participate in the Teachers' and State Employees' Retirement System for all employees.

The Board of Directors must communicate its decision to the Retirement Systems Division of the State Treasurer's Office and provide copies of all related Board actions.

Success Institute must notify employees at least seven days before any Board vote on revoking participation in the retirement system.

Employees will not earn any additional creditable service in the Teachers' and State Employees' Retirement System effective upon the school's withdrawal.

The act becomes effective upon passage into law.