NC S304

Transfers administration of the Firefighters' and Rescue Squad Workers' Pension Fund from a separate board of trustees to the Board of Trustees of the Local Governmental Employees' Retirement System, effective July 1, 2013.

Creates a new Firefighters' and Rescue Squad Workers' Pension Fund Advisory Panel with seven members to provide annual reports on the fund's status and needs to the Local Governmental Employees' Retirement System Board.

Establishes a new forfeiture provision denying retirement benefits (except return of member contributions) to members convicted of felonies directly related to firefighting or rescue squad service that bring disrepute on their department, effective December 1, 2013.

Allows in-service distributions to pension fund participants and clarifies provisions for purchasing service credit, including retroactive service purchases under new standards set by the board with actuarial advice.

Makes technical updates to the pension fund statutes including gender-neutral language, new definitions section, and clarifications regarding membership eligibility, payment deadlines (changed from 90 days to March 31), and leaves of absence provisions.