H276 - Agency Participation Procedures Act of 2015

• Establishes new procedures for charter schools operated by private nonprofit corporations to become participating employers in the North Carolina Retirement System, requiring application approval by the Board of Trustees, actuarial and financial review, and written acknowledgment by board members of withdrawal liability estimates.

• Requires charter schools seeking to participate during their initial year of operation to undergo one year of provisional entry, with possible revocation if required contributions are not received; actuarial review costs capped at $2,500 for charter schools in provisional entry.

• Creates withdrawal procedures allowing employers to cease retirement system participation, with withdrawal liability calculated as the greater of $1,000 or a proportional share of the system's unfunded vested liabilities, due within 90 days of withdrawal date.

• Requires the Fiscal Research Division to obtain withdrawal liability cost estimates for bills or resolutions proposing to remove public agencies from the Teachers' and State Employees' Retirement System or Local Governmental Employees' Retirement System.

• Modifies prior service credit provisions to prohibit prior service allowances for employers whose participation begins on or after August 1, 2015, and allows installment payment plans for capped retirement benefits under certain conditions.